All Real Estate Is Local |
| Here we are—it is 2008! So what’s up in the residential real estate arena? If you listen to the national pundits, you would think that nothing is selling, that you can’t get a mortgage and that everyone is having their home foreclosed. The good news in San Antonio is that 2007 was comparable to our second best year ever. In 2006, 25,069 homes were sold; in 2005, 23,043 homes were sold; and in 2007, 22,700 homes were sold. Even though the number of sales was down, prices increased overall by 7.89% from October 2006 to October 2007. At the end of the 2007 calendar year, there were 12,000 homes for sale while at the end of 2006, there were 9300 on the market. Regarding the foreclosure market, it has remained relatively flat over the past 3 or so years at around 3,000. Experts believe that in San Antonio buyers have been frightened by the national media; however, the conditions in our city are far more removed from those problem areas along the coasts and in the Midwest. Job numbers have continued to increase and are expected to continue to approximately 85,000 new jobs over the next five years. Employment areas contributing to these increases include the changes made by the Base Realignment Commission (BRAC) that will consolidate many positions to military installations in San Antonio along with jobs resulting from the Microsoft, Rackspace and NSA growth in our area. In the world of new construction, experts feel that 2008 will see slower start rates. Since mid-2006, from a high of an annualized rate of 19,000, the starts in 2008 are expected to be around 12,000. In summary, we expect that 2008 might continue at a slower rate for the first quarter. The pent up demand should begin to catch up in the second quarter and into the summer months. Coupled with the record low interest rates, 2008 looks like it should be a great year for real estate. We all will have to be a little patient when selling our homes since the competition of the increased number of listings will mean that homes will be on the market a little longer. |
| » News index... |
The Diane Craig Team Works 7 Days A Week For Our Clients!
Call Us Today!
Office - 210-340-3000
Diane Craig - 602-7015
Buyers Agent - Dianne Hallmark - 210-885-4373
Buyers Agent - Paula Lopez - 210-334-8780
