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.
See this blog post in its original form at: https://byjoandco.com/2024/02/26/77070-real-estate-market-update-february-26-2024/
What is happening in the real estate market in 77070?
We currently have 4 homes pending, with 1 home sold in the last two weeks, averaging a sale price of $163 a square foot. One home sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 0 home sold to 1 homes sold with the average sales price of $555,000. 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.
It's quite surprising to see that last week, 50,000 new listings emerged on the national market. What's even more surprising is this marks a 16% increase from last year. What could this mean? Here are a few thoughts:
1. This surge might signal a shift towards a buyer's market in locales where an abundance of move-in-ready homes have appeared. This could significantly alter the buying landscape.
2. It may indicate that boomers are beginning to release their properties into the market, potentially catalyzing a wave of opportunities for first-time homebuyers. Besides the lowering of interest rates, this is the other domino the real estate market is dying for right now.
3. This uptick could also be a reflection of the recent layoffs, with nearly 40,000 jobs lost in January and February of this year just in the tech sector.
There is no way to predict exactly why and how and what of this real estate market, so we need to be banking on smart choices. I have been preaching this for awhile now, but the smartest choice right now is going to be in the direction of temporary buy downs, and seller credits. The easiest way to achieve this is going to be new construction.
Mortgage rates made marginal movement lower last week. Mortgage application submissions declined, as did jobless claims. Existing home sales jumped to 5-month highs in January.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
Market Recap
Mortgage application submissions slipped a composite 10.6% during the week ending 2/16. The Refinance Index decreased 11% while the seasonally adjusted Purchase Index decreased 10%.
Continuing jobless claims were at a seasonally adjusted annual rate of 1,862,000 during the week ending 2/10, a 27,000 decrease from the week before. Initial jobless claims were at 201,000 during the week ending 2/17, a 12,000 decrease from the week before.
Existing home sales were at a seasonally adjusted annual rate of 4 million in January, a 3.1% increase from the month before.
BACK TO RECORD HIGHS... Four days of trading in a holiday-shortened week was more than enough time for traders to send the Dow and the S&P 500 to new record highs, and the Nasdaq to a strong weekly performance.
As usual, all was not perfect. The Leading Economic Index fell 0.4% in January following its 0.2% drop in December. And FOMC Minutes from the Fed's last meet did not offer much insight into when rate cuts might start.
Yet a couple of Fed officials did say rate cuts were coming, just not right away. The big spark came from strong Q4 corporate earnings reports, spearheaded by an AI chip maker that's facing insatiable demand for its products.
The week ended with the Dow UP 1.3%, to 39,132; the S&P 500 UP 1.7%, to 5,089; and the Nasdaq UP 1.4%, to 15,997.
As money flowed to stocks, bond prices slipped, the 30-Year UMBS 5.5% ending down 0.84, at $98.17. The national average 30-year fixed mortgage rate edged up last week 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… First American’s Home Price Index showed home prices up 0.3% in January. But their chief economist is confident the rate of gains is cooling, as “the pace of annualized home price appreciation peaked in December.”
NEW AND PENDING HOME SALES, CONSTRUCTION SPENDING, INFLATION... Forecasts call for upward movement in January for both New Home Sales and the Pending Home Sales index of signed contracts on existing homes. Construction Spending should also gain overall, and we'll watch the residential part. The Fed's favorite inflation read, PCE Prices, is predicted to still be a bit of a distance away from the central bank's target.
Sales of existing homes in January scored a 3.1% gain over December. The National Association of Realtors saw this as “the start of more supply and demand,” with total inventory up 2.0% from December and 3.1% from a year ago.
Altos Research reports that just under 50,000 new listings came onto the market last week, 16% more than the same week a year ago. Altos notes that each week, the percentage gains keep improving versus a year ago.
Homebuilding data provider Zonda has acquired NewHomeSource.com, the largest portal for new home listings, and home design platform Envision. The goal is to provide online buyers with “a far more dynamic experience.”
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: jordan@byjoandco.com & edward@byjoandco.com or telephone: 832-493-6685.
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.
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!
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/callor just send us an email:jordan@byjoandco.com. 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.
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