The local real estate is thriving, according to a recent report by WalletHub. And although Laredo’s position is not as high as many local Realtors might have envisioned or wanted, the city did beat several other major markets.
Laredo got an overall total score of 51.12 and was ranked as the No. 200 real estate market for best places to buy a house. As far as mid-sized cities, Laredo was No. 68.
Specifically, Laredo ranked No. 50 in the Affordability & Economic Environment category, as well as No. 231 in the Real-Estate Market category.
Texas dominated the overall rankings with seven of the top 11 cities including Frisco, Allen, McKinney and Austin taking the top four spots, followed by Denton at No. 8 and Richardson and Fort Worth at Nos. 10 and 11, respectively.
Laredo’s overall ranking put it 19th out of 21 Texas cities in the rankings — which feature 300 US cities — ahead of Corpus Christi (No. 202) and Amarillo (No. 207).
Irene Antu is a local Realtor with Keller Williams Laredo. And she recently shared her insights regarding the report’s data.
“Considering the metrics used, I’m not surprised we made the list and believe it was accurate,” Antu said. “Laredo is one of the fastest growing cities in the country as well as a main port of entry for the trade industry. Our market is not only very active but thriving. In terms of affordability and job growth in our area, I do believe Laredo has a very competitive advantage.”
One aspect she is content with is how affordable the Laredo market is compared to other cities, which gave it an edge over large cities such as New York City (No. 271). According to Antu, it is always about affordability and what Laredo offers.
She states that there is no doubt the pandemic drove prices up across the country, but in terms of price per square footage, Laredo is very much a place to set your sights on.
“The name of the game is affordability, and Laredo plays hard ball,” Antu said. “Ask any nomad what landed them here, and they’ll always heap praise on the price at which they bought their home or the investment and work opportunities that brought them here.”
Although affordability is a major trait of the local real estate market, Antu does state that this does not mean that the city does not have any challenges in its system.
The Realtor said that one of the biggest challenges the local market faces is that there is a lot of misinformation being spread about what is actually happening. This plants a seed of anxiety in potential buyers or sellers — giving interested buyers more reason to turn to a real estate professional.
Inflation is another major hurdle currently seen in the market. However, Antu does say that even though the market may have slowed down, it most definitely has not stopped.
“While the rise in interest rates compared to last year may have discouraged some buyers, the rise in inventory has given them a whole new advantage from a negotiating standpoint,” Antu said.
According to the WalletHub report, the housing market in 2022 is skewed much more toward sellers, with mortgage rates having nearly doubled in the past year and home values having risen nearly 21% on average.
One thing that the local real estate market has is the fact that there are many Realtors who work in the industry are currently in the process of getting certified. Amid the influx of these professionals, Antu states that there is an abundance of work for all of these professionals.
“Laredo is unique in the sense that it allows for real estate agents to explore many options when it comes to their career,” Antu said. “Even during the pandemic, Laredo has continued to grow at a rapid rate, and we’ve seen a rise in median household income. Not only that, but real estate is more than buying and selling homes, it encompasses ranch land, industrial land, commercial sales, leases, investment properties, etc.
“The fact that we have both the supply and demand for all of these aspects of the market makes Laredo the perfect place to pursue a real estate career. Our city is growing and with it a need for Realtors.”
Not all potential buyers should buy property because they are told that it is a good time to get into the market. Rather, Antu said individuals should check their own finances before making such a decision.
“Although most of the time, buyers will hear that now is the time to buy, that is not always the case for every individual,” Antu said. “The best time to buy real estate is when you’ve had a good look at your finances, considered the costs, have taken a look at how this will pan out for you long term. Talk to a real estate professional for any questions that you might have regarding the pros and cons for your situation.”
jorge.vela@lmtonline.com
