Editor's Note: Phyllis Browning Company President Jennifer Shemwell talks latest on the real estate market trends in the state of Texas. To contact Jennifer and Phyllis Browning Company, click on "Learn More" above.
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Texas has long been a state of resilience. Although Real Estate has always been essential, the industry recently set the tone of economic strength and sustainment during an unprecedented financial time. Despite a drop in the total number of homes sold during the month of May 2020 compared to May 2019, the total number of homes sold in the first six months of this year is still 3% higher than the total number at this point last year, according to the San Antonio Board of Realtors’ Multiple Listing Service (MLS). The COVID-19 Pandemic certainly brought about an abundance of uncertainty. However, agents saw many homeowners gain clarity on how they live in their homes. For many homeowners, this was the first time they were forced to stay home for long periods of time. Due to this, many analyzed where they were living and how that affected their quality of life. Homeowners began to think about what kind of home they actually desire and as a result, began house hunting. These changes have manifested in different ways, but there are also many commonalities among them. Here are some of the most common things we have seen buyers searching for lately:
Lockdowns and quarantine have caused many younger adults to move back in with their parents. Many have found this to be a difficult adjustment over the last few months. As a result, many people are placing a high value on guest houses for their adult children to utilize for extended stays.
Community recreation facilities are becoming a thing of the past. This is not only due to the closure of many community amenities during COVID-19, but also to the fact that people are much more health-conscious now than before. Therefore, amenities like swimming pools and workout areas are especially highly desired features of private houses right now.
Home offices have also been rather popular in recent years as working from home became more commonplace, but this popularity has morphed into a near necessity for home buyers. In fact, many buyers are now seeking out dual home offices so that they and their spouse can both effectively work from home.
These are personal stories we have heard from our clients at Phyllis Browning Company, and those sentiments are the driving force behind our current area market statistics. In the San Antonio Area, the total number of homes sold in June is up 28% from May 2020 and up 5% from June 2019. The selling price is also up 6% in June from June 2019 according to MLS data. At Phyllis Browning Company, we are advocates of safe selling and are equipped to assist buyers and sellers in their homeownership goals. We take steps every day to make sure we provide The Very Best™ service to our clients. We are optimistic about the market for the coming months, and we are excited to continue helping clients achieve their real estate dreams!
