It’s looking like San Antonio is coming to the end of 2010 with a stable housing market, especially when you look at other areas of the country! Our median price is up a bit, in the mid-$180’s range. This is largely due to more sales in the $200,000-$500,000 mid-range in the last few months. We have not suffered from an overabundance of foreclosures and lender-owned properties flooding our market and driving down values as other areas have. We do have those properties out there, but they are not the bulk of our inventory, and for that, we can all be grateful!
Interest rates are still low–under 5% if you have good credit–although lenders say they are beginning to rise. If you’ve been thinking about refinancing or purchasing a home, now may be the time for you to get off the fence. There are loans available and good lenders to make those loans, but you will need to be prepared to meet their loan requirements, so if your credit is not in the best of shape, get that in order first.
We are lucky to be in Texas and in San Antonio! Our job market is growing, new companies are coming into town, and San Antonio has received national press coverage for our growth, stability, and recovery. We are also recognized as one of the top cities for military retirees, as well as for the tremendous growth of our military installations here, thanks to the BRAC realignments.
What’s driving our housing market are the factors I’ve just mentioned–stable prices, low interest rates, and job growth. Jobs drives housing and housing drives other things like retail. If you’re lucky enough to be in San Antonio, count your blessings! And if you’re not, then get here! And please let me know if I can help you!
Hope you are enjoying your holidays and getting ready for Santa! Merry Christmas, Happy Hanukkah, Happy Holidays!