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 36 homes pending, with 9 homes sold in the last two weeks, averaging a sale price of $313 a square foot. Nine homes sold over the asking price, with one home selling 10% above the listing price.
Compared to the two weeks prior: The number of homes sold is still the same, but the average sales price is up $742,691 ($741,306 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.
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 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 slightly higher last week. Mortgage application submissions increased and the consumer price index for March was lower than expected. Continuing jobless claims fell, initial jobless claims rose, retail sales for March dropped.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Why the Fed now cares more about jobs data than inflation. Listen Now >>
- The fight against inflation is finally starting to tip. Watch Now >>
- New data reveals changing borrower preferences. Read Now >>
Market Recap
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Mortgage application submissions rose a composite 5.3% during the week ending 4/7. The Refinance Index increased 0.1% while the Purchase Index increased 8%.
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The consumer price index for March climbed 0.1% month-over-month and 5% year-over-year – falling below expectations. The core consumer price index for March, which strips out food and energy costs, was as expected.
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Continuing jobless claims slipped by 13,000 to a level of 1,810,000 during the week ending 4/1. Initial jobless claims jumped by 11,000 to reach a level of 239,000 during the week ending 4/8.
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Retail sales fell 1% month-over-month in March, a bigger-than-expected drop.
Review of Last Week
INFLATION DOWN, STOCKS UP… Traders sent the three major stock indexes up for the week, largely inspired by some encouraging reads on inflation, though there are signs the overall economy is slowing.
Those signs included a 0.5% decline in manufacturing output in March, an 11,000 gain in weekly initial jobless claims, and a 1.0% drop in March Retail Sales, showing consumer spending is softening.
But the Consumer Price Index (CPI) of inflation in March fell to 5%, bringing us closer to the point where the Fed might start cutting rates— while the Producer Price Index (PPI) of wholesale price inflation plummeted to 3.4%.
The week ended with the Dow UP 1.2%, to 33,886; the S&P 500 UP 0.8%, to 4,138, and the Nasdaq UP 0.3%, to 12,123.
With investor money flowing back to stocks, bond prices fell, the UMBS 5.5% down 0.96, to $100.24. The national average 30-year fixed mortgage rate fell for a fifth straight week 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… Fannie Mae’s Home Purchase Sentiment Index rose in March, reporting consumers are more confident about homeselling conditions and less worried about losing their jobs.
Market Forecast
HOME BUILDING, EXISTING HOME SALES, JOBLESS CLAIMS… March Housing Starts are forecast to be up a bit, but Building Permits down, indicating builder cautiousness. That should be reflected in an NAHB Housing Market Index read below 50, showing fewer builders are optimistic going forward. March Existing Home Sales are expected to hold near a 4.5 million annual rate. Initial Unemployment Claims are predicted to inch up.
Summary
Freddie Mac noted that falling mortgage rates, decelerating inflation, and tight labor markets “are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer.”
Thanks to those lower rates, the Mortgage Bankers Association reported purchase mortgage applications jumped 8% last week, noting “the likelihood of even lower rates in the months ahead should lead to increased demand.”
In line with these reports, Black Knight found that rate locks on purchase loans grew 44% month-over-month in March. Even refinance lock activity grew, with cash-outs up 31% and rate-and-term locks up 36%, as rates eased.
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].
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