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 77379. 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 77379?
We currently have 26 homes pending, with 9 homes sold in the last two weeks, averaging a sale price of $150 a square foot. Nine homes sold over the asking price, with one home selling 3% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 24 sold, but the average sales price per square foot is up to $150 ($149 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 77379.
Insight From Jo
My Two Cents: Why Now is Still a Great Time to Buy
If you’re thinking about buying a home, you might be wondering how today’s market impacts your plans. Here’s the good news: despite changes in mortgage rates, there’s never been a better time to make your move. Let me explain why!
More Programs, More Opportunities
Today’s market offers more down payment assistance programs and buyer-focused incentives than ever before. These programs are designed to help buyers with everything from covering their down payment to reducing closing costs. Whether it’s 1% down payment options or thousands of dollars in assistance, there’s a program that can work for you.
Builders and Sellers Are Stepping Up
Builders and sellers are offering incredible incentives to help buyers get into their dream homes. We’re talking rate buy-down programs, closing cost credits, and even price reductions in some cases. These deals can make a significant difference in your monthly payments and overall costs, creating opportunities that simply weren’t available a year ago.
Market Adjustments Work in Your Favor
While mortgage rates may seem higher than they were, they’re still historically reasonable. And with inventory stabilizing, there’s less competition for the home you’ve been eyeing. That means you have more power to negotiate and find the best deal that fits your budget.
Build Equity Faster
Buying now allows you to start building equity sooner, especially with prices stabilizing in many areas. Real estate remains one of the best long-term investments, and waiting could mean missing out on the perfect home and future appreciation.
Now is an incredible time to turn your homeownership dreams into reality. With so many programs and incentives available, you might be closer to owning your dream home than you think. Let’s explore your options together—I’m here to help you every step of the way!
The opportunities are here. Let’s take advantage of them! 🏡
What is happening in the real estate market nationally?
Mortgage rates trended higher last week. Building permits and new home sales increased in November, and continuing jobless claims rose while initial jobless claims dipped.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Zillow predicts a stronger housing market in 2025. Watch Now >>
- Brooklee Han on the biggest real estate stories in 2024. Listen Now >>
- Housing market data looks positive despite Powell’s Grinch act. Read Now >>
Market Recap
- Building permits climbed by 5.2% month-over-month in November, still falling below expectations to reach a level of 1.493 million. It was predicted to reach 1.505 million.
- New home sales were at a seasonally adjusted annual rate of 664,000 in November, which was a 5.9% increase, but was lower than expected. Overall, new home sales have been steadily trending higher since last fall.
- Continuing jobless claims rose by 46,000, reaching a level of 1,910,000 for the week ending 12/20. This was higher than the expected increase of 16,000. Initial jobless claims dipped by 1,000, falling to a level of 219,000. This was lower than the predicted increase of 3,000.
Review of Last Week
SANTA GETS STARTED… The Santa Claus rally period (the last five trading days in December and the first two in January) began on Tuesday, and even with a down day Friday, the three major indexes posted gains for the week.
The three and a half days of trading featured a drop in Consumer Confidence around business conditions and incomes, while continuing jobless claims hit their highest level in more than three years.
That means if you lose your job, it's getting harder to find a new one, but initial jobless claims checked in lower than expected, so layoff activity is low. Durable Goods Orders boasted a rebound in business spending in November.
The week ended with the Dow UP 0.4%, to 42,992; the S&P 500 UP 0.7%, to 5,971; and the Nasdaq UP 0.8%, to 19,772.
Bonds ended the week on the upside too, the 30-Year UMBS 5.5% inching UP .01, to $98.19. The national average 30-year fixed mortgage rate edged up again 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… New homes made up 15% of last year’s sales, the highest percentage in 17 years. 42% of buyers wanted to avoid renovations and plumbing and electrical problems, 27% liked the ability to customize design features, 25% the amenities of new home communities, 15% cited the lack of pre-owned inventory.
Market Forecast
PENDING HOME SALES, CONSTRUCTION SPENDING, HOME PRICES… We'll get November Pending Home Sales, expected to show a small gain in signed contracts for existing homes. November Construction Spending is forecast to keep growing overall, and we'll check the residential part. Home price growth should continue to moderate in October by both S&P Case-Shiller and FHFA indexes.
Tuesday, December 31, New Year’s Eve, the bond market closes early at 2 p.m. All financial markets are closed Wednesday, January 1, New Year’s Day.
Summary
Sales of new single-family homes headed up almost 6% in November to a level nearly 9% higher than a year ago. Inventories rose by 10,000 units, and the supply of completed homes is up nearly 300% since its 2022 bottom.
The median sales price of new homes fell 6.3% the past year, and not just due to builders putting up smaller, more affordable homes. The median price per square foot has finally fallen, after rising 45% from 2019 to 2022.
Freddie Mac noted that an “improvement in new and existing home sales is encouraging,” adding that “a strong economy can help build momentum heading into the new year and potentially boost purchase activity.”
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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• Email us! [email protected].
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