First-time homebuyers? Look to No. 8 ranked San Antonio

First-time homebuyers? Look to No. 8 ranked San Antonio

Real Estate Center – Texas A&M

SAN ANTONIO – According to new data from SmartAsset, The Alamo City is the eighth best city in the nation for first-time homebuyers.

Despite its booming housing market, San Antonio still remains highly affordable with a price per sf of $80.50.
San Antonio shares a place among the top ten with a few other cities in Texas: Houston finished at No. 5 while Dallas and Fort Worth tied at No. 10.
SmartAsset came up with their rankings by examining cities with a population of at least 300,000 and considering key metrics reflective of mortgage accessibility, affordability and stability in each market.
Other Texas cities made the top 20 include Arlington at No. 13, Corpus Christi at No. 17 and Austin ranking No. 20.
San Antonio’s housing market has been strong over the past several years.
According to Federal Housing Finance Agency data, prices for San Antonio’s housing market increased 8 percent from third quarter 2014 to third quarter 2015.
The Alamo City had a loan funding rate of 62 percent—third best among the top 25 cities on the list.

Investing? ‘Best Buy’ lists San Antonio, Dallas, Austin

Investing? ‘Best Buy’ lists San Antonio, Dallas, Austin

Texas A&M Real Estate Center

TEXAS Ya’ll come! – Looking to make a big investment in 2016? According to Forbes, you’re in the right place.

Texas is the state with the second-greatest number of cities on the Best Buy list,

San Antonio (No. 3), where homes average $201,000;

—Dallas (No. 6), where home prices average $211,000; and

Austin (No. 7), $281,000.

While the rest of the country was in the depths of the recession, Texas experienced only a shallow one, and bounced back with force.

The energy boom helped fuel job growth; even with gas prices now way down and the industry hemorrhaging some 200,000 jobs, these three Texas metros are doing well overall thanks to their diversified economies.

The Gulf Coast  has welcomed a boom in petrochemical construction, and the state is seeing growth in leisure and hospitality, both activities reportedly fueled by lower gas prices.

Austin is welcoming growth in high tech.

Dallas is welcoming the relocation of Toyota, State Farm Insurance, and Liberty Mutual Insurance.

San Antonio has financial firms and data centers.

Winzer predicts that it will still be a while before Texas prices reach the point where these metro areas are no longer a good investment—by his estimate, when they are overpriced by about 20%

Year-over-year job growth is strong (San Antonio: 3.7%; Dallas: 3.5%; Austin: 3.3%) and people continue to move to the Lone Star State (three-year growth rates for San Antonio: 6.1%; Dallas: 6.2%; Austin: 9%), meaning it is an area flush with a pool of renters. Housing prices are rising but compared to the rest of the nation, still relatively cheap.

 

Falling Oil Prices Not Stopping Texas Job Growth

Falling Oil Prices Not Stopping Texas Job Growth, Latest Real Estate Center Report Shows

By Bryan Pope, Associate Editor, Real Estate Center at Texas A&M University June 2, 2015/Release No. 21-0615

COLLEGE STATION, Tex. (Real Estate Center) – Texas’ economy continues to create more jobs despite lower oil prices, according to the latest Monthly Review of the Texas Economy published by the Real Estate Center at Texas A&M University. The state’s economy gained 304,200 nonagricultural jobs from April 2014 to April 2015, an annual growth rate of 2.6 percent compared with 2.2 percent for the United States. The state’s nongovernment sector added 282,200 jobs, an annual growth rate of 2.9 percent compared with 2.6 percent for the nation’s private sector. Texas’ seasonally adjusted unemployment rate fell to 4.2 percent in April 2015 from 5.2 percent in April 2014. The nation’s rate decreased from 6.2 to 5.4 percent All Texas industries except mining and logging (which includes oil and gas) and manufacturing had more jobs. The state’s leisure and hospitality industry ranked first in job creation followed by construction and transportation, warehousing and utilities. All Texas metro areas except Texarkana, Wichita Falls and College Station-Bryan had more jobs. Odessa ranked first in job creation, followed by Midland, Dallas-Plano-Irving, Corpus Christi and Beaumont-Port Arthur. The state’s unemployment rate in April was 4 percent. Amarillo had the lowest unemployment rate, followed by Midland, Austin-Round Rock, Lubbock, College Station-Bryan and San Antonio-New Braunfels.

The full report is online at http://www.recenter.tamu.edu/pdf/1862.pdf.

Texas Housing Market on Track for Second Best Year Ever

Texas Housing Market on Track for Second Best Year Ever

By Bryan Pope, Associate Editor, Real Estate Center at Texas A&M University Oct. 24, 2014/Release No. 4-1014 COLLEGE STATION, Tex. (Real Estate Center) –

This year will end as the second best year ever in Texas in terms of existing home sales, said a housing market expert with the Real Estate Center. “Last year was the second best year ever in the state of Texas for home sales volume,” said Center Research Economist Dr. Jim Gaines. “It was second only to 2006, which was at the height of the housing boom and all the easy financing. And 2013 wasn’t that far off from that. This is going to become the new second best year ever. We are having a really terrific year.” The latest Multiple Listing Service (MLS) data show that sales of existing single-family homes in Texas were 7 percent higher last month than in September 2013. About 24,640 homes were sold last month, over 1,600 more than the same month last year, but almost 2,800 less than in August. Gaines said the August-to-September downturn is the normal seasonal falloff. So far this year, 217,690 homes have been sold, about 1 percent more than this time last year. “We’re getting exactly what we thought we were going to get, and that’s a slowdown in the rate of increase,” Gaines said. “Last year sales went up about 16 percent. It was a big, big jump. This year it’s a little jump. Home prices are doing a very similar kind of thing. There’s been a step-up in prices the last five years, and we’re still seeing that step up. But the rise of the step isn’t quite as high. “As our prices have been going up progressively here in Texas, incomes really haven’t been going up at the same pace percentage-wise. Home prices going up faster than income means that ultimately affordability and what people can afford to pay becomes an issue.” Gaines said homebuyers getting hit the hardest are those on the lower end of the home-price spectrum. “Very few homebuilders are building homes under $200,000 or $250,000 in most of our markets,” he said. “So there’s no increase in supply on that low-priced end.” In addition, credit tightness is affecting first-time buyers and first-time move-up buyers much harder than older buyers at higher income levels. “The good news for Texas is that our prosperity is, in general, still continuing,” Gaines said. “On the horizon, it appears that it will continue. The only cloud on that horizon is what’s happening in the energy sector. In the last couple of weeks, the price of oil has dropped appreciably. When the trend is downward in the price of oil, you start looking ahead and saying ‘okay, just how far can this trend go before it really becomes a problem?’ Right now it doesn’t appear to be, but it’s one of those things we’ve got to keep our eye on.”

Our Team is Growing! Help us Welcome Zane!

Just this past week Hancock welcomed a new team member into our fold. Zane Koltermann was hired as an all-around office assistant and looks to be a very valuable addition to our staff. Zane’s immediate duties will include administrative tasks associated with home inspections in Austin / San Marcos as well as New Braunfels / San Antonio offices.  Coordinating office and field personnel will be a priority.

Zane will also have phone duties, so don’t be surprised when you hear a new voice the next time you call!

We are very excited to have Zane on board!

What boomed in 3Q 2014? Austin office market!

AUSTIN – The Central Texas office market posted a strong showing in third quarter 2014, as the region’s job growth continued to drive demand for space, according to Cushman & Wakefield / Oxford Commerical.

Top-tier office space was 91 percent occupied for 3Q 2014, up from 88 percent in 3Q 2013, according to Austin-basedCushman & Wakefield / Oxford Commercial, which tracks the market. Rents for the top-tier space hit $32.95 in 3Q 2014, up 2.4 percent from 3Q 2013.

Austin employers added 32,100 jobs in the past four quarters, a year-over-year increase of 3.7 percent, according toMarcus & Millichap’s 3Q 2014 office market report. The metro’s thriving high-tech sector continues to drive demand for office space.

The downtown office market had one of its best quarters ever, according to Katie Ekstrom, a vice president in Austin withCBRE. Tenants leased more than 255,400 sf of net new space, Cushman & Wakefield / Oxford Commercial reported.

Two new downtown towers — Colorado Tower and IBC Bank Plaza, which combined will add more than 500,000 sf of office space — are both almost fully leased, local brokers say, and are setting the stage for additional new construction.

Austin is building new office space at one of the highest rates in the country, according to Marcus & Millichap. About 530,000 sf of space were completed during the last four quarters, including the first phase of Apple Inc.’s new campus in Northwest Austin.

In all, developers have nearly 2.6 million sf of space under construction in the Austin metro, 1.5 million of which is due to wrap up by the end of 2014. Another 2.4 million sf of space is in the planning pipeline.

Ekstrom said that tenant prospects are currently scouring the market for more than 4 million sf of space, and buildings under construction across the city are seeing strong leasing activity.

Forbes: Austin is No 2 City for Future Job Growth

Forbes: Austin No. 2 in U.S. for future job growth
(7/28/2014)
AUSTIN – Austin ranked second in Forbes’ list of best U.S. cities for future job growth over the next three years and was one of five Texas cities to make the cut.

With projected annual job growth of 4.1 percent and the unemployment rate at 4.1 percent, Austin is proving to be an attractive option for companies that want to take advantage of the strong local workforce.

The Lone Star capital boasts the third-highest net migration rate in the U.S. during the past five years, Forbes reported. The median household income is $58,932.

Other Texas cities that made it to Forbes’ list of best cities for job growth include: McAllen at No. 3, Dallas at No. 5, Houston at No. 9 and San Antonio at No. 10. Naples, Florida ranked No. 1.

Read more at the Austin Business Journal.

See Forbes for the full report.

Bexar County Foreclosures Hit 12-Year Low

The number of Bexar County properties headed to the foreclosure auction next month has hit its lowest mark in about a dozen years.

For July, 469 properties are listed for foreclosure, a 29.4 percent drop from July 2013, according to data from RexReport.com.

The number of distressed properties headed to the auction block is the lowest since September 2002. July marks 20 consecutive months with declining foreclosure postings, a trend that started in December 2012.

So far this year, there have been 3,744 foreclosure postings in Bexar County — an almost 30 percent drop from the first half of last year when there were 5,305 listings.

Read more at the San Antonio Express-News