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 28 homes pending, with 9 homes sold in the last two weeks, averaging a sale price of $314 a square foot. Nine homes sold over the asking price, with one home selling 21% above the listing price.
Compared to the two weeks prior: Homes sold are up from 5 homes sold to 9 homes sold and the average sales price is also up to $713,500 ($605,800 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 request your free home evaluation here 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.
My Two Cents: What I learned this week
As you know, I love to stay up to date on what is happening in the market on a local and national level. Here are some of my key takeaways in the last two weeks:
If you take a step back and look at the big picture, today's mortgage rates aren't anything out of the ordinary. Here's an interesting fact: since way back in October 1971, the average rate for a 30-year mortgage has hovered around 7.74%.
Even now, houses are flying off the market quicker than before the pandemic shook things up. Here's an interesting nugget: In October, the average home switched from being up for sale to pending in just 16 days.
Buyers are still relatively uneducated. There are so many financing options available right now, and get this, a whopping 54% of potential homebuyers don’t even know what pre-approval means.
The eagerly awaited inflation figures that came out this week were surprisingly lower than what everyone anticipated, and that turned out to be fantastic news for the mortgage scene. Plus, there was a noticeable dip in consumer spending compared to last month. All in all, this led to a drop in mortgage rates as the week wrapped up.
If you are still asking yourself, is now a good time to buy? It just depends on your scenario. Please reach out to me, if you would like to have a discussion about buying or selling.
What is happening in the real estate market nationally?
Mortgage rates continued trending lower last week, existing home sales declined in October, mortgage application submissions climbed, and jobless claims fell.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable New
- Is this a turning point for existing home sales? Listen Now >>
- Lawrence Yun said home buyers can expect lower trending mortgage rates next year. Watch Now >>
- How energy efficiency can help drive future property value. Read Now >>
Market Recap
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Existing home sales were at a seasonally adjusted annual rate of 3,790,000 in October, a 4.1% decrease from the month before.
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Mortgage application submissions increased a composite 3% during the week ending 11/17. The Refinance Index increased 2% from the week before while the seasonally adjusted Purchase Index increased 4% from the week before.
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Continuing jobless claims were at a level of 1,840,000 during the week ending 11/11, a 22,000 drop from the week before. Initial jobless claims were at a level of 209,000 during the week ending 11/18, a 14,000 decline from the week before.
Review of Last Week
BEST 4 WEEKS IN A YEAR… The three major stock indexes ended the holiday-shortened week posting gains, capping off the best four-week stretch in a year for the broad-based S&P 500, which is up 18.7% since January.
November's University of Michigan Consumer Sentiment declined for the fourth straight month, but minutes from the Fed's November 1 meet suggested they may be done raising rates, although they're in no hurry to cut them.
Investors reacted positively to most corporate earnings reports, while initial jobless claims fell by 24,000 to a surprisingly low 209,000, which should point to decent growth in November nonfarm payrolls.
The week ended with the Dow UP 1.3%, to 35,390; the S&P 500 UP 1.0%, to 4,559; and the Nasdaq UP 0.9%, to 14,251.
Bonds barely moved, down a tick overall, with the 30-Year UMBS 6.0% UP a scant .02, to $99.27. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate slid 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… The Mortgage Bankers Association reports purchase mortgage applications rose for the third week in a row, to their highest level in six weeks. Refinance applications were up as well.
Market Forecast
NEW AND PENDING HOME SALES, CONSTRUCTION SPENDING, INFLATION… For October, both New Home Sales and the NAR's Pending Home Sales index of signed contracts on existing homes are expected to slow. Construction Spending is predicted to increase overall and we'll check on the residential part. PCE Prices, the Fed's favorite measure of inflation, should continue to moderate in October.
Summary
According to the National Association of Realtors (NAR), multiple offers “are still occurring, especially on starter and mid-priced homes.” Yet Existing Home Sales fell 4.1% in October due to “the persistent lack of housing inventory.”
But inventory is rising, and sales should too. An online real estate database reports active listings rose last month to more than 1.4 million, while signed contracts hit the highest level in a year, so sales should gain when those contracts close.
Meanwhile, sellers remain in a good position. The NAR notes, “Homesellers have done well…. A typical homeowner has accumulated more than $100,000 in housing wealth over the past three years.”
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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