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 15 homes pending, with 7 homes sold in the last two weeks, averaging a sale price of $265 a square foot. Seven homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 6 homes sold to 7 homes sold and the average sales price is also up: $589,557 ($363,333 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
HAPPY NEW YEAR!… Wall Street saw 2023 get off to a rollicking good start as the three major indexes rallied to weekly gains when the December jobs report sparked hopes the Fed’s rate hikes are finally starting to slow the economy.
The report showed wage growth moderated to a 4.6% annual rate following its 4.8% decline the month before. Add to that, the ISM Non-Manufacturing Index reported contraction in the huge services sector.
Plus, international trade data indicated weakening global demand, while factory orders came in lower than expected. The takeaway from all this bad news was the good news that the Fed could be close to pausing rate hikes.
The week ended with the Dow UP 1.5%, to 33,631; the S&P 500 UP 1.4%, to 3,895; and the Nasdaq UP 1.0%, to 10,569.
Bonds rallied too, the UMBS 5.5% UP 1.04, to $101.08. The national average 30-year fixed mortgage rate barely moved up 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… From 1971 to 2022, the average rate for a 30-year fixed mortgage was just under 8%. Today’s rates are significantly below that long-term average. It's also worth noting that inventory is now 58% ahead of a year ago.
Market Forecast
INFLATION, JOBLESS CLAIMS, CONSUMER SENTIMENT… Economists predict we'll see signs of inflation leveling off, with the December Consumer Price Index (CPI) holding flat, though Core CPI (excluding volatile food and energy prices) may be up just a tad. Initial Unemployment Claims should rise a bit, along with University of Michigan Consumer Sentiment.
Summary
Construction Spending on residential projects in November was a tick below October’s annual rate but 5.3% higher than a year ago. The slowdown was in single-families. Multifamilies were up 2.4% for the month.
Freddie Mac: “inflationary pressures are easing and should lead to lower mortgage rates in 2023.” Then, “a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market.”
Zillow reports that, with conforming loan limits going up to $1,089,300 in high-cost counties, more than 2 million homes nationwide no longer need jumbo financing, which often comes with higher credit criteria and fees.
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.
