Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Spring, Texas, specifically a market update for the neighborhood of Memorial Northwest. 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 Memorial Northwest?
We currently have 4 homes pending, with 2 homes sold in the last two weeks, averaging a sale price of $104 a square foot. Two homes sold over the asking price.
Compared to the two weeks prior, we haven’t seen big changes in the market. The average sales price in the neighborhood is $377,500. 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.
I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways! And the educated buyer still knows, they need to buy ASAP. 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 Memorial Northwest.
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
A WEEK LIKE THE YEAR… Stocks closed out the last trading session of 2022 with a weekly loss as disappointing as their yearly performance. The three major benchmarks booked the worst annual losses since 2008.
The big downer? In 2022, the Fed kept raising rates, trying to crush the worst inflation in 40 years, driving borrowing costs to the highest level since 2007. Then in December, the Fed signaled it likely wouldn’t cut rates until 2024.
But rate cuts could happen sooner. Last week, we had a sign that rate hikes might already be slowing the economy and inflation: continuing jobless claims rose to 1.71 million, their highest level since February.
The week ended with the Dow down 0.2%, to 33,147; the S&P 500 down 0.1%, to 3,840; and the Nasdaq down 0.3%, to 10,466.
Overall, bond prices fell, the UMBS 5.5% down 1.09, to $100.04. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate edged up slightly. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… According to the National Association of Realtors, most homes are currently being priced competitively and 24% are still selling above list price, with the typical amount of time on the market at 21 days.
Market Forecast
CONSTRUCTION SPENDING, MANUFACTURING, SERVICES, JOBS… November Construction Spending is forecast down a tad overall, but we'll see about the residential part. ISM Manufacturing is expected to report contraction, but ISM Non-Manufacturing should show the much larger services sector still growing. Analysts predict about 200,000 new Nonfarm Payrolls in December, which is not the jobs slowdown the Fed wants to see.
Summary
The NAR reported Pending Home Sales (contracts on existing homes) dropped in November, but noted: “With mortgage rates falling… home-buying activity should inevitably rebound in the coming months.”
The S&P CoreLogic Case-Shiller index reported home prices fell nationally in October for the fourth straight month. Annual price growth also keeps dropping, though October was still 9.2% above last year.
First American's chief economist predicts that if mortgage rates continue to fall, household incomes stay flat, and home prices plateau as expected, housing affordability will improve by 9% by the end of 2023.
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.
• Subscribe to our YouTube Channel: http://byjoandco.com/youtube.
