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 29 homes pending, with 8 homes sold in the last two weeks, averaging a sale price of $336 a square foot. Eight homes sold over the asking price, with one home selling 2% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 12 sold, but the average sales price is up to $935,688 ($912,478 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 (modern) homes are going (must not be overpriced), 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
The real estate market right now is unpredictable. But making calculated risks is the only way to gain rewards. If you are on the fence about buying or selling to buy, I am there with you. I would love to help you explore your options to see if right now is actually the right time to buy or sell. If you would like my honesty, expertise, friendship, and help in making that choice, please schedule a call with me. Click this link to get started. Hugs, Jo.
What is happening in the real estate market nationally?
Mortgage rates cooled last week. Consumer credit slid in March. Mortgage application submissions increased. Jobless claims climbed.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Why has it been so hard to get inventory up? Listen Now >>
- Home sales won’t stay low for long. Read Now >>
- Americans are sitting on record amounts of equity. Read Now >>
Market Recap
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Consumer credit came in low in March, at just $6.27 billion.
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Mortgage application submissions increased a composite 2.6% during the week ending 5/3. Refinance application submissions increased 5% from the previous week while purchase application submissions increased 2%.
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Continuing jobless claims were at 1,785,000 during the week ending 4/27, an increase of roughly 20,000 from the previous week. Initial jobless claims were at a level of 231,000 during the week ending 5/4, an increase of over 20,000 from the previous week. Initial jobless claims came in higher than expected while continuing jobless claims came in below expectations.
Review of Last Week
RALLY ROCKS ON… Momentum from the prior week’s rally sent the major stock indexes to another winning week, as traders felt a weakening economy would halt inflation, allowing the Fed to cut rates to avoid recession.
In a sparse week of economic reports, initial jobless claims jumped, seen as a sign of softening in the labor market. University of Michigan Consumer Sentiment dropped in May, thanks to a rise in inflation expectations.
Yet first quarter corporate earnings have far exceeded analyst estimates, and are on track to grow at around 10% for 2024. So, if the Fed does one or two rate cuts later this year, we could see the hoped-for soft landing for the economy.
The week ended with the Dow UP 2.2%, to 39,513; the S&P 500 UP 1.9%, to 5,223; and the Nasdaq UP 1.1%, to 16,341.
The bond market finished the week sideways, though the 30-Year UMBS 6.0% was UP .82, to $100.07. The national average 30-year fixed mortgage rate moved down 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… Mother’s Day may have been yesterday, but it’s all year long in the housing market. Realtor.com found that 75% of survey respondents, in an ideal world, would live close to mom.
Market Forecast
HOME BUILDING, RETAIL SALES, INFLATION… Economists expect an uptick in both Housing Starts and Building Permits for April. Retail Sales should post an April gain, with most of the rise because of inflation. We'll get April inflation reads for the Consumer Price Index (CPI) and the Producer Price Index (PPI) of wholesale prices. Both are forecast to remain at elevated rates.
Summary
Applications for purchase mortgages headed up last week by a seasonally adjusted 2% over the week before, according to the Mortgage Bankers Association. Refinance applications were up by 5%, week-over-week.
CoreLogic reports home prices in March were up more than 5% annually for the fifth straight month, while the National Association of Realtors found 92.3% of metros posted annual price increases the first three months this year.
Small wonder more than two thirds of those polled by Fannie Mae in April think it’s a good time to sell a home—the highest level in nearly two years. Their Purchase Sentiment Index is up more than 5 points from a year ago.
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.
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• Schedule a phone call or appointment with us! http://byjoandco.com/appointment.
• Email us! [email protected].
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