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 10 homes pending, with 3 homes sold in the last two weeks, averaging a sale price of $105 a square foot. Three homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 1 home sold to 3 homes sold and the average sales price is also up to $388,333 ($355,000 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 Memorial Northwest.
Insight From Jo
Hi friends. I am so excited to announce interest rates have finally dropped, leaving them at the lowest since February, with another large drop anticipated in the next 30 days.
Inventory is on the rise, as well as buyer activity. We have officially entered the slower season of the year, so this is all great indicators of a market that is ready for us.
Last week I spent some time writing a new series letting y’all know what it is like to buy a house right now.
Below is a small excerpt, and you can click here to read the whole blog post.
What it is like to buy a house in Houston Suburbs, Texas with Jo & Co. by your side…
Most of our clients are relocation clients, but we also love helping locals.
So, the first step in the process is usually a phone call. We have this handy link to schedule a call with us. Here is that link: https://byjoandco/call. Every call is done by me, Jordan, and usually Edward is in the background. He is my favorite person to lean on.
During this phone call we listen to your whole story, while I take notes. I listen to your wants, your needs, and your dreams. You tell us your desired budget and location requests. We then do a deep dive (this is internal and takes seconds lol) between our past experiences, our market knowledge, and couple that with available inventory, and help you map what neighborhoods or cities would best suit your needs.
If you aren’t sure where you want to live, I ask you two things:
1. What do you want your life to look like when you are not working?
2. What are your priorities? (Work commute, schools, walking distance to xyz, etc.)
After the phone call, you can expect an email from me. I typically recap some of the things we talked about. I might send you some links to neighborhoods and homes I think you might like. I also like to send you the contact information of my favorite lender, which is the next step if you are financing.
I will also set you up on new home e-alerts. These emails arrive daily in your inbox with any new listings that match the requirements we established during our phone call. I do have my website https://search.byjoandco.com, that you might have already signed up for, but these special emails come from HAR. HAR is our local MLS and database. It is unique because I can send you coming soon listings through here. These agent-provided HAR e-alerts are the only way to view coming soon listings (or I can send you a link and get you registered to search through them yourself).
Another great feature of these emails is that you can “heart” any of the homes in the portal, and I will be able to see which are your favorites. Favoriting a home allows us not to lose the ones we want to make a priority when it comes to feet-on-the-ground house hunting (the fun stuff).
Then, you will want to get preapproved or provide me with your proof of funds. I know some amazing people in the industry, and I will be sure to recommend one or two to you for all your financing needs.
The next step after starting the preapproval process would be signing a document that has been around since the 1980s called a Buyer Representation Agreement, but due to recent changes in real estate law, it's now required for all potential buyers to sign a buyer representation agreement before viewing any homes.
This agreement ensures that you and I are on the same page regarding our professional relationship and the services I'll provide. It also protects your interests by formally establishing that I'm working on your behalf to find the best home and deal for you. This step is designed to clarify our roles and responsibilities upfront so you can have peace of mind as we move forward in the home-buying process.
What is happening in the real estate market nationally?
Mortgage rates trended lower last week. Mortgage application submissions declined two weeks ago. Jobless claims increased. Existing and new home sales climbed in July.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Powell signals September rate cut. Read Now >>
- Why the U.S. can’t build homes fast enough Watch Now >>
- Here’s why a record number of home buyers backed out in July. Read Now >>
Market Recap
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Mortgage application submissions decreased a composite 10.1% during the week ending 7/16. Refinance application submissions fell 15% while purchase application submissions slipped 5%.
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Continuing jobless claims climbed by 4,000 to reach a level of 1,863,000. Initial jobless claims also climbed by 4,000 to reach a level of 232,000.
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Existing home sales were at a seasonally adjusted annual rate of 3.95 million in July, which was a 1.3% month over month increase from June.
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New home sales were at a seasonally adjusted annual rate of 739,000 in July, which was a 10.6% jump from the month before.
Review of Last Week
ATE CUTS COMING!… After treading water all week, stocks surged Friday when Fed Chair Powell announced at the Jackson Hole Symposium, “the time has come for policy to adjust,” making a September cut a slam dunk.
Powell's “confidence has grown” inflation is on the way to 2%, and is putting his focus on the labor market, which just reported there were 818,000 fewer jobs created the past year than had first been reported!
We also got the Leading Economic Index down for the second month in a row, worse-than-expected manufacturing data and initial jobless claims, but better-than-expected services data and home sales.
The week ended with the Dow UP 1.3%, to 41,175; the S&P 500 UP 1.4%, at 5,635; and the Nasdaq UP 1.4%, to 17,878.
Bonds also rose on rate cut expectations, the 30-Year UMBS 5.5% UP 0.07, to $100.24. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate dipped, re-establishing its lowest level in over a year. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Fannie Mae’s latest forecast calls for just a half percent growth in total home sales for 2024, but an 8.5% surge in sales next year. They also predict purchase loan volume should grow 8% in 2024, 15% next year.
Market Forecast
PENDING HOME SALES, HOME PRICES, INFLATION… The Pending Home Sales index of signed contracts on existing homes is forecast up again for July. Economists see the S&P Case-Shiller Home Price Index posting slower annual price gains in June. PCE Prices, the Fed's favorite inflation measure, is expected to show a small monthly gain.
Summary
July New Home Sales shot up more than 10% above June’s upwardly revised number. The median sale price is now 6.6% below its 2022 peak, while the supply of completed homes is up over 200% from the 2022 bottom.
After slipping the past four months, Existing Home Sales posted a nice 1.3% gain in July. Inventories are up nearly 20% the past year, with the months’ supply of homes for sale near the highest in more than four years.
An online real estate database reports home sale prices rose a tiny 0.2% in July for the second straight month, noting, “There aren’t enough sellers…to cause prices to fall and there aren’t enough buyers to drive prices up significantly.”
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].
• Looking for a buyer’s agent? Fill out our buyer questionnaire! http://byjoandco.com/q.
• Ready to find your dream home? Search, http://search.byjoandco.com.
• Subscribe to our YouTube Channel: http://byjoandco.com/youtube.
