77040 Real Estate Market Update February 13, 2023

Hi neighbor, Today I will be sharing with you our perspective on the local real estate market here in Jersey Village, Texas, specifically a market update for the 77040 Zip Code. 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/2023/02/13/77040-real-estate-market-update-february-13-2023/

What is happening in the real estate market in 77040?

We currently have 3 homes pending, with 1 home sold in the last two weeks, averaging a sale price of $194 a square foot. One home sold over the asking price, with one home selling 3% above the listing price.

Compared to the two weeks prior: Homes sold are slightly down from 5 sold, but the average sales price per square foot is up to $194 ($172 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 text AER to 79564 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 77040.

Jo's Two Cents

https://www.youtube.com/watch?v=b4PR2IJ-0LM&t=162s

What is happening in the real estate market nationally?

Rates trended higher last week after statements from various Fed members and the residual effects of the strong jobs data the week before. Consumer credit dropped sharply in December, mortgage applications jumped, and jobless claims increased.

MORTGAGE RATES CURRENTLY TRENDING	THIS WEEK'S POTENTIAL VOLATILITY

Notable News

• CMG Home Loans opens branches in York, PA, and Hanover, PA with branch manager Wendy Landis. Read Now >>
• HousingWire Lead Analyst breaks down the most recent jobs report and how it’s affecting the market. Listen Now >>
• Home price growth hits the lowest levels in nearly 3 years. Read Now >>

Market Recap

• Total consumer credit slumped from 33.11 billion to 11.56 billion in December. 

• Mortgage application submissions climbed 7.4% during the week ending 2/3. Refinance application submissions soared 18% amidst lower-trending rates while purchase application submissions rose 3%.

• Continuing jobless claims increased by 38,000 to reach a level of 1,688,000 during the week ending 1/28. Initial jobless claims increased by 13,000 to a level of 196,000 during the week ending 2/4.

Review of Last Week

TAKING A BREAK... Traders paused their upbeat activities since the start of the year, as stocks fell for the week on disappointing Q4 corporate earnings and economic data, and hawkish comments from the Fed.

Chair Powell said the Fed has a significant road ahead to get inflation down to 2%; the Trade Balance revealed a global trade slowdown; and the Treasury Budget reported a $38 billion deficit, versus a $118 billion surplus a year ago.

But low initial jobless claims indicated the economy could still see a soft landing and the University of Michigan Consumer Sentiment Index rose to a 13-month high, showing Americans are cautiously optimistic.

The week ended with the Dow down 0.2%, to 33,869; the S&P 500 down 1.1%, to 4,090; and the Nasdaq down 2.4%, to 11,718.

Bonds overall fell sharply, the UMBS 5.5% dropping 1.01, to $100.11. Freddie Mac's Primary Mortgage Market Survey reported a slight increase in the national average 30-year fixed mortgage rate. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.  

DID YOU KNOW… The NAR reports the median sale price for single-family existing homes climbed 4% in Q4, a deceleration from Q3’s 8.6% increase—plus, around 1 in 10 metros across the U.S. saw price decreases.

Market Forecast

HOME BUILDING, INFLATION, RETAIL SALES... January Housing Starts are expected to be off a tad, but Building Permits should be up, a positive sign for future activity. The January Consumer Price Index (CPI) is forecast to show a gain in inflation, while the Producer Price Index (PPI) is predicted to report the same for wholesale prices. Ending on a good note, January Retail Sales are expected up after December's decline. 

U.S. financial markets will be closed next Monday, February 20, in observance of Presidents’ Day/Washington’s Birthday.

Summary

Black Knight reported purchase loan locks went up 64% from the first to last week of January, the largest jump in five years, as well as a growing trend of homebuyers paying points upfront to permanently reduce their mortgage rate.

The Mortgage Bankers Association saw mortgage applications increase 7.4% last week, noting: “Purchase activity that was put on hold last year…is gradually coming back as rates ease and housing demand remains strong.”

Freddie Mac’s chief economist observed that with the recent rate drop for the 30-year fixed-rate mortgage, “interested homebuyers are easing their way back to the market just in time for the spring homebuying season.”

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: jordan@byjoandco.com & edward@byjoandco.com 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: https://byjoandco.com/call or 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.

What next?!

• Navigate our Blog: https://byjoandco.com/categories-to-help-you-navigate-the-blog/
• Download our Moving to Texas ebook! https://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! https://byjoandco.com/wheretoliveebook.
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• Email us! Jordan@byjoandco.com.
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