How long will San Antonio’s real estate boom last?
Over the past few years, San Antonio has enjoyed a thriving real estate market, and there seems to be no end in sight. Relative to other areas of the country, San Antonio and several other Texas metros are experiencing strong job growth that has resulted in a high demand for housing. While real estate markets in other parts of the country are closely tied to the price of oil, San Antonio’s jobs have been fueled by industries such as health care, information technology and biosciences. These factors have made real estate an attractive investment option in the area.
According to Real Estate Economist Mark Dotzour, “San Antonio hasn’t missed a beat.” Multimillion dollar transactions seem to take place nearly daily. JMJ Development and Colliers International recently announced plans for a $47 million, 30-story luxury apartment building on the River Walk.
What does this mean for rental property owners?
If you own rental property and have considered investing in additional properties, now is a good time to explore your options. Prices are only expected to continue rising, along with the demand for housing. First-time rental property buyers may also find this an attractive time to invest. If you decide to search for a property, work with an experienced broker who knows the area and can make informed recommendations. Also be sure to consider the needs of your potential renters, including location and amenities. Many new jobs in the area are in construction and professional services.
Should you come to the point of drafting a purchase agreement, be sure to have a knowledgeable real estate attorney representing you throughout the transaction. Our skilled legal team can help you avoid unnecessary risks, costs and pitfalls.