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 21 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $280 a square foot. Four homes sold over the asking price.
Compared to the two weeks prior: Homes sold are slightly down from 6 sold, and the average sales price is down as well. This is most likely a coincidence, so we will be sure to keep an eye on it over the next couple of weeks. 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 the neighborhoods. 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
What is happening in the real estate market nationally?
Mortgage rates trended higher last week due to higher-than-expected levels on the consumer price index. Mortgage application submissions slipped while retail sales increased. Homebuilder optimism in the market increased. Continuing jobless claims increased while initial jobless claims fell. Building permits rose but housing starts slipped.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Rate lock activity rose sharply in January. Read Now >>
- Home builder sentiment improves by the biggest amount in years. Watch Now >>
- How can a reverse mortgage help you build your dream retirement? Listen Now >>
Market Recap
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The consumer price index climbed 0.5% month-over-month, which was in line with expectations. Annually, the index was above expectations at 6.4%, as was the annual core inflation at 5.6%
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Mortgage application submissions fell 7.7% during the week ending 2/10. The Refinance Index slipped 13% while the Purchase Index dropped 6%.
- Retail sales surged 3% month-over-month, nearly double their projected climb.
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In February, the National Association of Home Builders (NAHB) housing market sentiment index jumped by 7 points to reach a level of 42. Current single-family sales climbed 6 points to a level of 46. The biggest jump was in the builder’s outlook for the next six months, which increased by 11 points to reach a level of 48.
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Continuing jobless claims climbed by 16,000 to reach a level of 1,696,000 during the week ending 2/4. Initial jobless fell by 1,000 to a level 0f 194,000 during the week ending 2/11.
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Building permits increased by 0.1% in January to a level of 1.34 billion. Housing starts decreased by 4.5% to a level of 1.31 billion.
Review of Last Week
FED FEARS PREVAIL… The Dow and S&P 500 closed lower while the Nasdaq edged ahead, as traders digested economic data that points to the Fed raising rates higher than expected and keeping them there longer.
The January Consumer Price Index posted 6.4% inflation, only a tiny deceleration from December's 6.5%. The Producer Price Index booked wholesale price inflation at 6.0% after a way higher-than-expected monthly gain.
We then saw much stronger than forecast January Retail Sales and another surprisingly low initial jobless claims number, indicating the Fed's hikes still haven't slowed the economy, even though inflation has probably peaked.
The week ended with the Dow down 0.1%, to 33,827, the S&P 500 down 0.3%, to 4,079, but the Nasdaq UP 0.6%, to 11,787.
Also fearing inflation, bonds retreated a bit overall, the UMBS 5.5% slipping .03, to $100.08. The national average 30-year fixed mortgage rate edged up again 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… The National Association of Home Builders reports the top feature for first-time buyers is a laundry room, ranked “essential” by 45% and “desirable” by another 38%–in other words, 83% want a dedicated laundry space.
Market Forecast
EXISTING AND NEW HOME SALES, INFLATION, CONSUMER SPENDING… Analysts expect a January rebound for both Existing and New Home Sales. Too bad they're also forecasting a gain in inflation, measured this week by PCE Prices, the Fed's favorite index. But consumers are still contributing to the economy, as seen by the predicted bump in Personal Spending.
U.S. financial markets were closed yesterday, February 20, in observance of Presidents’ Day/Washington’s Birthday.
Summary
Builders took a break in January, shown by a dip in Housing Starts. That was the fifth straight month of declines, but building has hardly ceased—the number of homes under construction is near the highest level on record.
Plus, things are looking up. Pointing to the future, permits for new projects edged up in January. In addition, builder sentiment rose in February for the second month in a row, up seven points, to the strongest reading since last September.
Altos Research found demand is holding, with more homebuyers able to afford homes at current prices and mortgage rates than there are sellers. Buyers know they can refinance if rates drop, and if rates rise, they made a smart move.
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/
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• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
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