BY ERIC WEILBACHER CONTRIBUTIONS BY THALIA GUZMAN & JARRETT WHITENER
Put in perspective
The bottom line
Trinidad and Roberts said they expect at least a quarter of a percent of the Federal Reserve interest rate to be cut this year but do not expect much more than that to allevi- ate market pressures heading into 2025. As people continue to move in and out of the area, home prices and days on the market will continue to fluctuate. Homeowner Isaac Hernandez said for people looking to move, selling a home has become more competitive than in previous years. “I’ve been trying to sell my home for about two and a half months,” Hernandez said. “There are three other houses for sale in this neighborhood alone. I think home- ownership can be scary for people right now with the way prices are, and people are more cautious about the homes they buy.”
Percent of closing price to asking price
2019
2020
2021
2022
2023
2024
ZIP code
78108
95.8%
97.2%
101.4% 103.8% 95.8%
95.6%
78148
98.4%
96.7%
99.5% 103.7% 94.9%
97.3%
78154
97.6%
97.9% 102.7% 104.6% 95.2%
94.0%
78233
97.8%
99.1%
102.5% 102.9% 95.3%
95%
78266
96.5%
98.7%
99.4% 101.3% 89.6%
98%
SOURCE: SAN ANTONIO BOARD OF REALTORS/COMMUNITY IMPACT
at the age of household formation, so that put upward pressure on the demand for houses.” Out of the 1,424 homes sold in the San Antonio area last month, 841 were sold under the asking price, and 373 were sold at the asking price, said Erica Gillen Quintero with EXP Realty.
The state of the housing market relates to factors dating back nearly 20 years, Trinidad said. “We had a short supply of housing during the entire Great Recession for over 10 years. Not that many new builds were being built, so that led to the short supply by the time the pandemic hit,” Trinidad said. “The pandemic may have been a trigger for a lot of millennials as they were also
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15
NORTHEAST SAN ANTONIO METROCOM EDITION
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