I wish I had the magical crystal ball that could predict the San Antonio TX Real Estate Market for 2017, heck I wish I had it for even tomorrow. The truth is; however, I don't and no one really does. No one can truly predict with 100% accuracy what will happen to the market tomorrow or in the future. If a person could, they'd be instantly rich.
What we can do is look at indicators of past behavior and pair them with what's going on globally and locally and make a GUESS on how the market is going to fare for 2017. So for your entertainment pleasure..below is my GUESS. Let's look together into my magical crystal ball....
I just recently attended our annual San Antonio Board of Realtors® Housing Forecast and it was really insightful on what we could expect for our local real estate market. We have had record home sales in the past two years and with the information we have, it looks to be a great 2017 as well really for both buyers and sellers.
First, let me bring up the whole interest rate thing. According to experts, with more smarts than I, interest rates will rise a tad this year. This has got some buyers worried that they missed the whole lowest interest rates in decades window. This simply isn't true. Yes, interest rates may rise a point to just over 4%; however, given this country's 30 year history, that's still an AMAZING interest rate.
When I bought my first home in the early 90's, I believe my interest rate was at 7%. That was good then...in fact, many grumbled that THEY had to pay like 11% or way more when they bought their first home, something like 16-20% (AND they had to walk uphill both ways in the snow, barefoot to get to school).
The fact that our interest rates have been under 4% for so many years, is quite an anomaly. So, yes, they may raise to over 4%, but it's still a really great time to buy a home! Now, the economist that gave the presentation DID say that NOW is the time to get off that fence, because in subsequent years, that interest rate will most likely go up further than that. Again, though, no one can say that with 100% accuracy, but if I was a gambling gal, I would bet the odds are in that favor. Check out some San Antonio TX Homes for Sale
That brings me to sellers. The housing market in San Antonio TX has LOW inventory. This means that we don't have enough homes available on the market right now for all the buyers that want to buy. If you don't believe me, check out this chart provided by the SABOR.
See that purple line? That's us at 2016 and as of November, we had a little over 3 months of inventory. In fact, we were like that all year. Anything under 6 months means SELLER'S MARKET and for it to be that low, it's kind of critical. This means that the law of supply and demand comes into play and home prices go higher which is also a good thing. Actually, it's a great thing for sellers who want to move up, move down or just move out. If you're thinking about selling, now is probably a terrific time to get your home on the market! Check out your Home's Value FREE and FAST!
So, if you put two and two together, (I mean gaze longingly into the crystal ball), you can see with buyers still having buying power at a relatively low interest rate and sellers who can tap into their equity, we are poised to have a terrific 2017 with regards to the San Antonio TX Real Estate Market.
Standard disclaimer. My crystal ball is not magical in any way shape or form nor is this blog post claiming to be 100% factual...it's a GUESS.
Brenda Mullen – San Antonio Texas Real Estate Professional
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