2017 San Antonio Housing market forecast
In 2016, San Antonio had one of the hottest housing markets in the country – but will this trend continue next year?
Only time can truly tell, but that fact isn’t enough to stop real estate and economic experts from making predictions about the upcoming year. Whether you plan on buying, selling, or even staying put, here’s what you need to know about the housing market in San Antonio.
Interest rates on the rise
Mortgage rates already climbed this year, and the economists over at Freddie Mac predict that it will continue to rise over the coming months. This prediction is already holding true with the Federal Reserves’ recent decision to lift its benchmark short-term interest rate, which will affect everything from mortgages to credit card rates.
This increase will likely lead to a slight decrease in home sales nationally, but an expanding job market in Texas may offset this effect locally. Still, if you find that your home is sitting on the market without any offers, it may be time to seek out a different kind of buyer.
Slower increase in home prices
Home prices in San Antonio have risen at a steady rate over the past few years, but that trend appears to be slowing down as we approach 2017. The news isn’t all bad, however, as there is still a low inventory of available homes in the city which will keep pricing competitive.
Rise of the millennial home buyer
2017 is shaping up to be the year when millennial home buyers take over as the dominant force in the market. Much has been said about the seeming disinterest many millennials have in owning a home, but the experts at realtor.com predict that they will make up 33% of the buyer market next year.
For sellers, this could mean having to change up their curb appeal strategies to appeal to a younger generation. Who knows? The next person to live in your home could be more interested in nearby Pokémon rather than neighborhood schools.
Distressed home sales still lagging
One thing that every generation of home buyers seems to agree on is the desire to purchase a move-in ready home. Sure, there are a few DIYers who don’t mind working on their house, but often they can’t afford to do all the repairs that need to be done. To complicate the matter even more, few lenders are willing to provide a mortgage for a distressed home without having repairs done before closing.
If you find yourself needing to sell a distressed property, consider getting a cash offer from We Buy Ugly Houses San Antonio. We buy houses "as is" which means you don’t have to worry about making repairs or updates to the home. Get a free quote from us today and see how quickly you can get your home sold.