San Antonio's Housing Forcast 2008

By
Real Estate Agent with Sheri Walls, Realtor

Well, I am sure the housing market is what is on everyone's mind! I realize that so many of us use the national news media to report on what we don't have time to verify or read. I have TWO pieces of advice: 1) Don't trust everything you hear, research independent sources. 2) Remember Real Estate is LOCAL, not National.

With that being said, I would like to address the San Antonio market from a Real Estate perspective. Real Estate is LOCAL! Let me say it again, Real Estate is LOCAL. You cannot put every real estate market in the same box. When you hear the national media reporting about the housing crisis, remember that they are reporting on the national stats and some of the reporters are only reporting on a select few cities. They sale what sells! I wish there were a disclosure on the bottom of a news broadcast that discloses where they get their information. Unfortunately, many of us are too busy to hold them accountable, or we are too trusting about what they are reporting.

With that being said, let me let you know what is going on with the LOCAL San Antonio Market. In the beginning of January, San Antonio held a housing forecast. They hold them every year to let us know where they think we are headed. The esteemed panel members present at the forecast were: Jack Inselmann, Vice President of Central U.S. Division - Metrostudy; Bob Leonard, 2008 Chairman of the Board - San Antonio Board of Realtors (SABOR); Henry Cisneros, Chairman - City-View; Richard Perez, President and Chief Executive Officer - Greater San Antonio Chamber of Commerce; Dr. David Berson, Senior Vice President, Chief National Economist and Strategist - The PMI Group; Michael Moore, 2008 President, Greater San Antonio Builders Association (GSABA).

Metrostudy compiled a study on the San Antonio market. Metrostudy is a leader in providing primary and secondary information to the housing sector and other related industries. Here are some stats about San Antonio:

·        Texas ranked 1st in Annual Job Growth increase of 2 % (Oct '07)

·        San Antonio ranked 27th for Job Growth an increase of 1.8% (Oct '07)

·        Mortgage rates are under 6%

·        San Antonio Unemployment rate is under 4 %

·        San Antonio ranked 29th among Highest rates of appreciation with 8.4%

·        Overall Texas home appreciation of 6.3%

San Antonio is home to a diverse section of industry. We are home to one of the largest Oil and Gas companies, Valero. We have several major Universities, including the University of Texas San Antonio, Our Lady of The Lake University, Trinity University, Texas A&M at San Antonio, St. Mary's University, St. Phillip's College, Texas Luthern University, University of Texas at San Antonio Health Science Center, University of the Incarnate Word and Wayland Baptist University all in our own backyard. San Antonio is home to the World Champion San Antonio Spurs! We have several military bases, including Lackland Air Force Base, Randolph Air Force Base and Fort Sam Houston. We are also home to Sea World and Six Flags Fiesta Texas. San Antonio has a healthy stream of visitors as well. Our city is well rounded. This allows our housing sector to remain level. We don't usually see the double-digit appreciation rates, but we also rarely see the declines. Which is one reason our market is still great.

The outlook on the San Antonio Housing Market is great. Homes are still appreciating and selling. What I have seen in my listings is that the home needs to be priced right and show beautifully! Look back at my blog entitled: Selling your Home in A Buyer's Market. It gives several helpful hints to selling your home. The great news is Buyer's are still buying. The most important advice I can give a seller is to listen to your Realtor. A large majority of the Realtors out there keep in touch with their market and are always willing to give great advice. Find an agent you can trust and who gives you honest information. A great Realtor is worth their weight in GOLD! Develop a relationship!

The mortgage industry is leveling and people with good credit can still buy a home. Most mortgage companies are requesting 5 %-20% down. Although I did have a client just qualify for 100% financing. It is still available, but scarce! Buyer's, do your homework and come prepared. Even in this market great properties sell fast. "What you looked at today, someone else saw yesterday!"  An experienced agent will give you great information about what to offer and so forth.

If you would like a copy of the Metrostudy report or slide show, click the contact us tab and reference the Metrostudy slide or report and I will send it to you. You can visit me at www.wallstowallsrealty.com for more real estate related articles and information. If you feel like chatting, click the chat button on my home page and I would be more than happy to answer any questions you may have.

By: Sheri Walls

www.sheriwallsrealtor.com

Comments (2)

Jeff Kessler
Austin Homes, Realtors www.OwnAustin.com - Austin, TX
Broker,CLHMS,GRI

Great post Sheri.  Have a great year

J.

Jan 20, 2008 10:42 AM