Home selling tips

Maybe you’re moving to a larger home to accommodate a growing family, relocating for a new career opportunity, or purchasing a townhouse for retirement. Whatever the reason for the move, you’ll need to take the necessary steps to sell your home for the best possible price, within a reasonable amount of time. Where do you begin?

If you’re like most people, you’ll start by seeking assistance from a professional. A local real estate sales associate, who knows your neighborhood, can help you determine a fair market price. The sales associate should also recommend the extent to which you should make repairs or improvements to your home.

In order to select a real estate professional who’s right for you, ask family, friends and neighbors for referrals. Attend open houses and interview several sales associates to find out how professional or experienced they may be. Get a written outline of how they plan to market your property and the services they will offer you.

Once you’ve identified a qualified professional, the rest is chemistry. Is the sales associate someone with whom you would like to work closely? Do you feel comfortable with the sales associate as your partner, working with you to give you advice and acting as your representative? Does he or she practice a consultative selling approach, focusing on the long-term client relationship and on the importance of exceeding client needs and expectations, or is he or she caught up in the proverbial ‘hard sell?’

The brokerage firm that your agent is associated with is also important. Research the firm’s success rate and commitment to quality service. Does it survey existing clients in order to ensure customer satisfaction? What are the results of those surveys? How in tune are they with consumer needs? Do they offer guidance with mortgages or any discounts for other home-related or moving services?

Determining your home’s fair market value is one of the most important decisions you’ll make during the home-selling process. Your sales associate can help you set a fair price based on local market conditions. For instance, she or he will provide sale prices and other statistics for homes similar to yours that have recently sold in your neighborhood. Prospective buyers will be comparing your home to others on the market. Therefore, setting a competitive price can determine if your property will or will not sell.

For the first offer made, it’s rare that the prospective buyer matches the asking price. If the offer is reasonably close to the asking price, carefully consider the offer before turning it down. Curiously, it’s the first offer that can often be the best offer. If the first offer is unacceptable to you, it may in your best interest to have your sales associate respond with a counter offer. Whenever considering an offer, ask yourself if you would purchase the property for the amount being offered. Always be willing to negotiate, especially if the prospective buyer is pre-approved for a mortgage.

Once you decide what terms are acceptable, let your sales associate negotiate with the prospective buyer to work out the best agreement for you. You’ll need to be patient while the buyer arranges financing and the real estate company compiles and prepares pertinent documents and information.

Careful planning and sound advice from a real estate professional can make selling your home a very satisfying experience. If you are considering selling your home, give me a call (210) 479-1222 or e-mail me and I will select one of my agents to answer your questions and help you get the process under way.

http://www.century21scottmyers.com

Why live in San Antonio?

San Antonio, Texas, is an exceptional place to live. Families and individuals from all over the nation choose to move to San Antonio for its thriving business community, world-class healthcare system, and multicultural reverence. San Antonio has the second largest population out of all cities in Texas.

Living in San Antonio, Texas, can be a great choice for many people due to a variety of factors. However, whether it’s the right place for you depends on your personal preferences, lifestyle, and priorities. Here are some reasons why people choose to live in San Antonio:

Affordable Cost of Living: Compared to many major cities in the United States, San Antonio offers a relatively affordable cost of living. Housing, in particular, tends to be more affordable than in cities like San Francisco or New York.

Cultural Diversity: San Antonio is known for its rich cultural diversity. It has a strong Hispanic influence, and you can experience a blend of cultures through its food, festivals, and traditions.

Job Opportunities: The city has a growing job market in various sectors, including healthcare, technology, military, and tourism. The presence of major companies and military bases provides employment opportunities.

Military Presence: San Antonio is home to several military bases, including Lackland Air Force Base, Fort Sam Houston, and Randolph Air Force Base. This makes it a popular choice for military personnel and veterans.

Education: The city has a variety of educational institutions, including the University of Texas at San Antonio (UTSA) and Texas A&M University-San Antonio, offering diverse educational opportunities.

Cultural Attractions: San Antonio boasts a wide range of cultural attractions, such as the historic Alamo, the River Walk, and numerous museums and theaters. It’s also known for its vibrant music and arts scene.

Beautiful Weather: The city enjoys a generally mild climate with hot summers and mild winters. This climate allows for year-round outdoor activities and an active lifestyle.

Family-Friendly: San Antonio is often considered a family-friendly city with numerous parks, recreational activities, and good schools. It’s a place where you can raise a family and enjoy a strong sense of community.

Food and Cuisine: San Antonio is famous for its Tex-Mex cuisine, and you’ll find a wide range of delicious dishes to try. The city is also known for its vibrant food scene, with various culinary options to explore.

Proximity to Natural Beauty: The city is within driving distance of some beautiful natural landscapes, including the Texas Hill Country, state parks, and the Gulf Coast. This makes it easy to enjoy outdoor adventures.

Festivals and Events: San Antonio hosts numerous festivals and events throughout the year, celebrating its cultural diversity and providing entertainment for residents and visitors alike.

While there are many advantages to living in San Antonio, it’s essential to consider your personal preferences and lifestyle when deciding if it’s the right place for you. Some people may find the climate too hot, while others may prefer a larger or more cosmopolitan city. It’s a good idea to visit the city, explore the neighborhoods, and talk to current residents to get a better sense of whether San Antonio aligns with your needs and desires.

Moving to San Antonio soon? With inventory in short supply and prices starting to rise, you may want to lock in a great home now. Century 21 Scott Myers Realtors can help you to learn about the buying opportunities in our area and make your transition a smooth one! http://www.century21scottmyers.com

How you can help your lawn and plants survive the drought

LAWNS

If your lawn is already gone, crispy and brown, Dave says it is time to wave the white flag. At this point, in the middle of summer (and with another heat wave coming), trying to bring the green grass back would be nearly impossible. It’s best to let it go for now and wait for fall. At that point, he recommends doing some over-seeding in preparation for a big comeback next year. Once we get back into a more normal (wetter) pattern, put down some fertilizer.

If your lawn is on the brink, there are some things you can do now in an attempt to revive it. (These tips assume that you still are allowed to water in your town)

• Water between 4 a.m. and 8 a.m. not in the heat of the day
• Water once every 3 days or so and for longer amounts of time. The water needs to sink several inches into the ground, reaching the roots.
• If you don’t have an irrigation system, move the sprinklers around each day. Water one area for a long duration one day and then move to another location the following day.
• Don’t cut the lawn too short! Leave it 4 inches long at least, you may not even need to cut it at all for several weeks!

PLANTS AND BUSHES

When watering it is better to use a slow drip or mist setting for a longer duration. Soaking with a heavy stream of water tends to just run off with the soil this dry. Again, you need the water to get down several inches. Dig down and check that the soil is damp. If it isn’t, you need to water deeper.

WHAT ARE THOSE TINY SPIDERS ALL OVER MY PLANTS?

Spider mites (very tiny) LOVE the dry weather. Typically, we talk about them over winter with indoor plants because of how dry it is in our homes. This year, they are breeding outside due to the lack of water. They are so small you may not even notice them at first, but what you will see is their webbing on your plants. One of the more common places you will see them is on your phlox, but they could be anywhere.

ANYTHING GOOD COMING FROM THE DROUGHT?

YES! In fact, most farmers would tell you that this July is a thousand times better than last July. They would prefer drought to flooding rain every time. You can water to help drought but there is little you can do if you get too much rain. Too much water also breeds disease and there was a lot of that last year.

Under these conditions, Dave says crops like peaches, grapes and tomatoes should be mighty sweet and tasty (as long as they are being watered). They may be slightly smaller in size but the sugar will be more concentrated and again, there is very little disease to take them out.

The best San Antonio neighborhoods for first-time homebuyers

We’ve been told over and over that it’s impossible to buy right now, but that’s not necessarily the case. If you’re a first-timer looking for your new home, there are several San Antonio neighborhoods you should keep in mind while searching.

Keep in mind that you’ll have the most success as a first-time homebuyer if you work with an experienced agent to keep up with the competition. You’ll also want to keep an open mind and stay flexible with some of your priorities.

Redbird Ranch

Median sales price: $290,000

Distance from downtown San Antonio: 25 miles

School district: Medina Valley

At the far-west edge of San Antonio is the new-build community of Redbird Ranch, which has proven very popular with families. Homes start at $289,000 and spacious floorplans range from three to five bedrooms.

Neighborhood amenities include a park, playground, pool, walking trails, and more. It’s also a popular choice for military families because it is just 20 minutes from Lackland Air Force Base.

Wolf Creek

Median sales price: $260,000

Distance from downtown San Antonio: 13.2 miles

School district: Southwest ISD

Homes tend to sell quickly here, as the area blends the peaceful atmosphere of the suburbs with quick access to the ever-increasing amenities along 410 and Highway 151. Many of the houses were built in the ’90s, and new construction is happening here as well.

For families with children, the area has two elementary schools, a middle school, and a high school. This is another neighborhood popular with military personnel because of the nearby Lackland Air Force Base. Compared to other neighborhoods and San Antonio’s sister city of Austin, the area is reasonably priced for mid-size homes.

Leon Valley

Median sales price: $250,000

Distance from downtown San Antonio: 12.2 miles

School district: Northside ISD

This neighborhood is interesting because it is an independent municipality surrounded by San Antonio. Technically its own city, Leon Valley has its own public safety departments and even its own mayor.

Leon Valley is a gateway to many of San Antonio’s main attractions, like SeaWorld and Six Flags Fiesta Texas. Residents can easily access the Medical District that’s just three miles away and the San Antonio Airport eight miles away. Buyers will also find that they can get to jobs in the northwest sector via Bandera Road and Loop 410.

Lafayette Place

Median sales price: $179,950

Distance from downtown San Antonio: 8.8 miles

School district: Northeast ISD

This is one of the neighborhoods in San Antonio that has everything a buyer wants, according to a study from Redfin, which looked at the prominence of affordable homes, levels of inventory, an easy commute, and more. The area has two elementary schools, two middle schools, and two high schools.

Buyers looking at homes in Lafayette Place will find they are in close proximity to the South Texas Medical Center, the University Health System, the USAA Corporate Office, a variety of employers in downtown San Antonio, and the convenience of being next to I-10 and Loop 410. For all your shopping needs, La Cantera is less than 10 minutes away.

El Dorado

Median sales price: $260,000

Distance from downtown San Antonio: 13.6 miles

School district: North East ISD

For buyers looking for the convenience of easy neighborhood parking and close proximity to plenty of eateries, consider the El Dorado neighborhood. Houses here tend to sell for less than the median price in San Antonio, making it a good option for first-time homebuyers looking to spend less than other areas.

There’s a variety of single-family homes and newer condos, ranging from 859 square feet to 3,073 square feet. This North San Antonio neighborhood has amenities like a pool, a park, and a playground.

Stillwater Ranch

Median sales price: $353,500

Distance from downtown San Antonio: 23 miles

School district: Northside ISD

Though the price point here is higher than others on this list, Stillwater Ranch still offers luxury homes at a lower price than other areas. This master-planned community features the open and sprawling beauty of the countryside without compromising on amenities.

Residents can enjoy parkland, hike and bike trails, and nature trails, and the neighborhood also backs up to the Government Canyon State Natural Area. Additionally, there’s a tennis court, basketball courts, swimming facility, and the onsite Scarborough Elementary school.

Tobin Hill

Median sales price: $394,000

Distance from downtown San Antonio: 1.5 miles

School district: San Antonio ISD

Located conveniently close to downtown San Antonio, this is a great neighborhood for young professionals looking for a walkable, urban area. From Tobin Hill, residents can walk to Pearl, a revitalized brewery with eclectic shops and incredible restaurants that will soon feature a marketplace.

Buyers here may end up with less space than in other neighborhoods, but they will be right next to world-class shopping, amenities, and the San Antonio River. The continuing development of Tobin Hill has increased the desirability of the area for both residents and businesses.

Great Northwest

Median sales price: $232,250

Distance from downtown San Antonio: 15 miles

School district: Northside ISD

This Far West San Antonio neighborhood consists of older, more established homes at a reasonable price point that are located near I-410, Highway 151, Loop 1604, and Highway 16.

Families are attracted by the schools, pools, playgrounds, and sports facilities. For shopping, ​​​​residents can enjoy a quick trip to the Ingram Park Mall and the newly constructed Alamo Ranch Shopping Center. The area is also rapidly developing, making it a great choice for first-time homebuyers looking to purchase a home now. Buyers looking in this area may also want to consider the nearby Northwest Crossing for many of the same reasons.

Bridgewood

Median sales price: $270,000

Distance from downtown San Antonio: 25 miles

School district: Northside ISD

If the Great Northwest neighborhood appealed to you but you’re looking for newer homes, check out Bridgewood. This neighborhood in Northwest San Antonio calls itself the largest community in Bexar County, and new homes are being added consistently.

Buyers who love nature should take advantage of the neighborhood’s location near Government Canyon State Park. There is a wide variety of floorplans and home sizes from which to choose, and an active homeowners association — which could be a plus or a minus, depending on your wants and needs.

Hills of Shaenfield

Median sales price: $242,000

Distance from downtown San Antonio: 22.5 miles

School district: Northside ISD

This small neighborhood in West San Antonio has a peaceful feel, with houses that vary in size and style and typically aren’t much older than 10 years.

The neighborhood has what many people look for in suburbs: a close community, a park, a playground, trails, and nearby restaurants and shopping. Additionally, the neighborhood is close to the Alamo Ranch Shopping Center.

Wildhorse

Median sales price: $286,000

Distance from downtown San Antonio: 8.7 miles

School district: Northside ISD

The Wildhorse neighborhood is a good middle ground for many first-time homebuyers. It is close to downtown San Antonio without feeling too busy, a large number of the homes tend to be newer builds, and there’s plenty to do, including a theme park. There’s also a new pool and a nearby H-E-B.

Wildhorse blends the beauty of the Hill Country with the convenience of city life. The neighborhood is also close to Highway 151 and Interstate-10, so residents can easily access the rest of Central Texas. The neighborhood boasts schools as well as nearby employers like the Medical Center, USAA, and Lackland Air Force Base.

The Arbor at Sonoma Ranch

Median sales price: $320,100

Distance from downtown San Antonio: 19 miles

School district: Northside ISD

This neighborhood near The University of Texas at San Antonio has several schools for students of all ages. It sits among gated communities, and is close to shopping and dining opportunities.

The Arbor is right near 1604, so residents can quickly access attractions like Six Flags Fiesta Texas. This neighborhood is in Helotes, which is where the Floore Country Store is located. Willie Nelson fans might recognize this as the place where he got his start, and you’ll still find live music and dancing here.

San Antonio suburb named one of the hottest ZIP codes for homebuyers

A new ranking from real estate platform Opendoor puts the 78130 ZIP code in New Braunfels at No. 4 among the country’s 20 hottest ZIP codes for homebuyers.

According to the U.S. Census Bureau, New Braunfels ranked fifth for population growth from July 2020 to July 2021 in cities with at least 50,000 residents. The San Antonio suburb saw its population skyrocket by 8.3 percent during the one-year period. New Braunfels is now home to nearly 100,000 people.

In May, 447 homes were sold in Comal County, the highest monthly total since September 2020. New Braunfels is the county’s biggest city. Last month’s median price of a home in Comal County stood at $432,000, up 18 percent from the same time a year earlier.

“People have found New Braunfels — the word is out,” the city’s mayor, Rusty Brockman, told The New York Times last year. “And I think we are going to continue to deal with this growth for a long time.”

Opendoor identified the top ZIP codes by analyzing data from local Multiple Listing Service programs where Opendoor operates. The ZIP codes were ranked by the total number of homes that went under contract within 90 days of listing in 2022.

In all, 10 ZIP codes in Texas — including three in San Antonio — appear in the ranking. Aside from 78130 in New Braunfels, they are:

• 78641 ZIP code in Leander (Austin) lands at No. 6.
• 77494 ZIP code in Katy (Houston) lands at No. 7.
• 75126 ZIP code in Forney (Dallas-Fort Worth) lands at No. 8.
• 77493 ZIP code in Katy (Houston) lands at No. 9.
• 77433 ZIP code in Cypress (Houston) lands at No. 10.
• 78253 ZIP code in San Antonio lands at No. 11.
• 76227 ZIP code in Aubrey (Dallas-Fort Worth) lands at No. 15.
• 78245 ZIP code in San Antonio lands at No. 16.
• 78254 ZIP code in San Antonio lands at No. 18.

In first place nationwide on Opendoor’s list is the 37042 ZIP code in Clarksville, Tennessee, northwest of Nashville.

If you’re looking to buy or sell your home, contact us for a free market analysis to see how much your property is worth today!

San Antonio ranked as the fastest growing city in the country

San Antonio was ranked as the fastest-growing U.S. city in terms of numeric population growth between 2021 and 2022, according to new data from the U.S. Census Bureau.

The Bureau’s numbers show that 13,626 people relocated to the Alamo City during the darkest days of the COVID-19 pandemic. In comparison, only 1,056 people packed their belongings and moved to Austin during that same period.

The U.S. cities with biggest numeric population growth from 2020 to 2021 include:

1. San Antonio, 13,626
2. Phoenix, 13,224
3. Fort Worth, 12,916
4. Port St. Lucie, 10,771
5. North Las Vegas, 9,917

Although San Antonio came in at No. 1 in terms of sheer numbers, Fort Worth’s population grew by 1.4%, making it the fastest-growing major city in Texas on a percentage basis. San Antonio’s population grew by 0.95%.

Other big cities in the Lone Star State didn’t fare as well.

Both Dallas and Houston saw their populations decline by several thousand people. However, it’s possible that residents in those cities relocated to the surrounding suburbs, many of which ranked as some of the fastest-growing cities in the country.

The U.S. cities with the fastest population growth by percentage from 2020 to 2021 include:

1. Georgetown, Texas, 10.5%
2. Leander, Texas, 10.1%
3. Queen Creek, Arizona, 8.9%
4. Buckeye, Arizona, 8.6%
5. New Braunfels, Texas, 8.3%

The population of the Austin suburb of Georgetown grew by 10.5%, making it the fastest-growing city in the country, percentage-wise. Leander, also located outside of Austin, and New Braunfels had the No. 2 and No.5 growth rates, respectively.

If you have been thinking about buying or selling and have questions about where the market is heading in our area, contact me!

Hot Texas housing market boasts growing number of first-time buyers

Even with rising prices and slim inventory, Texas is opening the door to homeownership for a large pool of first-time buyers. A new report released by Texas Realtors shows that the percentage of first-time homebuyers in Texas increased from July 2020 to June 2021, at a time when real estate was exploding statewide.

According to the 2022 Texas Homebuyers and Sellers Report, 32 percent of all Texas homebuyers during the one-year period purchased a home for the very first time. That figure was up 1 percent from the previous study, which included data from July 2019 to June 2020.

Among the state’s first-time homebuyers, 49 percent were married couples and 13 percent were unmarried couples; 19 percent were single females, 16 percent were single males, and 3 percent identified as other.

The median age for first-time buyers in Texas was just 30 years old, and their median income was $82,500. Compare that to the typical Texas homebuyer from 2020-2021, who was 47 years old, with a median income of $105,000.

When it came to the homebuying process, more than half of all Texas buyers said finding the right property was the most difficult part — not surprising given the red-hot status of Texas real estate.

According to the report, Texas homes spent only two weeks on the market from July 2020 through June 2021, which was half as long as the previous period. That’s good news for Texas sellers, whose properties flew off the shelves, and who, on average, sold their homes for $80,000 more than the purchase price.

https://sanantonio.culturemap.com/news/real-estate/04-05-22-texas-first-time-homebuyers-report/

San Antonio home sales, prices rose double digits in January

Home sales usually slowdown in the winter, but San Antonio’s housing market showed no sign of cooling last month as the coronavirus pandemic continues upending seasonal patterns.

As buyers in Bexar and surrounding counties seized on low mortgage rates and grappled with a tight supply of houses, sales and prices broke records in January, according to the San Antonio Board of Realtors (SABOR).

Sales rose 22.4 percent compared with the same month last year. Over 68 percent of the 2,559 homes sold were priced between $200,000 and $499,999 and 22.7 percent were priced under $199,999. Nearly 9 percent were priced over $500,000.

The median price in January jumped 13.7 percent to $259,200.

“The demand for housing typically experiences a slower start at the beginning of each year, but in seeing a consistent and quick rise in home sales, we expect a bright 2021,” said SABOR board chairman Cher Miculka.

Inventory — measured by how long it takes for a home to be sold if no new homes are listed — dropped to 1.5 months in January, down from 3.3 months during the same stretch last year. Six months is generally considered a balance between buyers and sellers.

Another sign that it’s a sellers’ market: 98 percent of homes sold for the list price in January, compared with 97.4 percent a year earlier.

Houses spent an average of 46 days on the market last month, a decrease from 65 days a year earlier.

The local housing market is coming off of a record-breaking year, with sales rising 11.2 percent and the median price jumping 7 percent compared with 2019.

Sales slowed last spring amid lock-down orders, bumping purchases to later in the year, and buyers sought to take advantage of low mortgage rates and to spread out in more space.

In January, nationwide sales of existing homes rose 23.7 percent and the median price jumped 14.1 percent to $303,900 from a year earlier, according to the National Association of Realtors (NAR).

Amid tight inventory, 71 percent of the homes sold last month were on the market for less than a month.

“Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market,” said Lawrence Yun, NAR’s chief economist. “Sales easily could have been even 20 percent higher if there had been more inventory and more choices.”

Homeownership remains cheaper than renting, except in biggest cities

Home ownership is a less expensive option than renting in a majority of U.S. housing markets, even as median home prices shoot through the roof, according to a new report.

A report released Thursday from ATTOM Data Solutions found that owning a median priced home was more affordable than the average rent on a three bedroom property in 58 percent of the 1,154 U.S. counties analyzed using data from the U.S. Department of Housing and Urban Development and Bureau of Labor Statistics.

Renting, however, remains the more affordable options in the majority of large urban areas, the report found.

“Home-prices are rising faster than both rents and wages while wages rise faster than rents. And the housing market boom of the past decade keeps pushing home values to new records,” Todd Teta, chief product officer at Attom said in a statement. “Yet home ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay.”

The report found home prices rising faster than rents in nearly 90 percent of the nation, but that the benefits of rising wages and ultra-low mortgage rates have counteracted that effect. While the last year saw home prices shoot up an average of 1 percent across the country, wages have grown an average of 8 percent, and mortgage rates have stayed low, hovering around 3 percent.

Home prices are growing faster than wages in the majority of the country though, according to the report.

While the report found buying was the most affordable option in suburban and rural areas, renting proved to be more affordable than owning in the nation’s most populous cities where more than one million people live in a single county.

Renting is more affordable than owning in 35 of the 42 counties the report analyzed with populations of more than one million, including in Los Angeles, Chicago, Phoenix, San Diego, and Orange County, California.

The picture isn’t the same for all cities though; Houston, San Antonio, Detroit, Philadelphia, and Tampa are all cheaper for homeowners, according to Attom.

The Southern and Midwestern markets remain the most affordable both for rentals and homeownership, while the West was found to be the least affordable for both renting and buying and the Northeast among the least affordable for buying.

Teta predicted that the trend will continue slowly shifting towards renting being the more affordable option, but for now wage growth and low mortgage rates will continue to favor home buying.

“The trend is slowly shifting toward renters, which could be a major force in easing price increases in 2022. Prices can only go up by so much more before renting becomes financially easier,” he said. “For now, though, rising wages and interest rates around 3 percent are enough to offset recent price run-ups and keep ownership on the plus side of the affordability ledger compared to renting.”

BY BEN VERDE  

https://www.inman.com/2022/01/06/homeownership-remains-cheaper-than-renting-except-in-biggest-cities/

San Antonio named in top 10 ‘hidden gem’ housing markets for 2022, meaning home prices expected to go up.

The National Association of Realtors named San Antonio among its “hidden gems” for 2022 — meaning home prices here are expected to appreciate at a higher rate than most other markets.

That’s good news for realtors and sellers, but it might not be for many buyers.

Home prices in San Antonio are up nearly 20% over one year ago and in October, the median price of a home exceeded $300,000 for the first time ever.

The NAR predicts housing prices across the country will climb 5.7% next year — significantly less of an increase than in 2021 — but believes San Antonio will experience stronger price appreciation relative to other markets.

Here’s a list of their “hidden gem” cities in alphabetical order:

• Dallas-Fort Worth, Texas
• Daphne-Fairhope-Farley, Alabama
• Fayetteville-Springdale-Rogers, Arkansas-Missouri
• Huntsville, Alabama
• Knoxville, Tennessee
• Palm Bay-Melbourne-Titusville, Florida
• Pensacola-Ferry Pass-Brent, Florida
• San Antonio-New Braunfels, Texas
• Spartanburg, South Carolina
• Tucson, Arizona

The hidden gem designation from NAR was based on the following two categories:

1. If the market’s ratio of median home price to median family income is in the lower half of the 379 metro areas analyzed.
2. If the following seven indicators reflecting the strength of housing demand for that market are in the upper half of metro areas – wage growth, job growth, ratio of the change in population to the sum of housing permits, population growth, net domestic migration, percentage of the population ages 25 to 44, and the percentage of households with broadband service.

“The housing sector performed spectacularly in 2021 in many markets, with huge gains achieved in places like Austin, Boise and Naples,” Lawrence Yun, NAR chief economist and senior vice president of research said in a press release. “Several markets did reasonably well in 2021, but not as strong as the underlying fundamentals suggested. Therefore, in 2022, these ‘hidden gem’ markets have more room for growth.”

It’s also expected to be more expensive to finance a home in 2022 compared to this year. The NAR said top economic and housing experts are predicting two quarter-point interest rate hikes by the Fed in 2022.

A 30-year fixed mortgage rate is predicted to increase to 3.5%, which would still be lower than the pre-pandemic rate of 4%.

Published: December 16, 2021, 12:30 PM Julie Moreno, Executive Producer/Digital Content