Are you dreaming of owning your own home in San Antonio? If so, you’re not alone.As per SABOR (San Antonio Board Of REALTORS), the median single family home in San Antonio is $315,000 YTD in 2023 which is lower than the NAR (National Association of REALTORS) median single family home for June 2023 of $374,000 for the Southern Region of the US. But buying a home is not easy, especially if you’re a first-time buyer. There are many things you need to consider, such as saving for a down payment, finding the right home, working with a local real estate agent, and closing the deal.
In this post, I’ll give first time home buyers in San Antonio some basic tips on how to buy a house in San Antonio and make your dream come true.
1. Start by Saving for a Down Payment
The amount you need to save depends on the type of loan you qualify for, but generally, you’ll need at least 3.5% of the home price for an FHA loan, or 5% to 20% for a conventional loan. However, you may be eligible for down payment assistance programs, with additional options available for first-time home buyers in San Antonio, that can help you cover some or all of the upfront costs.
2. Consider Renting to Own as an alternative option
If you’re not ready to buy a home outright, but you want to prepare for the future and enjoy the benefits of homeownership, renting to own may be a good option for you. Renting to own means that you sign a lease agreement with an option to buy during or at the end of the term, up to three years in Texas. During this time, you pay rent to the seller, and a portion of it goes toward the purchase price. You maintain the right to buy the property at any time during the lease term, at a predetermined price.
Renting to own can help you save money, improve your credit score, and lock in a set price for your future home. However, it also comes with some risks and responsibilities, such as maintaining the property, paying for some repairs, and potential fees if you don’t buy the property by the end of the term. Therefore, it’s important to do your research and consult a lawyer before signing any contract.
3. Consider a Lease Purchase Program
Similar to rent to own, a lease purchase program allows you to choose from eligible homes listed on the market, have your partner program purchase it, and then rent it back to you with a predetermined lease amount, defined purchase prices, and known rate increases. It adds stability to your future planning without any additional fees for not exercising the purchase option. You can learn more about this type of program here.
4. Work with a Local Real Estate Agent who knows the Market
Buying a home is a complex and stressful process, especially for first-time buyers. That’s why it’s essential to work with a local real estate agent in Hollywood Park who can guide you through every step of the way. A local real estate agent can help you find homes that match your criteria, negotiate the best price and terms, handle the paperwork, coordinate inspections and appraisals, and guide you through the closing process. These experts can also give you valuable insights into the neighborhoods, schools, amenities, and trends of the San Antonio market.
To find a reputable local realtor in San Antonio, you can ask for referrals from friends and family, read online reviews, or use online platforms.
5. Be Flexible and Realistic about Your Expectations
San Antonio is a competitive seller’s market with high demand and low inventory (as of Summer 2023). This means that you may have to compromise on some of your preferences or adjust your budget to find your ideal home. For example, you may have to look at different neighborhoods, consider fixer-uppers or older homes, or make a higher offer than the asking price. However, you should still have a clear idea of what you want and need in a home, and stick to your priorities and limits.
Don’t buy home that you don’t love or that will put you in financial trouble. Instead, be patient and persistent until you find the right home for you.
Conclusion
Buying your first home in San Antonio can be an exciting and rewarding experience if you follow these tips and work with a professional local realtor in San Antonio who can help you achieve your goals.
If you’re ready to start your home-buying journey in San Antonio, kindly reach out to me through my website or give me a call at (210) 290-0152 to get started. I can help make your transition to homeownership achievable and secure your spot in the thriving San Antonio community.
