The Top Three Reasons why the San Antonio Real Estate Market is Poised for Rapid Growth in 2010
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The Top Three Reasons why the San Antonio Real Estate Market is Poised for Rapid Growth in 2010
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Home Page > Business > The Top Three Reasons why the San Antonio Real Estate Market is Poised for Rapid Growth in 2010
The Top Three Reasons why the San Antonio Real Estate Market is Poised for Rapid Growth in 2010
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Don’t let the depressing national real estate news fool you: things are looking up for San Antonio real estate. San Antonio was one of the lucky few cities in the country to only receive a glancing blow from the fallout of the housing market collapse, as it held onto a strong workforce and an equally strong local economy. In short, San Antonio did still experience a decline in home sales and an increase in foreclosures, much like every other part of the country. However, the difference between San Antonio and other large cities across the United States is that San Antonio has already begun showing strong signs of growth, which is why most analysts expect San Antonio real estate to make a rapid improvement in 2010. Why San Antonio Real Estate Keeps Moving Along 1. 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MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:””; mso-padding-alt:0in 5. 4pt 0in 5. 4pt; mso-para-margin:0in; mso-para-margin-bottom:. 0001pt; mso-pagination:widow-orphan; font-size:10. 0pt; font-family:”Times New Roman”; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} Don’t let the depressing national real estate news fool you: things are looking up for San Antonio real estate. San Antonio was one of the lucky few cities in the country to only receive a glancing blow from the fallout of the housing market collapse, as it held onto a strong workforce and an equally strong local economy. In short, San Antonio did still experience a decline in home sales and an increase in foreclosures, much like every other part of the country. However, the difference between San Antonio and other large cities across the United States is that San Antonio has already begun showing strong signs of growth, which is why most analysts expect San Antonio real estate to make a rapid improvement in 2010. Why San Antonio Real Estate Keeps Moving Along 1. Federal Tax Credit There is no question that the federal tax credit, and its extension into June of 2010 has had a strong impact on the home sales in San Antonio. In fact, many analysts are referring to the tax credit as nothing less than a godsend for the San Antonio real estate market. The tax credit, which offers new homeowners (those who haven’t owned a home in the last three years) a cool $8,000 if the purchase a home before June 2010, and $6,500 for homeowners who purchase a home and sell a home that they have lived in for at least that last, five consecutive years, has been a huge deal for the San Antonio real estate market. Many analysts expect this tax credit to affect the entry-level market the most, as homes priced under $200,000 made up 76 percent of the home sales in San Antonio during 2009. Home analysts expect this trend in the entry-level San Antonio real estate market to continue throughout much of this year. The bottom line is that active listings are falling, inventory is falling and demand is up among homes under $200,000, and the federal tax credit can certainly take a lot of credit for this trend. 2. Interest Rates Interest rates are still near historic lows, and that has certainly helped buoy the San Antonio real estate market in 2009. Many economists, however, expect that interest rates will soon begin climbing, likely towards the second half of the year. Even with this increase in interest rates, however, there will likely continue to be a demand for San Antonio real estate because interest rates will remain at incredibly low levels. In other words, a small increase in interest rates towards the end of the year will not likely have a huge influence on people’s decision to purchase San Antonio real estate. 3. Job Growth San Antonio has many good things going for it, and job growth is certainly one of them. The San Antonio job market has always buoyed along San Antonio real estate, and 2010 will be no exception. Simply put, new jobs to San Antonio will always bring a need for real estate. Even though San Antonio lost a few jobs in 2009, it still remains one of the most recession-proof cities in the country. Some of the newest job announcements to hit the San Antonio market include the addition of a new corporate campus for Nationwide, which is expected to add 838 jobs to the region, as well as a Tacoma production plant for Toyota, which is expected to add another 1,400 jobs to San Antonio. eral Tax Credit There is no question that the federal tax credit, and its extension into June of 2010 has had a strong impact on the home sales in San Antonio. In fact, many analysts are referring to the tax credit as nothing less than a godsend for the San Antonio real estate market. The tax credit, which offers new homeowners (those who haven’t owned a home in the last three years) a cool $8,000 if the purchase a home before June 2010, and $6,500 for homeowners who purchase a home and sell a home that they have lived in for at least that last, five consecutive years, has been a huge deal for the San Antonio real estate market. Many analysts expect this tax credit to affect the entry-level market the most, as homes priced under $200,000 made up 76 percent of the home sales in San Antonio during 2009. Home analysts expect this trend in the entry-level San Antonio real estate market to continue throughout much of this year. The bottom line is that active listings are falling, inventory is falling and demand is up among homes under $200,000, and the federal tax credit can certainly take a lot of credit for this trend. 2. Interest Rates Interest rates are still near historic lows, and that has certainly helped buoy the San Antonio real estate market in 2009. Many economists, however, expect that interest rates will soon begin climbing, likely towards the second half of the year. Even with this increase in interest rates, however, there will likely continue to be a demand for San Antonio real estate because interest rates will remain at incredibly low levels. In other words, a small increase in interest rates towards the end of the year will not likely have a huge influence on people’s decision to purchase San Antonio real estate. 3. Job Growth San Antonio has many good things going for it, and job growth is certainly one of them. The San Antonio job market has always buoyed along San Antonio real estate, and 2010 will be no exception. Simply put, new jobs to San Antonio will always bring a need for real estate. Even though San Antonio lost a few jobs in 2009, it still remains one of the most recession-proof cities in the country. Some of the newest job announcements to hit the San Antonio market include the addition of a new corporate campus for Nationwide, which is expected to add 838 jobs to the region, as well as a Tacoma production plant for Toyota, which is expected to add another 1,400 jobs to San Antonio. Don’t let the depressing national real estate news fool you: things are looking up for San Antonio real estate. San Antonio was one of the lucky few cities in the country to only receive a glancing blow from the fallout of the housing market collapse, as it held onto a strong workforce and an equally strong local economy. In short, San Antonio did still experience a decline in home sales and an increase in foreclosures, much like every other part of the country. However, the difference between San Antonio and other large cities across the United States is that San Antonio has already begun showing strong signs of growth, which is why most analysts expect San Antonio real estate to make a rapid improvement in 2010. Why San Antonio Real Estate Keeps Moving Along 1. Federal Tax Credit There is no question that the federal tax credit, and its extension into June of 2010 has had a strong impact on the home sales in San Antonio. In fact, many analysts are referring to the tax credit as nothing less than a godsend for the San Antonio real estate market. The tax credit, which offers new homeowners (those who haven’t owned a home in the last three years) a cool $8,000 if the purchase a home before June 2010, and $6,500 for homeowners who purchase a home and sell a home that they have lived in for at least that last, five consecutive years, has been a huge deal for the San Antonio real estate market. Many analysts expect this tax credit to affect the entry-level market the most, as homes priced under $200,000 made up 76 percent of the home sales in San Antonio during 2009. Home analysts expect this trend in the entry-level San Antonio real estate market to continue throughout much of this year. The bottom line is that active listings are falling, inventory is falling and demand is up among homes under $200,000, and the federal tax credit can certainly take a lot of credit for this trend. 2. Interest Rates Interest rates are still near historic lows, and that has certainly helped buoy the San Antonio real estate market in 2009. Many economists, however, expect that interest rates will soon begin climbing, likely towards the second half of the year. Even with this increase in interest rates, however, there will likely continue to be a demand for San Antonio real estate because interest rates will remain at incredibly low levels. In other words, a small increase in interest rates towards the end of the year will not likely have a huge influence on people’s decision to purchase San Antonio real estate. 3. Job Growth San Antonio has many good things going for it, and job growth is certainly one of them. The San Antonio job market has always buoyed along San Antonio real estate, and 2010 will be no exception. Simply put, new jobs to San Antonio will always bring a need for real estate. Even though San Antonio lost a few jobs in 2009, it still remains one of the most recession-proof cities in the country. Some of the newest job announcements to hit the San Antonio market include the addition of a new corporate campus for Nationwide, which is expected to add 838 jobs to the region, as well as a Tacoma production plant for Toyota, which is expected to add another 1,400 jobs to San Antonio.
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