The market for real estate in San Antonio is getting rosier. It is expected that the property industry in San Antonio would continue to grow this year (2013). This is according to most analysts and industry experts, who rave about the actual market figures. It helps that mortgage rates are now lower and new home construction continues to expand.
If you plan to buy home in San Antonio this year, you can expect a wider array of options. New home construction and new home sales in the San Antonio area is increasing in volume. Both are forecast to rise by 10% to 15% in the entire year. That would translate to a 3% increase compared to actual figures in 2012.
In comparison, sales of homes within the industry for real estate in San Antonio rose by 10.3% to $18,343 in January to November 2012. In the same period in 2011, actual sales of such homes were just 16,631. This clearly means that there is an active and robust demand for new houses in the city. Logically, this is good for the industry.
If you plan to buy home in San Antonio, don’t be surprised to find out that costs are increasing in the area. Median price of existing homes available in San Antonio increased 5% in 2012 to $160,020 compared to costs in 2011 of $152,400. Median price for new houses rose 3.5% in the same year to $207,000.
Not surprisingly, rising demand for available houses has helped boost real estate in San Antonio. Price tags rose because obviously there has been a strong demand. At the same time, valuation does not fall drastically in the area, which should be taken as an advantage by home investors.
Rental homes growth
It is common for any investor to buy home in San Antonio for the purpose of generating rental income. Rental homes in the city enjoyed up to 97% occupancy during the entire year. Average monthly rental price for a home stood at $1,333, which was 5% higher compared to the monthly average in 2011 of $1,274.
This is why many buyers of real estate in San Antonio decide to put their homes up for rent. It is expected that as rental rates continue to rise, more homebuyers would be enticed to buy home in San Antonio to lease it. Home rentals are still considered as among the most reasonable options for budget-conscious families and individuals.
Genius Realty – San Antonio is an experienced real estate agency that can help you search for your perfect home in San Antonio, TX and the nearby cities like New Braunfels, Shertz, Live Oak, Alamo Heights, Olmos Park, Canyon Lake, Terrel Hills, Garden Ridge, Seguin, Boerne, Castle Hills, and Stone Oak and Sonterra. Get access to all available homes for sale on and the off MLS in San Antonio and the surrounding areas, regardless of the listing company. Please call 210-436-4877 for all your real estate related needs.