Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Houston, Texas, specifically a market update for the neighborhood of Oak Forest. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
What is happening in the real estate market in Oak Forest?
We currently have 19 homes pending, with 6 homes sold in the last two weeks, averaging a sale price of $302 a square foot. Six homes sold over the asking price, with one home selling 2% above the listing price.
Compared to the two weeks prior: Homes sold are up from 3 homes sold to 6 homes sold and the average sales price is also up: $363,333 ($343,667 previously). Every home is different, with different features, so don’t forget to ask us for your annual equity review if you are curious about your personal home. You can text AER to 79564 or email us here.
If we look at how fast the move-in ready homes are going, the demand in this area has not surpassed the supply, making it still a great time to sell. Buyer agents around Houston are seeing a slow in the real estate market, but it isn’t affecting every neighborhood. I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways!
The most desirable homes in the area are still selling the first weekend or first week they hit the market (a really good coming soon campaign, like we do at Jo & Co. allows you to sell faster, for more money).
Check out the graphic below for a larger overview of the real estate market for the last two weeks in Oak Forest.
Jo's Two Cents
The housing market is only in a recession if looking at activity, not prices. We are still seeing normal and healthy equity growth for well-taken care of homes. What the current market data is telling us is that we are now experiencing normal conditions, one which allows negotiations. If you could negotiate a 1% – 2% savings, you can use that money to buy down your interest rate. Instead of taking a price reduction, a lower mortgage rate will allow for greater savings. You can permanently buy down the rate by 1% or you could temporarily buy it down by 2% to 3%. To learn more about buy downs, check out what my favorite teacher, Barry Habib has to say…
Review of Last Week
HOPING FOR SANTA… Stocks gained Friday to start the Santa Claus rally period (the final five trading days of the year and the first two of the new year). But that wasn’t enough to prevent a mixed performance for the week.
Traders fear the Fed will keep hiking rates until inflation falls to 2%, so bad economic news won’t lead to rate cuts just yet. The PCE price index, the Fed's favorite inflation read, fell to 5.5% annually, but that’s still way too high.
We had a dip in Durable Goods Orders and no growth in consumer spending, but we also got some decent corporate earnings and Q3 GDP revised up to 3.2%, so the Fed isn’t seeing the economic slowdown that should tame inflation.
The week ended with the Dow UP 0.9%, to 33,204; the S&P 500 down 0.2%, to 3,845; and the Nasdaq down 1.9%, to 10,498.
Bonds dropped overall, the UMBS 5.5% falling 0.91, to $101.13. The national average 30-year fixed mortgage rate continued trending down in Freddie Mac's Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Freddie Mac notes, “rates have declined significantly over the past six weeks, which is helpful for potential homebuyers.” The Mortgage Bankers Association feels “mortgage rates on a downward trajectory” could bring back prospective buyers.
Market Forecast
PENDING HOME SALES, HOME PRICES, JOBLESS CLAIMS… November should see the Pending Home Sales index of signed contracts on existing homes slip just a tad. The Case-Shiller Home Price Index is forecast to show another decline in monthly price gains. Initial Unemployment Claims are predicted to hold at the current level,just north of 200,000.
Friday December 30, the stock markets are open, but the bond markets close early in observance of New Year’s Eve. Monday January 2, all financial markets are closed in observance of New Year’s Day.
Summary
New Home Sales shot up 5.8% in November after surging 8.2% in October and now sit at a 640,000-unit annual rate. The welcome gains were put to homebuilder incentives and the recent dip in mortgage rates.
Existing Home Sales fell in November, blamed on declining affordability. But the good news is, median prices are falling, now down five months in a row, and mortgage rates have lately dropped nearly a full percentage point.
Housing Starts slipped in November, all due to single-families, as multi-unit starts rose. But builders already have lots of projects in the pipeline, with the number of homes under construction at the highest level in the last 50-plus years.
Can we sell yours?
So if you are in need of a listing agent, we would love the opportunity to see your home and meet you of course. My husband, Edward, and I, look forward to being the brokerage and team for you! You can reach out to us via email: [email protected] & [email protected] or telephone: 832-493-6685.
Read more:
If you are curious ‘How to get more money for your home when listing it for sale', check out this blog post.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, E + J.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
We are Waiting for You
If you are looking to relocate to the Houston Area, we would love to meet you, and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don't forget to check out our YouTube Channel!
If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
What next?!
• Navigate our Blog: https://byjoandco.com/categories-to-help-you-navigate-the-blog/
• Download our Moving to Texas ebook! http://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
• Browse our Ebooks and Relocation Guides: http://byjoandco.com/ebooks
• Schedule a phone call or appointment with us! http://byjoandco.com/appointment.
• Email us! [email protected].
• Looking for a buyer’s agent? Fill out our buyer questionnaire! http://byjoandco.com/q.
• Ready to find your dream home? Search, http://search.byjoandco.com.
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