According to Home Buying Institute, 2015 was a strong year for the U.S. housing market, and the hope is that next year will be equally prolific. The belief is that home prices will rise more slowly in 2016 as a result of a supply and demand imbalance.
In terms of mortgage rates, the 30-year average has held steadfast at around 4% all year, although there are indications it’s on the rise and could be at 5% by end of 2016. This is good news for those who are selling before investing in a brand new custom home. However, if you’re looking to lock in a new mortgage at the lowest rate possible, it’s evident that you should do so quickly. Early bird catches the worm, as they say!
According to our esteemed SA Business Journal, “Home sales in San Antonio continue to blast through previously set milestones.” How long this will last is anyone’s guess. The SA Board of Realtor’s third quarter housing report revealed that this summer was one of the most active seasons in recorded history with the market experiencing an increase in sales price as well as volume.
Although the city of San Antonio is enjoying a moderate 5% growth, neighborhoods including Boerne, Terrell Hills, Leon Valley and Helotes increased 50% year-over-year. Kendall County, for example, reported a 44% increase in sales. We’re not surprised by this. Our Texas Hill Country clients love their new homes and are happy being away from all the city traffic and hubbub, while still being close enough to come into town for events and such.
Overall, home sales in San Antonio increased 11 percent compared to last year. We wouldn’t presume to make any predictions for the upcoming year, but our guess is San Antonio will continue to be an ideal place to live and build a home for this and a hundred more reasons!
If you’d like to explore your options, please give us a call at 210-494-5400. To be added to our private email list to receive the newsletter, please sign up here.