Where do we go from here?
That's the question on everyone's mind as we approach the height of San Antonio's typical home buying and selling season. Will we have a fantastic realty year like 2006 or will it be a so-so year like 2010?
It's hard to say and we won't know until September, but some things are certain.
Spurred on by the Federal home buyer tax credit programs, San Antonio's home sales market was driven hard during the first quarter of 2010. Homes sold fast - especially lower priced listings. Then, when the credits ended, the market faded hard and fast, leaving 2010 sales ranking low when compared to the previous five years.
Now, the data for the first quarter of this year reveals average to slightly above average home sales activity.
Some analysts see the market picking up significantly during May through July period.
Here's why.
San Antonio's economy is healthy and vibrant.
The nation's 7th largest metropolitan area was only lightly touched by the late Great Recession. Our state and local government policies and military, medical, and service industry activities successfully kept the Alamo City on a stable and steady course through some very choppy economic waters.
Population growth and expansion of the metropolitan area is steady.
San Antonio continues to enhance its reputation as Military City USA. This year, the city is scheduled to receive an influx of new military arrivals as the area's much heralded base realignment and expansion projects are completed.
Arguably, there's no other city in the nation with a larger complex of uniformed services training and intelligence units allied with associated defense research, development, and contracting activities.
Of particular note is the enormous San Antonio Military Medical Center (SAMMC) - the home of the Wounded Warrior Program, center of excellence for military medical education and training, and a major treatment center for our uniformed service members and their families worldwide.
SAMMC has added "The Home of Military Medicine" to the proud list of noble names for San Antonio.
What about the private sector?
Hardly a week goes by without a major corporation announcing plans to relocate to, or expand in, the San Antonio area. Also, there are small business startups or expansions underway in every sector of the city.
Such positive signs of growth and stability bid well for The River City's home buying and selling market.
What about the Alamo City's home loan industry?
Mortgage interest rates remain at historic lows. For those who can qualify, there's no better time than now to acquire a fantastically reasonable mortgage loan.
Who do these conditions favor?
San Antonio's long and strong home buyer's market continues. There's an ample supply of reasonably priced well prepared resale homes. On the other hand, new construction home products are in short supply.
Lender owned and short sale listings are selling particularly well.
As for home sellers, the advantage goes to the sellers most willing to reduce their price expectations and expend the money, time and effort to improve their property's condition and appearance.
That's all for our May 2011 San Antonio realty market report.
We're Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about our wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or email us at
swkrealtor@aol.com or
kelleybus@aol.com. Our
SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.
