This year, the forecast is for a 6% average rate of appreciation, and it is a sustainable growth in values, due to the major influx military related to expansion of the Brooks Army Medical Center and the economic expansion to meet the resultant demand for goods and services.
I have a lot of experience working with people relocating to the area, and would be happy to serve your needs.
The answers are yes and no respectively.
Yes the problems in the secondary mortgage market have affected home sales. There are fewer buyers and just as many properties on the market. Prices have not gone down though, and according to most professionals including myself in this field we don't expect them to. The good news is that they are also not rising at a rapid rate. However most properties are rising at a rate of about 7% which is more than most peoples income will increase. Which answers your second question.
No you should not wait. (refer above)
If it helps you any I just bought a new home in Alamo Ranch and sold my old one (in four hours) in January. My wife and I are both in the business and decided it was time. We see home prices increasing and lenders getting harder to work with (she has been in the lending business for 20 years).
I hope this helps you. Please feel free to contact me with any other questions.
Keller Williams Realty
San Antonio, TX
â€œExperience Makes the Differenceâ€
You ask a very popular question. The answer to that is quite simple for San Antonio. Real Estate is a LOCAL market. National coverage of all the slumps in home prices can and has given some San Antonians here the perception that we may be as worse off as the other parts of the country. That is not true. If you go to our blog site: http://www.exposedhomessa.com; we've quoted a couple articles from our local newspaper and investor sites (all whom track our RE market quite well) that even for 2007 our median sales prices appreciated almost 7%!! That's HUGE!
As for your timing question: boy would I love to have a direct line (would probably be a red phone) to God to know the future. Since that isn't possible, you can usually look back to history and watch the cycles and try to predict from there. But it's always your call and how you feel and think about your own economic position.
If you want my opinion: I still think sales prices will rise (as to how much???). If you've taken care of your credit and even have a good amount of down payment to invest; the market will now favor the diligent and the responsible ones quite nicely! It's at times when the market is on a down cycle when the smart, rich investors take advantage of that market.
Just my two cents.
Regarding waiting a couple of years to buy, it's been my experience that timing purchases in the housing market is even more difficult than timing stock purchase/sale. You're just as likely to be paying more in two years as paying less. My suggestion is to align yourself with a good real estate agent and try to minimize overpaying in the current market, but make the purchase as a lifestyle choice, not as an investment choice.