Homebuyers Get Ready: San Antonio is the Place to be in 2014

Its official, Forbes has listed its “Economic Momentum Regions to Watch” in 2014 and Texas is leading the pack with San Antonio nearly at the top coming in at #2 only behind Austin and with Houston and Dallas in the top ten as well.  Looking back at 2013 and ahead at the coming year is a sure sign that San Antonio homebuilders have another busy year coming.

Forbes used over a dozen qualifications when ranking the largest fifty-two metro areas in the US.  They looked at factors such as job growth rate, numbers of college grads moving to the area, and cost of living.  

This past year had its share of positives and negatives in the housing industry in San Antonio.  Events like the temporary government shutdown led to the job creation numbers being somewhat lower than expected for 2013 leading to some slow-downs in home buying.  However, the job market in the Alamo City is again on an upward swing and more people will be looking for homes in the coming months.  Local companies such as Toyota, Rackspace, HEB, Valero, USAA and Tesoro are among those who continue to bring more college graduates to calling San Antonio home.

As for the coming housing industry trends, Forbes notes several predictions for 2014.  Their experts agree that more homes will be available in the coming year and that mortgages will be easier to get.  Supply of available homes was low much of last year in San Antonio.  This year however, new construction will bring more homes to the market.

Although there will likely be more inventory, Forbes predicts that home prices and mortgage rates will rise in 2014.  Their estimate is that home prices will likely rise between 3%-5% nationally.  As the mortgage rates rise, home affordability could decline so if you are considering a home purchase, now may be the time.  Sooner may be better than later to get the most bang for your buck.

In Addition, Bexar County is showing foreclosures down at the start of 2014.  The decline has been steady over the last couple of years and should continue to decrease.  This goes right along with the prediction for foreclosures to decline nationally this year.

We know that San Antonio is a great place to call home, and more and more the word is getting out all over the nation. It’s a great city to live in, to work in, to raise a family in, and to build a home in.  Come tour our McMillin Homes San Antonio communities today and you just might find the perfect spot to call your next home!
 

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