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 33 homes pending, with 7 homes sold in the last two weeks, averaging a sale price of $320 a square foot. Seven homes sold over the asking price, with one home selling 1% above the listing price.
Compared to the two weeks prior: Homes sold are up from 5 homes sold to 7 homes sold and the average sales price is also up to $860,643 ($410,380 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
In the last 30 days we have seen mortgage rates the lowest they have been since summer of 2023 and the highest they have been for all of 2024. So yes, I am seeing volatility in the interest rates, but home prices are holding stable (rising in my core neighborhoods of business), and laying low in a good way in my new construction communities.
In the local new construction market, we were crazy busy November-January, but we are feeling a lull right now. Which is great for buyers interested in an inventory home. The deals the managers are willing to make are remarkable. There is even one lender offering the first year interest rate at 1.99%. This is the time for the first time home buyer to make their move. I am really excited about the opportunities one can make if ready.
There are multiple opinions on when we will feel the spring market and when it will be at its height. If you are looking for a home that needs work though, there will be plenty. If you have really high expectations, you will most likely end up in a multiple offer situation, with little to no concessions allowed post home inspections.
But none of this should share you. With the right professional, you will be just fine.
Our local market is dictated by the school calendar. So if you are a seller, target school vacations for list date and if you are a buyer, find patience in finding the perfect home. The more of the situation you can control, the happier you will be.
And if you need help, I am only a fall away. Schedule a call here.
What is happening in the real estate market nationally?
Mortgage rates trended higher last week after a hot inflation report from January’s consumer price index. Mortgage application submissions slipped, continuing jobless claims climbed higher, and initial jobless claims sank.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- What's the Fed's role when it comes to volatile rates? Listen Now >>
- The housing market is very undersupplied right now. Watch Now >>
- Builder confidence raises expectations when rates will drop in the coming months.
Read Now >>
Market Recap
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The consumer price index showed that inflation was hotter than expected in January. Though it was expected to rise 0.2%, it ended up climbing 0.3% month-over-month. Annual inflation was expected to be at 2.9% but landed at 3.1%. Core inflation, stripping food and energy costs, was high as well.
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Mortgage application submissions slipped 2.3% during the week ending 2/9. The Refinance Index decreased 2% from the previous week and was 12% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 3% from one week earlier.
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Continuing jobless claims jumped by 30,000 to reach level of 1,895,000 during the week ending 2/3. Initial jobless claims slipped by 8,000 down to a level of 212,000 during the week ending 2/10.
- Retail sales fell 0.8% month-over-month in January, which was a larger-than-expected decline.
- The National Association of Home Builders housing market sentiment index was higher than expected in February, coming in at a level of 48. This is the highest level in 6 months.
- Building permits fell 1.5% in January while housing starts fell by 14.8%. The sharp drop in starts could be a reflection of the bad wintry weather in January.
Review of Last Week
INFLATION SPOILS THE PARTY… The three major stock indexes snapped five straight weeks of gains as traders feared that hotter than expected inflation readings would cause the Fed to delay rate cuts until later in the year.
In addition to consumer and wholesale prices heading up in January, retail sales and manufacturing fell, while continuing jobless claims rose, indicating that people who are out of work are having a harder time finding a job.
Yet University of Michigan Consumer Sentiment edged higher in February, showing consumers are feeling a little better about the economy, and Q4 corporate earnings reports keep coming in better than expected.
The week ended with the Dow down 0.1%, to 38,628; the S&P 500 down 0.4%, to 5,006; and the Nasdaq down 1.3%, to 15,776.
Inflation-hating bonds fell as well, the 30-Year UMBS 5.5% ending down 0.12, to $99.01. Freddie Mac's Primary Mortgage Market Survey reported a small rise in the national average 30-year fixed mortgage rate. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Optimal Blue, a mortgage marketing technology firm, saw an encouraging start to 2024, with a seasonal 38% gain in purchase mortgage rate lock volume in January.
Market Forecast
EXISTING HOME SALES, JOBLESS CLAIMS, FED MINUTES… The holiday-shortened week will give us data on January Existing Home Sales, which are predicted to show a gain over December. Initial Jobless Claims are expected to inch up a bit, but still remain below recession levels. We'll also see FOMC Minutes from the Fed's last meet, and look for indications of when rate cuts may begin.
Summary
The Mortgage Bankers Association reports January loan applications for new homes rocketed up 19.1% from a year ago and 38% over December, the strongest January read the MBA has ever recorded.
Also on the new homes front, single-family housing starts came in 22% higher and building permits nearly 36% higher than a year ago. In line with that, the builder confidence index rose to its highest level since last August.
Market data firm Altos Research reports there were 495,000 unsold single-family homes on the market last week, 12% more than last year, including 52,000 new listings not in contract, the most since 2020.
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?!
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