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 8 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $114 a square foot. Four homes 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 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 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.
My Two Cents: What I learned this week
Hi sweet friend. I am excited to bring you my local perspective this week. Thank you so much for coming to Jo & Co. for your marketing updates. I have seen a huge increase in buyer interest over the last few months, with the largest amount of interest coming in the last 7 days.
I have access to different types of metrics and analytics, with my favorite one being how many people sign up for my website each day. I will be honest, I am back to summer numbers, and I am excited! I love nothing more than helping buyers and sellers navigate the current real estate market.
I helped a beautiful family 3 weeks ago compete in a multiple-offer situation, win that home on Christmas morning, and close barely 3 weeks later. It was a whirlwind, and I loved every minute of it. Not only did I help them win this one-of-a-kind home over many others, but I was able to make a new set of friends.
Every single local market down to the neighborhood has a different “temperature” in comparison to another. But the answer to how strong your offer needs to be lies in the numbers, which I love analyzing, and in what you can't see in numbers. It is what makes my job so much fun, and rewarding at the same time.
I heard a podcast clip the other day, that said the next 90 days will be identical to those first three months of COVID, where anyone who didn't buy a house will regret it. So while right now is a great time to buy, if you want to buy and sell, you need to do it now. And if you want to or need to buy a home, you really need to do it soon.
Love y'all. Hugs, Jo.
What is happening in the real estate market nationally?
Mortgage rates continued to decline last week, despite a strong consumer price index report on inflation. Consumer credit rose higher, mortgage application submissions increased, and jobless claims declined.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- CMG Financial announces new All In One Loan™ One-Time Close Construction-To-Permanent Program. Read Now >>
- HousingWire Lead Analyst talks about how many homes will see price cuts this spring. Listen Now >>
- Consistent cash flow from home builders likely in 2023. Watch Now >>
Market Recap
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Consumer credit rose 23.75 B in November, over 2x the expected amount.
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Mortgage application submissions jumped a composite 9.9% during the week ending 1/5. The holiday adjusted Refinance Index increased 19% from the previous week and was 30% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 6% from one week earlier.
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The consumer price index was at 0.3% month-over-month and 3.4% year-over-year – higher than expected. The core monthly index was right in line at 0.3% month-over-month, which was as expected.
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Initial jobless were at 202,000 during the week ending 1/6, a slip of 1,000. Continuing jobless claims slumped by 34,000 during the week before.
Review of Last Week
BACK TO WINNING… Stocks chalked up their tenth week of gains in 11 weeks, despite a relatively soft start to earnings season and a hotter than expected inflation report, but traders took it all in stride.
The December Consumer Price Index (CPI) came in a bit hotter than expected, but after taking out volatile food and energy prices, Core CPI fell to its lowest reading in two and a half years.
The Producer Price Index reported the second straight month of declining wholesale prices, leading traders to believe inflation isn’t likely to re-accelerate. Hopes for a soft landing stayed alive with low weekly jobless claims.
The week ended with the Dow UP 0.3%, to 37,593; the S&P 500 UP 1.8%, to 4,784; and the Nasdaq UP 3.1%, to 14,973.
Bond prices slid a tick overall, though the 30-Year UMBS 5.5% finished UP 0.83, at $100.11. For the second straight week, the national average 30-year fixed mortgage rate didn't move materially 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 CoreLogic Home Price Index was up 5.2% year-over-year in November, the fifth straight month of annual gains. Their Chief Economist noted, “This continued strength…speaks to the pent-up demand.”
Market Forecast
HOME BUILDING, EXISTING HOME SALES, RETAIL SALES… Not surprisingly, December Housing Starts are expected to fall off a bit due to the holidays. But Building Permits are forecast up, as builders remain in ramp-up mode. Analysts predict Existing Home Sales will slip a tad in December, while Retail Sales head up thanks to holiday shopping.
Summary
The Mortgage Bankers Association reports demand for purchase loans was up 6% compared to the week before. Requests to refinance rocketed up 53% for the week and are now 17% ahead of a year ago.
Realtor.com revealed that active listings moved up in December by nearly 5% year-over-year. They said the pickup could be attributed to the continuing climb in new listings, which are now up more than 9% annually.
A national online real estate database found the median mortgage payment in December was nearly $400 lower than its October peak. Buyer demand came in 10% ahead of November, at the highest level since August.
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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