This blog was originally published November, 12, 2020

As we are all aware times are a little crazy! That being said the San Angelo real estate market has recently found itself in a very unusual place.  Supply and demand drives the real estate market. Typically fewer homes on the market and high demand create a sellers market with the opposite being a large number of homes on the market and fewer buyers make it a buyers market.

It is not often we have circumstances that create an attractive scenario for both buyers and sellers. But that is exactly what we have at this moment in San Angelo.

With the rise of the coronavirus many sellers, looking to minimize exposure from unknown sources, decided to postpone listing their home for sale. This has created a shortage of homes for sale in San Angelo.

What Does that Mean for Sellers?

Homes currently for sale in San Angelo are selling for more money in less time. In October 2020 of this year the average selling price in San Angelo went up 3.08%, the average price per square foot went up 6.72% and the average days on market went down 3.8%. All of these numbers are trending in the right direction for anyone interested in selling a home in San Angelo. 

What Does that Mean for Buyers?

Typically higher home prices can prevent some buyers from entering the market but buyers today are looking at historically low interest rates! That means buyers can use the extremely low interest rate to offset the higher sales price. Interest rates will not remain this low forever, so potential buyers need to move sooner rather than later to take advantage of this unusual situation while the opportunity lasts.  

In short, both buyers and sellers have something positive to consider if they are interested in buying or selling a home in San Angelo.

Would you like more information about your specific situation? Let’s talk!