The findings are in, and greatness is expected from the San Antonio real estate market in 2016. According to the Urban Land Institute's 2016 "Emerging Trends in Real Estate" report, San Antonio ranked 20th in the country as a real estate market to watch for the coming year. The city was able to break into one of the coveted top 20 spots because of its status as an "18-hour city," or a second-tier city that is considered trendy by the masses, showing job growth and attracting industry development.
This is obviously welcome news for a city that continues to grow, thrive and carve out its own dynamic in the heart of Texas, but what exactly does it mean for the residential real estate market? We'll break it down for you.
More Jobs are Headed to San Antonio, Therefore More Buyers will Arrive
Currently, San Antonio has a strong economy, attracting both large corporations and small, local businesses. San Antonio is one of the cities throughout the country that is showing an increase in suburban job growth versus urban job growth, subsequently attracting more residents to this area. With more jobs in the city, more people will be moving into the community, and more homes will begin to sell. With an increase of buyers in the market, there will be a higher demand for San Antonio homes and sellers will enjoy quick sales with maximum profits.
Residential Housing Will Be Considered an Investment Opportunity
According to the ULI, San Antonio offers some of the best residential housing investment opportunities for both single-family and multi-family properties. Investors who are looking to capitalize on the current real estate market will find that there are high-quality properties available, and that they will be able to quickly sell those homes to interested buyers. The demand for homes in the region will continue to rise as the city grows in 2016, ensuring that investors will reap the rewards of their purchase.
A Diverse Range of Buyers Will Be Attracted to San Antonio
One of the reasons that "18-hour cities" are so appealing is the fact that they combine the best of big city life with the charm and comfort of the suburbs. These markets are getting hotter by the minute, as recent graduates, young professionals, growing families and established adults look to move to a place that offers them opportunity for success and all the comforts of home. Buyers of all ages and backgrounds desire the affordable prices and the urban amenities that can be found in San Antonio. With a diverse range of buyers looking to make this city their home, the real estate market will continue to thrive and grow.
Prices Will Go Higher, Demand Will Increase
All signs point to a strong start for the residential housing market in 2016. As job growth continues to fuel the local economy, more people will be interested in making the move to San Antonio. This will likely increase the price of homes currently on the market, and may also excite current homeowners to list their homes. Ultimately, there will be an increased demand for properties in San Antonio.
Buyers who are interested in getting into the market should start their search now, as they can get access to the homes that they want within the city before prices continue to rise. Competition is fierce, but it will only heat up as more people discover the potential of San Antonio and the possibility within the local real estate market.
At the same time, homeowners who are considering listing their property should begin the process of researching the current market conditions and preparing their home for sale. If you need to list now, it's a great time to do it, as you will have many interested buyers hoping to purchase your house. Now is a wonderful time to be in San Antonio.
If you want to know more information about the current San Antonio real estate market, or you simply are interested in its potential, then contact Liz Petroff today. Liz is a full-time real estate agent who specializes in the local market and has ample experience selling properties throughout the area. Begin your search for the perfect home in San Antonio.