The real estate market in San Antonio is projected to remain hot and lucrative in 2022. In fact, the housing market here has been ranked among the top ten hidden gems in the country. But what are the trends dominating the San Antonio real estate market in 2022? Read on to learn more!
Increased Mortgage Rates
The mortgage market in San Antonio is expected to increase its mortgage rates due to inflation. In addition, the action of the central bank to increase interest on mortgage products has led to increased rates, which have seen them rise to 4% since the beginning of the pandemic. Such a sharp increase in mortgage rates will translate to a high burden on borrowers, and, ultimately, some homebuyers might have to delay their homebuying dream.
High Home Prices
In the second quarter of 2022, home prices are predicted to rise by 11%. This increase can be attributed to the low inventory of homes in San Antonio. The sharp increase in home values will mean buyers will be required to put more money down to finalize home closing deals. As a result, house affordability will reduce, and this might see the renter’s market becoming more attractive as renting will be cheaper than buying.
High Demand for Homes
Though the number of houses being built is promising, completing them has become challenging due to the high cost of raw materials. Moreover, with more people preferring to work from home due to the COVID-19 pandemic, buyers are in the market looking for homes to suit their needs. As such, the market is expected to experience high demand and competition among buyers.
Know the Trends Dominating the San Antonio Housing Market in 2022!
Each local real estate market experiences different trends, and San Antonio is no exception. For more information about the trends dominating the San Antonio housing market in 2022, feel free to get in touch with our experts today!
