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 Terranova West. 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 Terranova West?
We currently have 2 homes pending, with 2 homes sold in the last two weeks, averaging a sale price of $124 a square foot. Two homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 0 home sold to 2 homes sold with the average sales price of $331,300. 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 Terranova West.
Insight From Jo
More Buyers, More Deals, and Some Homeowners Are Feeling the Pressure
The real estate market is shifting, and while interest rates haven’t moved much, we’re seeing more buyers actively searching for homes. At the same time, many sellers are “in a pickle,” desperate to sell due to changing financial situations, job relocations, or just the reality of today’s market. This dynamic is creating unique opportunities for buyers who are ready to make a move.
Builders are continuing to offer low-interest rate incentives to attract buyers, making new construction an appealing option. In addition, I’m currently working with a couple of buyers who are assuming a seller’s loan—allowing them to lock in an incredible 2.75% interest rate. If securing a sub-4% interest rate sounds appealing, there are plenty of opportunities out there, and I’d love to help you explore them.
Whether you're looking for a builder incentive, a great resale deal, or a loan assumption opportunity, there are still fantastic deals to be had. If you're ready to buy, let’s connect and find the best option for you!
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Updated list of all the president’s actions that will impact housing. Read Now >>
- Economic factors driving housing. Listen Now >>
- What the privatization of GSEs would mean for mortgage. Read Now >>
Market Recap
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Mortgage application submissions increased by 2.3% during the week ending 2/7. Refinance application submissions increased 10% while purchase application submissions slipped 2%.
- The consumer price index came in hotter than expected in January, rising 0.5% instead of 0.3% month-over-month. This brought annual inflation levels to 3%.
- Continuing jobless claims came in below expectations during the week ending 2/1, falling by 36,000 to a level of 1,850,000. Initial jobless claims were lower than expected as well during the week ending 2/8, falling by 7,000 down to a level of 213,000.
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Retail sales slipped 0.9% month-over-month in January, which was a larger-than-expected drop.
Review of Last Week
STAYING POSITIVE… The good economic news outweighed the disappointing, as the three major stock indexes finished the week ahead, with the tech-y Nasdaq hitting a record high in its best week of the year so far.
The Consumer Price Index (CPI) showed inflation rose to 3.0% in January. But two components in the Producer Price Index (PPI) booked monthly inflation declines, which might keep future consumer prices in check.
Retail Sales receded in January, possibly from bad weather and tired post-holiday consumers. But traders cheered a drop in jobless claims, a hike in Industrial Production, and a delay in the implementation of reciprocal tariffs.
The week ended with the Dow UP 0.5%, to 44,546; the S&P 500 UP 1.5%, to 6,115; and the Nasdaq UP 2.6%, to 20,027.
Inflation-hating bonds slipped for the week, the 30-Year UMBS 5.5% down 0.79, to 98.25. The national average 30-year fixed mortgage rate fell again, to its lowest level in 2025, 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… Zillow reports almost a quarter of all listings had a price cut in January, the largest percentage for the month since 2018, noting “buyers in the market today have a good chance of seeing a price cut on their saved listing.”
Market Forecast
HOME BUILDING, EXISTING HOME SALES, FED MINUTES… The forecast is for both Housing Starts and Building Permits to be down a bit in January. Existing Home Sales are also expected to slip for the month. We'll check FOMC Minutes from the Fed's January meet for indications of future rate moves.
Summary
Realtor.com reports the real estate market appears to be cranking up for spring, Inventory keeps growing—giving buyers more options versus last year—and prices keep falling, now down year-over-year 16 weeks in a row.
The Mortgage Bankers Association reports mortgage credit availability “increased to start 2025,… rising to its highest level since June 2022,” calling it “a positive development for the spring homebuying season.”
A national online real estate database found that at the start of February, there were five months of for-sale inventory, near a six-year high. Economists see a four- to six-month supply as a balanced market.
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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