Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Cypress, Texas, specifically a market update for the neighborhood of Fairfield. 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 Fairfield?
We currently have 16 homes pending, with 6 homes sold in the last two weeks, averaging a sale price of $163 a square foot. Six homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 3 homes sold to 6 homes sold. 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.
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 Fairfield.
Insight From Jo
Hi friends. Today I was needing to book some listing photography, and I ended up on the phone with one of my favorite photographers. You see, she had no availability for the week, and neither did the other photographer I called. She had mentioned how she knows the market is slow, which is what many realtors were relaying to her. She also told me the last two weeks she had tons of openings, but this week was a different story.
And I am seeing this too. The oncoming onslaught of new listings we should be seeing in the next week. Do you want to know why? Because Spring Break is next week for a handful of school districts, with the week after another handful.
I am so excited to see this set of Spring listings. I feel like too many people have been holding onto their listings, and this is the year I hope we see a record amount of inventory.
Why is inventory good? Well because it allows the buyer to have a more favorable market. More inventory keep the pricing more buyer friendly, and who doesn’t love choices?
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Are recession fears valid now? Listen Now >>
- Housing market is in a deep freeze says Moody Analytics Chief Economist. Watch Now >>
- How real estate agents can help home buyers understand financing. Read Now >>
Market Recap
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Home price appreciation on the FHFA house price index climbed by 0.4% month-over-month in December. This doubled the expected monthly increase.
- Home prices on the 20-city Case-Shiller home price index increased 0.5% month-over-month in December.
- Mortgage application submissions slipped 1.2% during the week ending 2/21. Refinance application submissions slipped 4% while purchase application submissions were unchanged.
- New home sales were at a seasonally adjusted annual rate of 657,000 in January, a 10.5% decrease from the month before.
- Continuing jobless claims were at 1,862,000 during the week ending 2/15, a decrease of 5,000 from the week before. Initial jobless claims were at 242,000 during the week ending 2/22, an unexpectedly large increase of 22,000 from the week before.
- The GDP estimate for Q4 2024 remained unchanged at 2.3%.
- Pending home sales fell 4.6% month-over-month in January, which was larger than the expected decline of 0.9%.
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The core PCE index came in at 0.3% in January, which was as expected. Personal income was higher than expected at a 0.9% increase in January. Personal spending was expected to increase, but fell by 0.2%.
Review of Last Week
UP, DOWN, DOWN… Wall Street remains uncertain about how the new policy environment in Washington will impact the economy. The resulting market volatility sent one major index up and two down on the week.
The data made it easy to stay unsure. Negative vibes came from January's drop in consumer spending, February's fall-off in Consumer Confidence, and an unexpected bump in weekly initial jobless claims.
On the plus side, core PCE, the Fed's favorite inflation measure, dropped to 2.6% in January, Durable Goods Orders jumped 3.1%, and Q4 corporate earnings are up 18% from a year ago, the biggest quarterly gain in three years.
The week ended with the Dow UP 1.0%, to 43,841; the S&P 500 down 1.0%, to 5,955; and the Nasdaq down 3.5%, to 18,847.
As traders unloaded stocks, their money flowed into bonds, pushing prices up, with the 30-Year UMBS 5.5% UP 0.98, to 100.04. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate continued to drop, hitting its lowest level in over two months. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Mortgage Bankers Association: “Purchase applications were up 3% from the same week last year. Increasing for-sale inventory…has provided prospective buyers more options as we approach the spring homebuying season.”
Market Forecast
CONSTRUCTION SPENDING, MANUFACTURING, SERVICES, JOBS… January Construction Spending should come in the same as December. Both the ISM Manufacturing and ISM Services indexes are forecast to show economic expansion in February. Economists predict modest February gains in Nonfarm Payrolls and Average Hourly Earnings, and no increase in the Unemployment Rate.
Summary
Pending Home Sales slipped just over 4% in January, but the National Association of Retailers noted: “It is unclear if the coldest January in 25 years contributed…if so, expect greater sales activity in upcoming months.”
Weather could also explain the 10% drop in January New Home Sales, as the South saw record low temperatures and record high snowfalls. However, the median sale price is down 3% and supply is up over 270% since 2022.
The closely followed Case-Shiller home price index went up a tick in December and up 3.9% annually. The FHFA price index for homes with mortgages backed by Fannie and Freddie went up a moderate 4.5% annually.
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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