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 Memorial Northwest. 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 Memorial Northwest?
We currently have 7 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $130 a square foot. Four homes sold over the asking price, with one home selling 1% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 6 sold, but the average sales price is up to $473,989 ($445,442 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 Memorial Northwest.
Insight From Jo
Hi friends 💛
The last two weeks have been my busiest since summer started—and I’m so grateful. From helping buyers go under contract, to launching new listings, to even getting a seller under contract, it’s been nonstop action over here. 🏡✨
What I’m noticing (and feeling strongly about) is that we’re inching closer to a more balanced market. Inventory is slowly rising, buyer activity is steady, and while rates are still higher than we’d like, things are shifting.
Now, I don’t often bring politics into these updates, but something noteworthy happened recently: Donald Trump sent a letter to the Federal Reserve urging a rate cut. He pointed out that while the U.S. currently has one of the strongest economies with relatively low inflation, we’re also carrying one of the highest interest rates among developed nations.
Whatever your political stance may be, it’s interesting to see this kind of pressure being applied—and it may signal a rate drop is on the horizon. If you’ve been on the fence about buying or selling, keep your eyes on the market. Things are moving. 🙌
As always, I’m just a message away if you need anything. 💬
Hugs, Jordan
Jo & Co. 💕
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- What is VantageScore 4.0? Everything you need to know. Listen Now >>
- Homeowners are investing in repairs, which is encouraging. Watch Now >>
- NAR is happy about FHFA new scoring models. Read Why >>
Market Recap
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Consumer credit was slower in May, slowing from 16.87 billion to 5.10 billion.
- Mortgage application submissions climbed 9.4% during the week ending 7/4. The Refinance Index and the Purchase Index increased 9%.
- Continuing jobless claims were at 1,965,000 during the week ending 6/28, a climb of 10,000 from the week before. Initial jobless claims were at 227,000 during the week ending 7/5, a drop of 5,000.
Review of Last Week
FRIDAY REVERSAL… Through Thursday, traders' bullish enthusiasm drove the S&P 500 and the Nasdaq to new record highs. But Friday, the big indexes ended with modest losses driven by inflation concerns over tariff actions.
Late in the week, Brazil got a 50% tariff letter and Canada one for a 35% levy on goods not covered by the USMCA. Yet stocks held up fairly well, as traders realized these letters were basically intended as negotiating leverage.
Plus, initial jobless claims fell again, Small Business Optimism held at its high level, and the June Treasury Budget posted a surprising $27 billion surplus versus the $71 billion deficit a year ago. The reason? Income from tariffs!
The week ended with the Dow down 1.0%, to 44,372; the S&P 500 down 0.3%, to 6,260; and the Nasdaq down 0.1%, to 20,586.
Bonds fell as well, the 30-Year UMBS 5.5% dipping 0.04, to 99.17. Freddie Mac’s weekly survey reported the national average 30-year fixed mortgage rate “moved slightly higher” after falling for five straight weeks. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Fannie Mae’s Home Purchase Sentiment Index dipped a tad in June, yet 6 in 10 Americans still say it’s a good time to sell, while the share of those saying it’s a good time to buy went up nine percentage points from a year ago.
Market Forecast
HOME BUILDING, RETAIL SALES, INFLATON… June Housing Starts are expected up for the month, while Building Permits are forecast off a trifle, as builders focus on completions to meet buyer demand. Economists predict Retail Sales will rebound in June, showing that consumers keep contributing to the economy, no doubt encouraged by moderating inflation, which should be confirmed by the June Consumer Price Index (CPI) report.
Summary
The Mortgage Bankers Association (MBA) reported purchase mortgage applications surged 9% on the week, to the highest level of activity in two and a half years, 25% higher than the same week a year ago.
Optimal Blue reported rate lock volume on purchase loans held steady in June. Since the spring home-buying season usually starts to slow down then, this indicates that home sales in June will be stronger than expected.
Realtor.com’s latest housing trends report reveals that despite a gain in delistings, buyers have more options now than at any time since the start of the pandemic—plus, about 20% of listings got price cuts.
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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