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 77070 Zip Code. 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 77070?
We currently have 4 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $135 a square foot. Four homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 2 homes sold to 4 homes sold and the average sales price per square foot is also up: $135 ($130 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 77070.
Jo's Two Cents
What is happening in the real estate market nationally?
Mortgage rates drifted lower once again last week after the release of encouraging inflation news. The consumer price index revealed that inflation continued to cool for a sixth straight month in December. Mortgage application submissions started the year off strong and jobless claims posted an unexpected decline.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- HousingWire lead analyst talks about housing inventory, mortgage rates, and where he expects inflation to go. Listen Now >>
- Good news for home buyers as the housing market shows signs of normalization. Read Now >>
- Mortgage rate drop drives refinance demand. Read Now >>
Market Recap
- Mortgage application submissions increased during the week ending 1/6. Though the Purchase Index fell 1%, the Refinance Index rose 5%.
- Continuing jobless claims posed an unexpected decrease during the week ending 12/31, falling by 63,000 to a level of 1.63 million. Initial jobless claims fell as well, dropping by 1,000 down to a level of 205,000. Both initial and continuing jobless claims were expected to climb.
- The consumer price index for December slipped 0.1% month-over-month. Annual inflation dropped from 7.1% to 6.5%, marking the sixth straight month of declines. Core inflation met expectations as well, offering hope for cooling prices and rates this year.
Review of Last Week
SOFT LANDING SPIKE… Stocks rocketed up to their best weekly gains in two months on the notion the Fed won't have to hike rates as much as was feared, so the U.S. economy may see a “soft landing” after all.
The Consumer Price Index (CPI) showed inflation fell to 6.5% in December. This prompted the St. Louis Fed President to say the probability of a soft landing for the economy has increased due to “encouraging” inflation data.
More positive news came as Q4 earnings season began with four major banks beating estimates, while the January University of Michigan Consumer Sentiment Index rose to its highest level in nine months.
The week ended with the Dow UP 2.0%, to 34,303; the S&P 500 UP 2.7%, to 3,999; and the Nasdaq UP 4.8%, to 11,079.
Bond prices also gained, the UMBS 5.5% UP .07, to $101.15. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate fell 15 basis points (0.15%). Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… A recent survey revealed that in spite of today’s challenges, most first-time homebuyers felt empowered after their experience. Nearly seven in ten said they’re confident they found the best home available to suit them.
Market Forecast
HOME BUILDING, HOME SALES, RETAIL SALES… December Housing Starts are expected to slip, but Building Permits should be up, indicating more future builder activity, but Existing Home Sales are forecast off a bit. Analysts predict December Retail Sales will be down, a sign of a slowing economy.
U.S. stock and bond markets are closed today in observance of Martin Luther King Jr. Day.
Summary
The Mortgage Bankers Association CEO said he expects mortgage rates to move lower over the course of the year, as the Fed’s rate hikes have started to cool down the economy. That should bring more buyers back to the market.
Freddie Mac notes: “While mortgage rates have resumed their decline, the market remains hypersensitive…. Over the last few weeks latent demand has been on display with buyers jumping in and out of the market as rates move.”
Realtor.com reports that 2022 ended with listings up nearly 55% versus a year ago, homes selling faster compared to 2019 pre-pandemic levels, and home price growth in single-digit territory for the first time in 12 months.
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.
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• Email us! [email protected].
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