Coles Crossing Market Update | April 18, 2022
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 Cole Crossing. 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 Cole Crossing?
We currently have 12 homes pending, with only 4 homes sold in the last two weeks, averaging a sale price of $151 per square foot. Four homes sold over asking price, with one home selling 8% above the listing price. While this may look promising, of those 4 homes, two of them sold under list price. In this market, at that price point, this should not be happening.
What are the largest factors contributing to the lack of success? One is obvious, the listing agent is failing to list the property accurately. In similar neighborhoods like Fairfield we are not seeing a single house go for under list price at all. An even close look shows that both homes under list were offered by Open Door. Please please please reconsider before getting involved with these folks. You are leaving a lot of money on the table and hurting your neighbors property values.
The second is a bit more elusive, and can be a hard pill for homeowners to swallow. These homes fall into grey area. They are not old enough to be remodeled, but not new enough to appeal to current trends. When you walk into a home and see rounded granite countertops, formica counters, cultured marble sinks, etc. you know that you're in a late 90's to early 2000's home and it just feels blah. People want sharp edged white quartz, not baltic brown granite, or sea shell shaped cultured marble sinks. It doesn't matter if your home is meticulously maintained, it is still dated. This is inevitable, and accentuated by the rapid growth and availability of new homes in close proximity.
Check out the graphic below for a larger overview of the real estate market for the last two weeks in Cole Crossing.
What is happening in the real estate market nationally?
Mortgage rates trended higher last week as the market continued to adjust and prepare for the Fed’s May meeting. The consumer price index climbed to a fresh 40-year high while mortgage applications fell. Continuing jobless claims decreased while initial jobless claims rose higher. Retail sales climbed despite high inflation levels.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
- RE/MAX CEO speaks about what’s driving the hot housing market. Watch Now >>
- Fed officials discuss possibility of 40-year mortgage terms. Read Now >>
- Can home building innovations help revive the home inventory? Listen Now >>
- The consumer price index rose a seasonally adjusted 1.2% month-over-month in March after rising 0.8% in February. Year-over-year, the consumer price index rose 8.5% -- again hitting a new 40-year high. Increases in prices for gas, shelter, and food were the largest contributors to overall rise. Another key factor contributing to the climb is the Russia-Ukraine conflict. The core consumer price index, stripping out food and energy, increased 0.3% monthly and 6.5% annually.
- Mortgage application submissions decreased 1.3% during the week ending 4/8, a smaller decrease than the week before. The Refinance Index fell 5% while the Purchase Index increased 1%.
- Continuing jobless claims dropped lower during the week ending 4/2, down to a level of 1.48 million. Initial jobless claims, however, increased to a level of 185,000 during the week ending 4/9.
- Retail sales increased 0.5% month-over-month in March. This is slightly lower than expected and a small pace slower than the previous month. Inflation pressures are likely affecting many consumers’ purchases.
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.
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.
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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, Jo.
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