It’s interesting how everyone has a different opinion of the market. People that rely soley on the news from various media sources talk only of doom and gloom. If you talk to realtors, the answer typically depends on their individual situation. Those that are busy, working with buyers and sellers, writing offers, and having those offers accepted, of course, think the market is good and getting better. Those sitting around with nothing to do and no sales think we are in another “Great Depression.” If as a typical consumer, you are laid off, then the economy is terrible. If you’re working and nothing has changed, it seems to be okay.
A good example of that is the relocation of one of Caterpillar’s main manufacturing facilities to Seguin, Tx. (just 30 miles east of San Antonio). This will bring 1400 jobs to our area and obviouly have a major economic impact. Those people employed will believe the economy is great; those people laid off by Caterpillar in Illinois and South Carolina will not.
The reality is that San Antonio has been affected by the economic situation. Our real estate market was down over 15% from the previous year. Inventory levels are up about 20% over last year. We are now in a buyer’s market, but we are in an active market. Since the first of the year, we are seeing greater activity and more offers being made. Many sellers’ are gradually lowering their pricing to find the market value, More buyers’ are seeing the prices come down and realize that the value is now there. Interest rates are hovering around 5%, a great opportunity for buyers’.
While the San Antonio real estate market is not what we have been used to, it is still a good place to be in this business, especially when you look at other areas of the country. And it’s a great opportunity to invest in a home in San Antonio, Texas!