Bolstered by a stable employment, SA continues to buck the national economic trend. The addition of The NSA's Satellite Center, Microsoft's Data Center; Rackspace and The TPC San Antonio Golf Resort have created high paying jobs in comparison to the local average wage. Toyota's Tundra Truck Plant is operational again after a 3 month closure to reduce inventories. Additionally commercial construction is steady highlighted by the expansion of the Brooke Army Medical Center at Fort Sam Houston which began in January 2008 on a $1.56 billion project and is expected to add approximately 10,000 jobs in 2011-2012.
Real Estate Market:
2009 began with inventory up 10% over last year. During the second quarter sales are very near last years numbers. Properties located on the north side of town, inside of Loop 410 and 1604 are still experiencing moderate demand. Outside of loop 1604 is a different story as unstable gas prices, traffic congestion and the prospect of new toll roads are prompting some to purchase older properties in central locations. These people are however trading the modern features of newer construction (and services) for the advantage of location and shorter commutes. Prices are mostly stable but the glut of inventory in the higher price tiers have made them a target for low ball offers and price reductions are the order of the day. The relocation of 700 of ATT's top executives to Dallas is adding to the already top heavy inventory in the above $400k sector. The actual number of families accepting the relocation to Dallas is closer to 450 as approximately 250 have elected to stay in the Alamo City. Interest rates are near historic lows which is currently spurring the sales!
My call for SA: The current opportunity for a buyer's market will continue through 2009. As the stimulus package takes effect confidence should be restored and improve the job market. Most people I talk to are looking for signs of recovery and will act when they see it begin. The jobs coming online at BAMC in 2011and 2012 will help to reduce the inventory to more manageable levels.
If your finances are in order and your employment is stable, then what are you waiting for? You could be kicking yourself for missing out on one of the best buyers markets in the USA in decades.
To view homes for sale in San Antonio go to www.SanAntonioHouseHunting.com or just call.
David Bowman 210-325-9972 "Let's get a move on".
Location Characteristics: Some people get the wrong idea about SA as being rural and lacking green landscapes. The truth is SA receives an average annual rainfall of 25 inches transforming the native flora into full bloom most every spring. (We are in a drought at the current time) SA also offers the best of both worlds when it comes to big city conveniences and yet retains a small town feel. The diverse demographic composition also contributes to the friendly nature of the region. The eighth largest city in the US, SA is located in South Central Texas about 150 miles from Houston, 250 miles from Dallas-Ft. Worth and 60 miles from Austin. Our climate is a cross between Florida and Arizona. Not quite as humid as Florida and not near as hot as Arizona. SA is home to the corporate headquarters of Valero and USAA. Oh yes, we are proud of our Spurs! With the downtown Riverwalk, Alamo, Six Flags Fiesta Texas and Seaworld SA is also the number one tourist destination in Texas. The Pete Dye and Greg Norman designed TPC San Antonio golf courses (2) located in the north part of the city are expected to be completed in 2009 and hosting the Texas Open and the Champions Tour ATT Championship by 2010. My favorite bumper sticker reads; "I wasn't born in Texas, but I got here as fast as I could."
About David Bowman:
In 1976 my first home appreciated as much as my wages. (If that doesn’t excite you then quit reading and please go elsewhere) From then on I’ve been sold on real estate. Every market cycles up and down but real estate has historically outperformed almost every other financial market. I never have to sell anyone on the concept; everyone wants to own real estate.
Like many services there are two components to transacting real estate; Product and Process. Product is the real estate itself. Most people are happy with the property they purchase. It’s the Process they have to go through to get it that can frustrate and disappoint. (It’s like an experience with your dentist; you like the result after they’re finished, but the Process may be a bit unsettling) Whether dentistry or real estate, a skillful practitioner can go a long way to limit your discomfort by doing two things. The first is to prepare you by providing a proper expectation of typical issues you will face in the proposed transaction and help you keep them in the context of “what’s normal”. The second is to build and execute a solid strategy or plan to help you accomplish your goals. This plan is usually developed together once you’ve determined the practitioner is both skilled to represent you in the process and can be trusted to place your interest above all other interests that pertain to the transaction.
Most of us have an idea of the Product we intend to purchase. But as we get closer to it, we discover issues we had not envisioned and our plans are altered to reflect the new data. While this dynamic is present in nearly all real estate transactions a practitioner with exceptional Product knowledge can save you time and frustration by reducing energies expended on unfruitful home searching.
The Process is the implementation of the plan by the practitioner within the environs of their “system of operations”. (Assuming they have one) This system of operations is the consummate organization of their business acumen acquired through experience. This is where brokerage services differ greatly. This system of operations serves as a format for the broker to monitor repetitive details of each transaction allowing them to focus their energies on the task at hand during every phase of your transaction. As Steven Covey puts it “people are effective…systems are efficient.” That’s why I’ve built systems into my business model that are designed to eliminate repetitive miscues and protect my client’s interests.
So ask yourself “what’s important about this next real estate transaction?” Is it important enough to have an experienced professional at your side?
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
