We have some insider information for you from the San Antonio Board of REALTORS (SABOR). We recently attended their 2017 Military Housing Forecast and we have some good news!
The San Antonio market looks strong, and should continue that way for the foreseeable future. There are several factors driving growth in the market, namely:
1. Job growth
2. Low interest rates (even if we hit the high 4% interest rates, they are still historically low)
3. Home prices continue to climb
The last one–home price appreciation–is driven by an historically low inventory of unsold homes. We have way more demand in our market for housing than supply. A normal healthy market should have a 6 to 7 month supply of inventory, meaning that if everyone currently shopping for a home bought one, then we would run out of homes in 6 to 7 months. We currently have a 4 month supply–no wonder it’s a hot market!
If you’re currently shopping for a home–especially if you’re shopping for new construction–you’ve already felt the pinch of trying to find a home in one of the tightest housing supply markets in the COUNTRY. San Antonio is currently ranked as the #4 hot place in the country for Americans to move right now (because it’s awesome!).
So what does this mean for you?
Buying a home? Jump on it now because inventory is only going to continue to decrease as we sit on the precipice of one of the largest generations ever–millennial buyers–who are now poised to enter the housing market. This will drive an explosion in the demand for single family homes.
If you’re selling your home–you’ll get top dollar right now. If the banking regulators relax and provide for more commercial loans for developers, we will start to see more inventory, a drop in prices, and a shift to a buyers market.
If you are thinking about buying or selling, let us know, we’d be happy to help!