Is the real estate market
in Port Aransas, Texas still hot?  Is
Port Aransas in a Buyers or Seller’s Market?

My clients, my friends,
my family, people I see in restaurants – pretty much everyone I talk to always
want to know about the real estate market in Port Aransas. 

And now that the boom
from the last few years appears to be over, or at least shifting, my clients
are asking if we are in a Buyer’s market now or if it’s still a Seller’s market? 

The answer to the
question -- Is Port Aransas in a Buyers or Seller’ s Market – the answer is BOTH!

It all depends on the
type of property you are considering.

If you are looking to
purchase a condominium, either for investment purposes, a vacation home or
permanent residence or a combination of the above, you will have a slight
advantage as a buyer.  As of today, the
market action index for Port Aransas condos indicates a slight buyer’s
advantage. 

Prices in this zip code
remain roughly at the level they’ve been for several weeks.

It’s a different story
though for detached homes.

Currently the market
action index for single family residences indicates a “slight seller’s
advantage.”  This is primarily due to low
inventory. 

According to the data
from Altos Research, the market for homes remains in a relative stasis in terms
of sales to inventory and prices have been relatively stable for a few
weeks. 

A balanced market is when
you have about 6 months of inventory.  As
we all know, if inventory goes up and demand goes down, we could see prices
decrease a little bit.  I’ve had
conversations with other realtors and they agree that the market in Port
Aransas is “correcting itself”. 

And that is good for
buyers who have been thinking about buying but were outbid or just outpriced
when the market was so hot.

For sellers – well they
may not see the sky-high prices they did a few years ago, but they should still
see a good profit since they most likely have decent appreciation in their
home. 

Buyers should reach out
to their favorite Realtor® in Port Aransas, to look at what is actually on the
market now and determine if this is the right time for purchasing.  Sellers should also reach out to a
professional realtor to get market comparables for their home to determine what
the list price should be. 

When I am pricing a
property for a seller, I look at the days on market, expired listings, and go
inside the home to see the condition of the property as well as do additional research.  You want to consider all aspects, not just
what the comps say.  And of course, the
recent sales comparables may need adjusting if the homes aren’t exactly apples
to apples, and that is something your Realtor® can help you with.

Really studying the
comparable properties will help you determine how they should be weighed in
determining the list price.

It’s better to price
right when you put the property on the market, than to keep reducing if the
seller does want to maximize their profit. 
(Which of course is every seller I’ve ever worked with.)

As far as interest rates?  Well, everyone knows they are still higher
than they were even 6 months ago, but some motivated sellers may offer
incentives that can help the buyer “buy down” the rates, so this may not be as
big an issue as you might think. Your Realtor® or your lender can help you
determine what affect an interest rate buy-down can have on your monthly
payment.  The buy-down might be able to
get you a lower payment than if you just had a reduced price.

If you haven’t seen my
video with tips on buying a vacation rental property, there’s some good
information there. So look for that one on the Saltwater Shores Team channel.

Bottom line – if buying a
home or condominium for either investment purposes, vacation, or fulltime
living – or if selling a property you already own is something you are
considering, the time could be right.  My
recommendation, talk to a professional Realtor® who is knowledgeable about the
location and who consistently works in the Port Aransas area or the location of
your choice.