Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Houston, Texas, specifically a market update for the neighborhood of 77070. 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 77070?
We currently have 7 homes pending, with 2 homes sold in the last two weeks, averaging a sale price of $138 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 $611,000. 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 77070.
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
- How mass federal firings could affect mortgage rates. Listen Now.
Listen Now >> - Home sales drop sharply as prices hit an all-time high for January. Read Now >>
- The housing market’s spring thaw is almost here. Read Now >>
Market Recap
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Home builder confidence dipped to a level of 42 in February, down five points from the month before. This five-month low comes in the wake of tariff concerns and their potential impact on home sales.
- Mortgage application submissions fell 6.6% during the week ending 2/14. The Refinance Index decreased 7% from the week before while the Purchase Index slipped 6% from the week before.
- Housing starts declined by 9.8% month-over-month in January, falling to an annual pace of 1,366,000 million. This comes after a huge building surge in December. Building permits, on the other hand, inched up 0.1% month-over-month. Despite their projected decrease in January, building permits rose to an annual pace of 1,483,000.
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Continuing jobless claims were at 1,869,000 during the week ending 2/8, an increase of 24,000 from the week before. Initial jobless claims were at 219,000 during the following week, which was an increase of 5,000 from the week before.
- Existing home sales slipped 4.9% month-over-month in January, down to an annual rate of 4.08 million.
Review of Last Week
OOPS… A holiday-shortened week on Wall Street saw the S&P 500 hit a new record high, followed by the three major indexes falling to weekly losses, amidst worries of lingering inflation and the Fed's pause on rate cuts.
We got an unexpected S&P PMI read that had the services sector contracting, and a University of Michigan Consumer Sentiment survey showing consumers are worried about possible tariff-driven inflation.
But the market seemed to view tariffs as more of a bargaining chip than a permanent issue, corporate earnings growth is up, recession fears have abated, and although the Fed is on pause, their next move will be a cut.
The week ended with the Dow down 2.5%, to 43,428; the S&P 500 down 1.7%, to 6,013; and the Nasdaq down 2.5%, to 19,524.
Bonds overall bounced back on the week, the 30-Year UMBS 5.5% UP 0.81, to 99.06. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate dipped again, to below where it was 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… Realtor.com notes falling prices, rising new listings and inventory, and homes spending more time on the market than a year ago. This gives buyers more time to find the right home, perhaps at a reduced price.
Market Forecast
NEW AND PENDING HOME SALES, HOME PRICES, INFLATION… January New Home Sales are expected to come in down a tick for the month. The forecast is also for the January Pending Home Sales index of contracts signed on existing homes to be off a bit. Economists expect moderate price gains to continue in the December S&P Case-Shiller Home Price Index. They also predict the PCE Prices inflation gauge will hold at its current level, still above the Fed's 2% target.
Summary
New home completions rose 7.6% in January and are up 9.8% the past year. Home starts and permits were down for the month, but single-family starts are up nearly 20% and permits up 24% above the five-year pandemic average.
Existing Home Sales in January grew year-over-year for the fourth straight month. They decreased from December, but remain 2% ahead of a year ago. Inventories rose 16.8% the past year, to a much improved 3.5-month supply.
Buyers are gaining bargaining power. A national real estate database found homes are typically selling for 2% less than asking price, the biggest drop in two years, and taking 57 days to come under contract, the longest time in five years.
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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