The housing market in San Antonio, Texas, grew 2 percent in August, with total month sales increasing to 2,468, according to a report by the the San Antonio Board of Realtors (SABOR). One of the main drivers of growth in the area’s housing market is the rise of foreign buyers. Recently, Texas placed No. 3 among states for international home sales. While residents in Texas are likely to be drawn to San Antonio for job growth, international buyers are also coming to the area to buy investment properties or a vacation home.
SABOR President and CEO Angela Shields said the market in San Antonio is competitive, with properties being bought quickly, My San Antonio reported. Increasing confidence in the state of the housing market is causing more people to start looking for houses.
“It kind of got people off that fence, and they’ve decided to go ahead and buy,” Shields said, according to My San Antonio. “I think that we’ve gotten past that point where people were unsure. They got past that uncertainty and they feel more confident again in their jobs, whatever they had going on – stock markets – they just came back to real estate investment for their homes.
Why foreign investors are choosing San Antonio
Not only are Texas residents coming out, buyers around the world are seeing San Antonio as an appealing place to start anew.
Texas Association of Realtors said foreign buyers invested more than $11 billion in Texan real estate between March 2013 and March of this year, including San Antonio investment properties. Of the international buyers in the Texas real estate market, 63 percent are from Latin America and the Caribbean, while others are spread out in Europe.
“Our economy continues to remain healthy, causing international buyers to see Texas, and San Antonio in particular, as a desirable location to relocate or buy a vacation home,” said Shields. “With the medical and military facilities in San Antonio, job growth continues to soar and drive a steady housing market.”
The houses in San Antonio are affordable for international buyers as 69.9 percent of the homes sold in August were $200,000 or less while 38.7 percent of sales were from homes between $200,000 and $500,000.
The affordability of the area as well as the warm weather will help continue to build an international community in San Antonio. With more foreign investors buying San Antonio investment properties, consider working with an experienced real estate investment firm on choosing the ideal location.