Study: 80% of home shoppers in San Antonio say they'd be willing to spend over budget

Around 46% of potential homebuyers said they would spend $50,000 over budget if it meant owning a home.

click to enlarge Only 20% of respondents said that they would not change their budget even if it meant owning a home. - Pexels / RODNAE Productions
Pexels / RODNAE Productions
Only 20% of respondents said that they would not change their budget even if it meant owning a home.
Despite higher mortgage rates and fears of an impending recession, San Antonio's housing prices still appear to be shooting into the stratosphere.

According to a new report, 80% of potential homebuyers in the market say they are willing to pay over budget if it means owning a home.

Of that 80%, all said they are willing to go at least over $5,000 over their initial budget if it means outbidding someone else, according to the study by home-buying platform Orchard. Some 46% of potential home buyers said they are even willing to $50,000 over budget.

Only 20% of respondents looking at the SA market said they will stick to their budget, even if it means not landing a home.

"This shows that while there is talk of a housing plateau, we still remain in a seller's market," Orchard wrote in the report.

In recent months, San Antonio has been called a "hidden gem" by the National Association of Realtors and named one of the best cities for millennial homebuyers by Knock, an online home buying website.

Even so, the Alamo City is reportedly one of the most overvalued housing markets in the country per a recent academic report and is among those seeing the greatest number of price cuts on active listings.

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