San Angelo homes under $200,000 hot part of marketSan Angelo homes under $200,000 hot part of markethttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=15872015-03-03T07:28:00Z2015-03-03T00:00:00Z

SAN ANGELO - Just as the hype of the oil boom wasn’t as lucrative as some thought it would be, the drop probably won’t be as steep either, said Scott Allison, a San Angelo Realtor and broker.

“We’re a balanced and stable economy,” said Allison. Because rents were so high in 2014, sales of houses less than $200,000 were going strong.

Max Puello, president of the San Angelo Association of Realtors, noted that such high rental prices drove many to buy instead of rent.

“It might be cheaper to buy,” Puello said. “So we had a lot of first time homebuyers (looking for houses) in the under-$200,000 range.” At the same time, he said, many investors saw the demand for housing and decided to buy properties to rent out.

If a home for $200,000 or less goes on the market, particularly if it’s in good condition and move-in ready, Puello said, “it’s gone relatively quickly.”

This is in part because the average San Angeloan has an income that can afford a $150,000 home but most would not choose to spend the money for a $400,000 home, Allison said.

Puello noted that it also has been a good time for homeowners looking to trade up for a larger or more valuable home because interest rates still are so low.

San Angelo Single-Family Home Sales 2014
All Categories Jan.-Dec.
Units sold 1,687 1,515 -10.2%
Total sales $265,262,443 $261,169,624 -1.5%
Average price $156,775 $171,667 9.5%
Median price $139,300 $152,475 9.5%

Check these housing numbers here for 2009–2014 sales.

San Angelo Standard-Times
San Angelo
http://www.gosanangelo.com/business/local/homes-under-200k-were-a-sellers-market_96186072Read more at {Source}

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