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 Terranova West. 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 Terranova West?
We currently have 3 homes pending, with 2 homes sold in the last two weeks, averaging a sale price of $136 a square foot. Two homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 0 home sold to 2 homes sold with the average sales price of $299,000. 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 Terranova West.
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 trended higher last week. Mortgage application submissions climbed, retail sales were higher than expectations in December, as was home builder sentiment. Building permits rose while housing starts declined. Jobless claims declined, as did existing home sales.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- HousingWire Lead Analyst on inflation and why we’ll still see rate cuts in 2024. Listen Now >>
- More sellers are entering the market. Watch Now >>
- Consumer sentiment surges while inflation outlook dips. Read Now >>
Market Recap
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Mortgage application submissions increased a composite 10.4% during the week ending 1/12. The Refinance Index increased 11% from the previous week and was 10% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 9% from one week ago.
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Retail sales increased 0.6% month-over-month in December, double the increase from the previous month and higher than the expected increase of 0.4%.
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The National Association of Home Builders (NAHB) housing market index surged to a level of 44 in December. The expected level was 39. The index outperformed on all three of its components: single family sales: present; single family sales: next six months; and traffic of prospective buyers.
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Building permits were at a level of 1,495,000 in December, a 1.9% increase from the month before. Housing starts were at a level of 1,460,000, which was a 4.3% drop from the month before. Both were higher than expected.
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Continuing jobless claims were at a level of 1,806,000 during the week ending 1/6, a 26,000-weekly decrease. Though initial jobless claims were expected to increase during the week ending 1/13, they fell by 16,000 down to a level of 187,000.
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Existing home sales were at a seasonally adjusted annual rate of 3.78 million in December, a 1% decrease from the month before.
Review of Last Week
UP AGAIN… The three major stock indexes rose sharply on Friday, finishing the four-day trading week solidly ahead, as the broadly-based S&P 500 set a new record high for the first time in more than two years.
Traders got enough positive economic data to foresee a soft landing for a slowing economy, as December Retail Sales, weekly jobless claims, and Housing Starts all came in stronger than expected.
This data doesn't indicate recession, but it could delay Fed rate cuts. Yet University of Michigan Consumer Sentiment hit its highest level since July 2021, as year-ahead inflation expectations fell to 2.9%, a three-year low.
The week ended with the Dow UP 0.7%, to 37,864; the S&P 500 UP 1.2%, to 4,840; and the Nasdaq UP 2.3%, to 15,311.
Amid dimming prospects of a March rate cut, bond prices fell, the 30-Year UMBS 5.5% down 0.89, to $99.22. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate fell to its lowest level since May 2023. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Zillow found that in Q4 of last year, 21% of homeowners were considering selling their homes in the next three years, up from 15% a year ago—another sign inventories should improve.
Market Forecast
NEW AND PENDING HOME SALES, GDP, INFLATION… For December, New Home Sales are expected to continue upward, and, promisingly, so is the Pending Home Sales index of signed contracts on existing homes. The forecast is for slower Q4 economic growth, shown by the GDP-Advanced read. This is what the Fed wants to see to start cutting rates. However, the PCE Prices measure of inflation should be up a bit, something the central bankers don't want to see.
Summary
Housing Starts were up a solid 7.6% compared to a year ago despite being off a bit during holiday-shortened December. The past year, single-family starts are up a very strong 15.8%, single-family permits up an impressive 32.9%.
Realtor.com reports that, compared to last year, the number of homes for sale in December was 4.9% higher, new listings were 9.1% higher, yet the median listing price stayed fairly stable, up just 1.2%.
Existing Home Sales dipped 1.0% in December, but the National Association of Realtors is optimistic: “The latest month's sales look to be the bottom before inevitably turning higher in the new year.
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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