Market Updates December 6, 2023

Broker Update: December 2023

Broker Ryan Newlin shares some info on interest rates, new construction homes, rental properties, a new business coming to Knickerbocker, and a 100% financing with $0 down loan opportunity available with a local lender.

Capitalizing on Falling Interest Rates: One notable development is the continued decline in interest rates, with treasury yields reaching their lowest point since September. With interest rates on the decline, homeowners are presented with a golden opportunity to make an offer on that home they’ve been considering or even refinance their home loans. We’ve seen some owners who secured higher rates during the summer refinance now for lower rates and substantial savings. San Angelo rates are often below the national average. We’d be happy to help you choose the right local lender for your needs.

New Construction Homes: Currently, there are 64 new construction homes on the market, providing an enticing option for buyers. Builders can assist buyers in lowering interest rates, and new construction homes often come with significantly reduced insurance costs—sometimes less than half of what is incurred for existing properties. Right now, San Angelo has new construction options ranging from $190,000 to $800,000. While 13 homes are currently under contract, there remains a plentiful inventory for those still in the market.

Rental Properties and Property Management Services: For those considering rental properties, there are 58 leases available, including 7 homes under $1000 and 7 in the $1000-$1200 range. Property owners looking for hassle-free management can benefit from services like direct deposit payments and comprehensive monthly/annual reports, which can be a life-saver during tax season.

Local Business Support and Community Updates: Starbucks has obtained a permit for the old Bush’s Chicken location on Knickerbocker. Coffee is going to give Chicken a run for its money on Chickenbocker. We’re also continuing to try to support establishments like Bearded Barista and other small businesses in College Hills that have been dealing with over a year of road construction.

Special Financing Opportunities with First Financial Bank: This could be a great opportunity for home buyers as well as investors: First Financial Bank offers MMCT loans. These special finance offers, based on census data, provide 100% financing with NO down payment for homebuyers in designated areas. Investors can also secure a fixed rate with a 10% down payment in these specified zones.

Conclusion: As interest rates continue to fall, the San Angelo real estate market is ripe with opportunities. Whether you’re a homeowner looking to refinance, a buyer exploring new construction homes, or an investor eyeing special financing options, now is an opportune time to capitalize on the evolving market dynamics. For more information, feel free to message us or call 325-481-0500.