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 77386. 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 77386?
We currently have 54 homes pending, with 16 homes sold in the last two weeks, averaging a sale price of $207 a square foot. Sixteen homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 7 homes sold to 16 homes sold and the average sales price is also up to $831,000 ($544,143 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.
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 77386.
Insight From Jo
I hope you had a wonderful Thanksgiving and are feeling the joy of the season as we wrap up 2024 and look ahead to an exciting new year. As always, I’m here to keep you informed about what’s happening in the Texas real estate market—and there’s a lot to be optimistic about!
New Construction: The Best Deal of the Season 🏡
If you’ve been waiting for the perfect moment to jump into the market, now might just be your time. New construction homes continue to offer some of the best deals this winter. Builders are highly motivated to sell their current inventory before the year ends, and that motivation works in your favor. Many lenders are sweetening the deal with fantastic incentives, including interest rate buydowns they’ll pay for, making monthly payments more manageable.
Interest Rates: Creative Solutions for Buyers 💡
While interest rates remain in the high 5s and low 6s, don’t let that discourage you! Buydown programs can significantly reduce your rate for the first few years, easing the financial impact of purchasing a home. Plus, with builders and lenders eager to close deals, this is a unique opportunity to snag a home at a great price with some extra perks.
Looking Ahead to 2025: Positive Change on the Horizon 🌟
As we move into 2025, there’s growing optimism about the real estate market. Updates in the political landscape are expected to bring about changes that could benefit buyers and sellers alike. While we can’t predict every twist and turn, the general outlook suggests more stability and opportunities for those entering the market.
If buying or selling a home is part of your 2025 goals, this is the perfect time to start planning. Whether it’s a cozy starter home, an upgrade for a growing family, or an investment property, I’m here to guide you every step of the way.
Here’s to a joyful end to 2024 and a bright start to 2025! As always, reach out with any questions or if you’d like to explore your options and opportunities.
What is happening in the real estate market nationally?
Mortgage rates trended higher last week. Mortgage application submissions increased last week, the consumer price index remained unchanged in November, and both continuing and initial jobless claims jumped
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Mortgage refinance demand surges 27%, as interest rates drop for the third straight week. Watch Now >>
- Logan Mohtashami on why’s he’s excited about the 2025 housing market. Listen Now >>
- Home Sales Are Set to Rebound. The 10 Hottest Housing Markets for 2025. Read Now >>
Market Recap
- Mortgage application submissions increased 5.4% during the week ending 12/6. The Refinance Index increased 27% from the previous week and was 42% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 4% from one week earlier.
- The consumer price index (CPI) was in line with expectations, maintaining a level of 0.3%. Annual inflation on the CPI was at 3.3%, which also met the expected forecast.
- Continuing jobless claims jumped by 15,000, to reach a level of 1,886,000 for the week ending 11/30. This was higher than the predicted increase of 9,000. Initial jobless claims rose by 17,000, to reach a level of 242,000 during the week ending 12/7. This contrasted with the predicted decrease of 4,000
Review of Last Week
WAITING FOR SANTA… A Santa Claus stock rally can occur during the last five trading days in December and the first two trading days of January. But for now, stocks ended mixed, the Dow and S&P 500 down, the Nasdaq up.
The absence of holiday cheer on Wall Street could be put to signs that progress on inflation has stalled, with both consumer and wholesale price gains in November remaining well above the Fed's 2% target.
Initial and continuing jobless claims rose, but still indicate job growth in December, just at a slower pace. And the NFIB Small Business Optimism Index rose above its 50-year average for the first time in nearly three years.
The week ended with the Dow down 1.8%, to 43,828; the S&P 500 down 0.6%, to 6,051; but the Nasdaq UP 0.3%, to 19,927.
Traders had an overall negative experience in the bond market, the 30-Year UMBS 5.5% dipping 0.13, to $99.19. Freddie Mac's Primary Mortgage Market Survey saw the national average 30-year fixed mortgage rate drop for the third straight week. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… CoreLogic reports the annual home equity gain in Q3 dipped to 2.5%, because “home prices flattened in the third quarter,” and “home equity closely depends on home price changes.” Clearly, home prices are stabilizing.
Market Forecast
HOME BUILDING, EXISTING HOME SALES, RETAIL SALES, INFLATION, THE FED… This week has it all. On the housing front, we should see Housing Starts and Building Permits up for November. Retail Sales are also forecast up for that month, so consumers are still supporting the economy. This, in spite of inflation running above the Fed's 2% target, which the November PCE Prices data is expected to show. Nonetheless, Fed watchers firmly believe we'll get another quarter percent rate cut with the FOMC Rate Decision on Wednesday.
Summary
The Mortgage Bankers Association reports that last week, “purchase applications remained relatively strong,” thanks to “sustained housing demand and inventory that continues to grow gradually in many markets.”
Fannie Mae’s latest survey of over 100 experts predicts home prices will increase 5.2% this year, then slow to 3.8% next year, and 3.6% in 2026. Existing home sales will remain slow in 2025, while new home sales head higher.
Also from the mortgage giant: “Over the past year, we have seen a significant improvement in general consumer sentiment toward the housing market…and improved perceptions of both homebuying and home-selling conditions.”
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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