Rent And Sale Prices In San Antonio Could Signal A Buyer's Swing

The following very excellent and timely article is written by Kala Bell, our guest blogger from the University of Michigan.

RENT AND SALE PRICES IN SAN ANTONIO COULD SIGNAL A BUYER'S SWING

In most housing markets, the fall and winter months can often signal a slow period for both buyers and sellers. With the holidays approaching, many families often get locked in and restart their search after the New Year begins. While this may often be true, trends and statistics often help to determine the market. Buyers who are on the fence are looking to reap the benefits of good trends and the San Antonio area offers up some appealing figures for buyers as October draws to a close.

The numbers for rentals in San Antonio are in for the fall season and they are telling for interested buyers. Right now, San Antonio apartments are averaging $758 per month. This is a 2.4 percent increase from the rent averages in late 2010. Rentals in the area are at 93.5 percent occupancy, which signals low rental inventory and the possibility for even more rising rental rates.

With the rental rates up in San Antonio, potential buyers who are on the fence could certainly be tempted to pull the trigger on a possible new home. Median price in the area is also certain to have an effect on the feelings of potential buyers. Sale prices are down about 3 percent from 2010. In September, the median sale price in San Antonio was $183,762.

Also in September, the San Antonio housing sales numbers were very promising. An eight percent increase in sales over 2010 reflects an area market that could be primed for resurgence. Buyers can take note of the record low mortgage rates throughout the nation and in San Antonio, specifically. A 30 year, fixed rate mortgage is now as low as 3.94 percent, marking the first time a 30 year has dropped below 4 percent.

Inventory has been down for homes as well, however the average time on the market has gone up for homes. The market has stayed pretty steady in the San Antonio area for the past year. This is a good sign, as many other areas throughout the nation have taken catastrophic hits in the same time period. The San Antonio area, as well as other major Texas hubs should continue to do well as many places in the country experience issues. With this area often driven by the oil industry, the region seems to be better off, especially when it comes to unemployment.

The San Antonio real estate market should continue to stay steady with the possible hope for a full bounce back some time 2012. The numbers from January to September of 2011 are telling, signaling a hopeful resurgence in the late months of the year and early part of 2012.____________________________________________________

Thanks Kala for your excellent analysis and thought provoking blog article. We look forward to hearing from you again very soon.

This blog is brought to you by Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. We are professional residential realty analysts and negotiators. If you're looking to buy or sell a home, our goal is to help you get the best price, terms, and conditions. Visit us at sanantoniohomequest.com.