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 10 homes pending, with 1 home sold in the last two weeks, averaging a sale price of $93 a square foot. One home sold over the asking price.
Compared to the two weeks prior: Homes sold are slightly down from 5 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 Memorial Northwest.
Jo's Two Cents
The local Spring market is in full swing. Jo & Co. We currently have 13 clients under contract with 3 more in the wind, and many listings coming soon. Since inventory low, when a move in ready home hits the market in a desirable neighborhood at a reasonable price, we are once again seeing multiple offers, and most homes go under contract right at or above asking price. We aren’t seeing massively aggressive offers, but many strong ones. I don’t know if we will ever see the 2020 and 2021 markets again, but we are seeing glimpses of the same characteristics.
If you have been thinking about upsizing or downsizing, right now might be the perfect time for that. The only thing that can really help our local market right now, besides reduced interest rates, which we should be seeing this year, is more inventory.
If you are curious what your home could be worth, we hope you give us a call. No pressure. Just casual information. Love y’all. Jo.
What is happening in the real estate market nationally?
Mortgage rates trended lower last week, largely due to underperforming jobs reports – including the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), ADP nonfarm employment, and the employment situation reports. Mortgage application submissions declined, and jobless claims were higher than expected.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- These features may set you apart from the competition when selling. Read Now >>
- Here’s what experts predict for the spring market. Read Now >>
- Compared to last year, this year’s rates could save eligible buyers some money. Read Now >>
Market Recap
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February’s job openings fell below 10 million for the first time in two years, dropping to 9.931 million vs. the 10.4 million expected. The lower-than-expected number was welcome news for rate trends.
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Mortgage application submissions fell a composite 4.1% during the week ending 3/31. The Refinance Index decreased 5% while the Purchase Index decreased 4%.
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The ADP nonfarm employment change fell below expectations in March, down to 145,000 vs. the 200,000 expected.
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Continuing jobless claims increased by 6,000 to a level of 1,823,000 during the week ending 3/25. Initial jobless claims were higher than expected as well, sitting at a level of 228,000 during the week ending 4/1.
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The employment situation was a mixed bag in March. Average hourly earnings increased 0.3% month-over-month and 4.2% year-over-year. The average workweek was shortened to 34.4 hours from 34.5 hours. Government payrolls were at 47,000, higher than the 2,000 expected. Manufacturing payrolls slipped by 1,000 vs. the 5,000-increase expected. Nonfarm payrolls were slightly below expectations at 236,000. The participation rate, however, overperformed at 62.6%. Private payrolls underperformed at 189,000 vs. 215,000. The unemployment rate decreased to 3.5%.
Review of Last Week
HITTING THE BRAKES… Fearing an economic slowdown, traders sold off stocks, snapping a three-week win streak for the S&P 500 and the Nasdaq, though the Dow managed a slim gain from money flowing into blue chips.
Concerns stemmed from OPEC+ production cuts and potentially higher energy prices, upward revisions to weekly and continuing jobless claims, and the ISM Manufacturing Index falling further into contraction territory.
But the ISM Non-Manufacturing Index showed the huge services sector still growing. And Friday (with markets closed) we got March Nonfarm Payrolls up a better-than-expected 236,000 jobs and unemployment dipping to 3.5%.
The week ended with the Dow UP 0.6%, to 33,485; the S&P 500 down 0.1%, to 4,105, and the Nasdaq down 1.1%, to 12,088.
Bond prices benefited from Wall Street’s flight to safety, the UMBS 5.5% UP 0.19, to $101.20. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate fell for the fourth straight week. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Realtor.com reports that the best week to list a home in 2023 is next week—April 16-22. Based on trends from prior years, that week should offer higher than average prices, more buyers, and quicker sales.
Market Forecast
INFLATION, RETAIL SALES, CONSUMER SENTIMENT… We'll get two reads on inflation—the Consumer Price Index (CPI) measure of the prices we pay, and the Producer Price Index (PPI) gauge of wholesale prices. Both are forecast up a bit. Retail Sales are expected to decline in March, which may cause the Fed to ease up on rate hikes. University of Michigan Consumer Sentiment should be up a tad in April, though still well below a year ago.
Summary
Spending on residential construction in February slipped a tad (about half a percent below January), coming in nationally at a strong $852.1 million annual rate. However, spending is still around 5% below last year.
Black Knight reports a February monthly gain in home prices after seven months of declines. But the U.S. annual home price growth rate keeps sliding, falling to 1.94% in February, the first time that figure fell below 2% in 11 years.
Freddie Mac's Chief Economist observed, “Mortgage rates continued to trend down entering the traditional spring homebuying season,” though there's still a “low inventory of homes for sale, especially for aspiring first-time homebuyers.”
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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