With the continued negative information regarding our economy nationwide, including the housing industry, the stock market, the failed banks,  and whatever else you want to throw into the mix, one would get the impression that we should all go hide in a closet and hope one day that it will be safe to come out. Perception is our Reality. While there is no doubt that we are experiencing difficulties based on the above mentioned issues, the world is not coming to an end. Is it as bad as you hear and read? As a Realtor in San Antonio, Texas, I will say to you that we are not in bad shape. In fact, I would say that we are in a pretty good position for the future.

Like the rest of the country, San Antonio has certainly been affected by the tough economic conditions that exist today. We are experiencing a correction in our market as a result. Here are some numbers to  consider. Overall, sold homes for the last 12 months are down approximately 28% over the previous 12 month period. These numbers come directly from the San Antonio Board of Realtors. That is a serious downturn in sales. However, keep in mind that 2006 was a record year, 2007 was almost as good. Business cycles. The upside to these numbers is that homes are currently selling for 96 to 98% of list price, the same as in the previous 12 months. In addition, homes are maintaining their value or slightly increasing in value, NOT DECREASING! Homes are staying on the market for 30 to 60 days longer than in the past, but that simply makes for a good buyer’s market at this time. Sellers need to be patient; buyers should look seriously at the opportunities right now as the leverage is on their side.  But, what is our future?

In San Antonio, the future is very strong. We anticipate the housing market coming back in 2009. Forbes.com just rated San Antonio as the number TWO BEST-VALUE CITY in the country, right behind Austin. The military is bringing in additional personnel to handle the medical training for all of the services, which will infuse millions of dollars into our local economy. Microsoft just opened a data center that also will have a major economic impact on San Antonio. It is projected to become the single largest user of power in the area. We have 2 PGA golf couses being built as well as a 1000+ room J.W. MARRIOTT  Hotel. This will attract golfers from around the world. All in all, I cannot think of a better place to buy or invest in real estate than San Antonio, Texas.