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 4 homes pending, with 7 homes sold in the last two weeks, averaging a sale price of $115 a square foot. Seven homes sold over the asking price, with one home selling 11% above the listing price.
Compared to the two weeks prior: The number of homes sold is still the same, but the average sales price is up to $394,286 ($378,143 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.
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.
Insight From Jo
Hello friend. The market the last week has been a bit stale. We have survived not just Hurricane Beryl, but the east wall of the hurricane and 7 days with no electricity. Phew. That was a doozy.
Besides broken and blown over fences, we had very little damage at my home, but due to the large amount of pine trees in my area, there was lots of neighborhood damage. We saw well established hundred foot trees just fall right over with roots exposed. It was intense, and something I have never seen before. I even saw a video of a tree splitting a house in half. Crazy crazy.
Today 75% of folks have electricity, and the lineman and energy crews are all working so hard to restore normalcy to us all. We are all so thankful.
As for the market, it is on the active side. I have been decently busy, but we are seeing more rental activity than the previous few years. My biggest recommendation for homeowners still remains new construction. I did a blog post series of the hottest selling neighborhood so far this year. You can find that series by clicking here.
Overall, it isn’t a bad time to buy. There are lots of great options, and it you find a beautiful move in ready house, zoned to the best schools, it is till going to sell fast with multiple offers. We are just seeing less of those “Chip & Joanna” styled homes.
If you need help navigating this market, I would love to be your realtor.
What is happening in the real estate market nationally?
Mortgage rates slid lower last week thanks to a cooler-than-expected inflation report from June. Mortgage application submissions declined slightly, as did jobless claims.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- CMG Home Loans announces new Guam branch. Read Now >>
- HUD updates and expands its FHA 203(k) program. Read Now >>
- How can low mortgage rates go with cooler inflation? Read Now >>
Market Recap
- Mortgage application submissions slipped 0.2% during the week ending 7/5. While refinance application submissions slipped 2%, purchase application submissions increased 1%.
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The consumer price index (CPI) for June decreased 0.1% month-over-month, bringing the annual level of inflation down to 3%. Both numbers came in below economists’ expectations, which was good news for rates.
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Continuing jobless claims were at 1,852,000 during the week ending 6/29, a 4,000 decrease from the week before. Initial jobless claims were at a level of 222,000 during the week ending 7/6, a 17,000 decrease from the week before.
Review of Last Week
INFLATION DOWN, STOCKS UP… Month-over-month inflation reversed course for the first time in more than four years, so stocks rallied on traders’ expectations we're getting closer to the first rate cut from the Fed.
The Consumer Price Index (CPI) dipped 0.1% from May to June, dropping the annual inflation rate to 3.0%. This was driven by a decrease in gasoline prices, which was enough to counterbalance gains in food and shelter prices.
Prices overall are still more than 20% higher than they were in 2020, keeping University of Michigan Consumer Sentiment at a low read for July. But Initial Jobless Claims fell, showing the labor market is holding up.
The week ended with the Dow UP 1.6%, to 40,001; the S&P 500 UP 0.9%, to 5,615; and the Nasdaq UP 0.2%, to 18,398.
Bonds went higher too, the 30-Year UMBS 6.0% UP 0.17, to $100.29. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate fell below its level of a year ago. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… A recent survey revealed about 92% of Generation Z Americans (under age 28) said owning a home someday is important, but only 18% said they could currently afford one.
Market Forecast
HOME BUILDING, RETAIL SALES, JOBLESS CLAIMS… Economists predict both Housing Starts and Building Permits will perk back up in June. Retail Sales are forecast down a tick for June, but up a tick taking out auto sales. Initial Jobless Claims should edge up, the sign of a weakening labor market the Fed wants to see.
Summary
The Mortgage Bankers Association’s index of applications for purchase loans increased on a seasonally adjusted basis from the week before. Plus, their index of refinance applications came in 28% ahead of a year ago.
Fannie Mae’s Home Purchase Sentiment Index rose in June, landing just shy of its highest read this year. The report noted, “the topline findings…showed a modest uptick in optimism on both homebuying and home-selling conditions.”
Altos Research reports there are now 40% more homes on the market than a year ago, as more sellers show up. However, 38% of the listings have cut their asking price from the original list price.
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.
• Browse our Ebooks and Relocation Guides: http://byjoandco.com/ebooks
• Schedule a phone call or appointment with us! http://byjoandco.com/appointment.
• Email us! [email protected].
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• Ready to find your dream home? Search, http://search.byjoandco.com.
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