A San Antonio real estate expert said while home builders continue to build homes at their highest rates in years, the demand from consumers continues to outpace the current supply.
San Antonio Board of Realtors Chair-Elect Missy Stagers said the housing market on the whole, however, is thriving in San Antonio.
“We’re seeing home-building booming as these companies are attempting to meet the increasing demand from consumers,” said Stagers.
Homebuilders have been hesitant in recent years to build housing, after the housing bubble forced the entire national economy into a recession in 2007.
“But there’s not really a risk of that happening again, at least here in San Antonio,” said Stagers. “We rode out the last recession really well, and I think that builders are not just putting up homes without someone ready to move into them anymore.”
Basic economic principle states that if demand rises and supply doesn’t keep up, total price will rise — something that’s happening in San Antonio.
Home prices have gone up since last year, but Stagers said historically low interest rates have continued to make homes affordable in the area.
“But if you like a home when you walk in, you should probably buy it quickly because in this market, there’s a good chance it won’t be there next week,” said Stagers.