Competition for casas

Half of San Antonio buyers willing to spend at least $50K more to win home bid

Half of local buyers willing to spend at least $50K more to snag home

House and mortgage papers
46 percent of prospective San Antonio homebuyers would consider bumping up their budget by at least $50,000 to get their offer accepted. Photo by Krisanapong Detraphiphat/Getty

A new survey shows just how eager many potential San Antonio homebuyers are to snag a new place to live.

The survey, conducted by homebuying platform Orchard, indicates nearly half (46 percent) of prospective San Antonio homebuyers who were questioned would consider bumping up their budget by at least $50,000. Why? To get their offer accepted.

Here’s the breakdown of budget adjustments that people in the San Antonio who plan to buy a home in the next 12 months told Orchard they were willing to make:

  • $10,000 to $50,000 — 5 percent
  • $20,000 to $30,000 — Zero percent
  • $30,000 to $50,000 — 30 percent
  • $50,000 to $100,000 — 28 percent
  • $100,000 or more — 18 percent
  • No change — 20 percent

Given that nearly half of the future homebuyers were inclined to sweeten their offers by $50,000 or more, “this shows that while there is talk of a housing plateau, we still remain in a seller’s market,” Orchard says.

ranking published June 1 by Rocket Mortgage identified San Antonio as the sixth best housing market in the U.S. Meanwhile, the National Association of Realtors has named San Antonio one of this year’s “hidden gems” among U.S. housing markets, thanks in part to its affordability edge over Austin, Dallas-Fort Worth, and Houston.

In May, the median home price in the San Antonio metro area reached $347,530, a 24 percent jump from the same period a year earlier, according to the San Antonio Board of Realtors. But the number of home sales in May dipped 2 percent compared with the same time last year.