Memorial Northwest Real Estate Market Update | February 12, 2024

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 17 homes pending, with 5 homes sold in the last two weeks, averaging a sale price of $117 a square foot. Five homes sold over the asking price.

Compared to the two weeks prior, we haven’t seen big changes in the market. The average sales price in the neighborhood is $320,200. 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.

I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways! And the educated buyer still knows, they need to buy ASAP. 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.

Memorial Northwest Real Estate Market Update _ January 29, 2024

My Two Cents: What I learned this week

In the last 30 days we have seen mortgage rates the lowest they have been since summer of 2023 and the highest they have been for all of 2024. So yes, I am seeing volatility in the interest rates, but home prices are holding stable (rising in my core neighborhoods of business), and laying low in a good way in my new construction communities.

In the local new construction market, we were crazy busy November-January, but we are feeling a lull right now. Which is great for buyers interested in an inventory home. The deals the managers are willing to make are remarkable. There is even one lender offering the first year interest rate at 1.99%. This is the time for the first time home buyer to make their move. I am really excited about the opportunities one can make if ready.

There are multiple opinions on when we will feel the spring market and when it will be at its height. If you are looking for a home that needs work though, there will be plenty. If you have really high expectations, you will most likely end up in a multiple offer situation, with little to no concessions allowed post home inspections.

But none of this should share you. With the right professional, you will be just fine.

Our local market is dictated by the school calendar. So if you are a seller, target school vacations for list date and if you are a buyer, find patience in finding the perfect home. The more of the situation you can control, the happier you will be.

And if you need help, I am only a fall away. Schedule a call here.

What is happening in the real estate market nationally?

Mortgage rates inched up slightly last week, but mortgage application submissions are still higher. Consumer credit was below expectations in December and jobless claims decreased over the past couple of weeks.

MORTGAGE RATES CURRENTLY TRENDING THIS WEEK'S POTENTIAL VOLATILITY

Notable News

  • Is the Fed late to credit stress data. Listen Now >>
  • Here's why certain homes might be losing value. Watch Now >>
  • Home buyers haven't felt this good about buying in two years. Read Now >>

Market Recap

  • Mortgage application submissions increased a composite 3.7% during the week ending 2/2. The Refinance Index increased 12% from the previous week and was 1% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 1% from one week earlier.

  • Consumer credit came in way below expectations in December, at just 1.56 billion versus the 14.90 billion expected.

  • Continuing jobless claims were at 1,871,000 during the week ending 1/27, a decrease of roughly 20,000 from the week before. Initial jobless claims were at 218,000 during the week ending 2/3, a decrease of 9,000 from the week before.

52-week-average-mortgage-rates-for-february-12-2024

Review of Last Week

OVER 5,000!... Friday, the broad-based S&P 500 closed above 5,000 for the first time ever. Plus, the tech-y Nasdaq posted a 14th weekly gain out of the last 15 weeks, while the blue-chip Dow also ended in positive territory. 

What got traders so excited? December's CPI inflation read was revised lower, indicating the Fed could start cutting rates sooner. And 81% of the 332 S&P companies reporting Q4 earnings beat their original estimates. 

Wall Street also liked initial jobless claims staying at a low level, and an ISM Services report that showed the dominant sector of the U.S. economy is still expanding, with a pickup in new orders, employment, and prices.

The week ended with the Dow UP 17 points, to 38,672; the S&P 500 UP 1.4%, to 5,027; and the Nasdaq UP 2.3%, to 15,991.

As money flowed to equities, bond prices slumped, the 30-Year UMBS 5.5% ending down 0.99, to $99.13. The national average 30-year fixed mortgage rate barely moved from the week before 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… In the last three months of 2023, 31.8% of homes for sale were new construction. This was just below the 31.9% recorded in 2022, the highest level for new homes of any fourth quarter on record.

Market Forecast

HOME BUILDING, INFLATION, RETAIL SALES... The forecast is for builders to show increased activity to start the year, with Housing Starts and Building Permits both up. The Consumer Price Index (CPI) is expected to report inflation holding in January. But analysts are predicting a small drop in Retail Sales, evidence of a pullback in consumer spending.

All U.S. financial markets will be closed next Monday, February 19, for Presidents’ Day.

Summary

For the week ending February 3, Realtor.com reports a 12.2% rise in active for-sale inventory, powered by a 12.8% boost in new listings, the biggest jump in nearly three years.

In Fannie Mae’s latest National Housing Survey, consumer housing sentiment rose to the highest level in nearly two years. Consumers are also more confident in their job situations, a sign housing sentiment may continue to improve.

CoreLogic notes home price appreciation slowed to 3.9% by the end of 2023, down from 14.5% in 2022, back to the 3.9% pre-pandemic rate. The firm forecasts annual price gains slowing to 2.8% in December 2024.

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.

download_our_local_maps

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/
• Download our Moving to Texas ebook! http://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
• Browse our Ebooks and Relocation Guides: http://byjoandco.com/ebooks
• Schedule a phone call or appointment with us! http://byjoandco.com/appointment.
• Email us! [email protected].
• Looking for a buyer’s agent? Fill out our buyer questionnaire! http://byjoandco.com/q.
• Ready to find your dream home? Search, http://search.byjoandco.com.
• Subscribe to our YouTube Channel: http://byjoandco.com/youtube.


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