The days of developers investing money everywhere BUT the Southside are long gone. Many Southsiders may notice a rise in the number of renovated homes within our beloved neighborhoods thus helping with the rise of the southside.
With the COVID-19 pandemic affecting loan rates, we will begin to see even more homes being renovated and flipped in hopes of becoming someone’s dream home. Historically, real estate is much more affordable south of the downtown area; however, in the years to come, this may not be true. This new trend of renovated homes should ultimately lead to the rise of value for most real estate in our area. Like the addition of the San Antonio Riverwalk and revitalization of the historical missions, we will begin to see the return on these investments in the value of the real estate in and around the southside.
What to know about the changes coming to Southside Real Estate
Some things to keep in mind:
- With many new renovated homes coming to the market, it is important to ensure you are working with an agent when beginning a journey to buy or sell any property. As with any trends, many will try to take advantage and make a quick dollar. It is important to have an agent perform a comparative market analysis for the homes in the neighborhood to ensure the investments do not surpass the suggested sales price. Far too many homeowners do not consult with a real estate professional before investing in renovating a home and that should be your first step!
- For homeowners in neighborhoods full of renovations and flips, it is important to remember that the value of your home MAY begin to rise; however, many forget the effect this has on property tax. Property taxes will begin to increase in direct correlation with the amount of higher value homes in your neighborhood. It is important to consult with an agent if you find yourself in this situation in order to weigh available options for selling.
As of September 2020, the San Antonio real estate market is continuing to be a seller’s market, which means there are more people looking for homes to buy than there are homes available on the market.
KEY TAKEAWAYS: Now is an amazing time to buy or sell but there should never be any rush to do so. It is important to me as an agent that my clients have all the correct information to decide and sometimes further research must be done to ensure there is a gain for the client. Whether it be finding a low-priced home or making the decision to renovate your primary residence, my endgame is to ensure my client benefits.
If you have any questions regarding buying a new home, selling your home or renovating your home with hopes of selling in the future, give me a call at 210-771-1834 or email me at [email protected]. Article by Rueben Hernandez-Valdez. Carlos Gil Bilingual Group. Malouff Realty, LLC.
