Memorial Northwest Real Estate Market Update | September 12, 2022
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 18 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $117 a square foot. Four homes sold over the asking price, with one home selling 6% above the listing price. Compared to the two weeks prior: The number of homes sold is still the same, but the average sales price is up $507,250 ($490,500 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.
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.
What is happening in the real estate market nationally?
Mortgage rates remained relatively unchanged last week. Mortgage application submissions saw a composite decrease. Continuing jobless claims increased slightly while initial jobless claims decreased slightly. Consumer credit rose at a slower pace in July.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
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Mortgage application submissions decreased a composite 0.8% during the week ending 9/2. The Refinance Index fell 1% and the Purchase Index fell 1%.
Continuing jobless claims increased by roughly 40,000 during the week ending 8/27.
Initial jobless claims dropped by roughly 6,000 during the week ending 9/3.
Consumer credit moderated in July, rising at a 6.2% annual rate, or $23.8 billion.
Revolving credit, like credit cards, climbed 11.6% in July, which was lower than June’s levels. Nonrevolving credit, typically auto and student loans, rose 4.4%, which was also lower than June’s levels.
Review of Last Week
ROLLER COASTER UP... A shortened four-day week was all traders needed to turn the stock market's three-week losing streak into big gains on the three major indexes, led by the tech-heavy Nasdaq.
The negative pull of a 75-basis-point Fed rate hike later this month seems already priced into the market, and inflation worries are on hold as gas prices have dipped while Wall Street waits for next week's data on consumer prices.
Plus, traders couldn't resist the stock bargains resulting from last month's losses, and the higher-than-expected ISM Non-Manufacturing Index showed the services sector is expanding and the economy is not yet in recession.
The week ended with the Dow UP 2.7%, to 32,152; the S&P 500 UP 3.6%, to 4,067; and the Nasdaq UP 4.1%, to 12,112.
With investor money heading to stocks, bond prices receded, the 30-year UMBS 5.0% down 0.16, to $100.16. In Freddie Mac's Primary Mortgage Market Survey the national average 30-year fixed mortgage rate rose 23 basis points (0.23%). Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Realtor.com reports the national inventory of active listings in August increased by 26.6% over last year. They note that although new listings are slowing, the overall inventory keeps growing, providing more choices for buyers.
INFLATION MODERATES, RETAIL FLAT, CONSUMERS DOWN... Overall inflation in both the Consumer Price Index (CPI) and the wholesale Producer Price Index (PPI) are predicted to be unchanged for August. However, their Core readings, which exclude food and energy prices, are predicted to head up. August Retail Sales are forecast flat, while the preliminary University of Michigan Consumer Sentiment read for September is expected up a little, but still historically low.
The Mortgage Bankers Association Chief Economist sees "no sign of a rebound in purchase applications yet, but the robust job market and an increase in housing inventories should lead to an eventual increase in purchase activity.”
A consulting firm’s August survey of homebuilders found that home price cuts along with other incentives are helping sales. Plus, the costs for construction materials are beginning to come back down as the supply chain heals.
Recent data from the Federal Reserve shows that even as mortgage rates put a damper on demand, U.S. home equity in the second quarter grew to $29.0 trillion, a whopping $1.2 trillion higher than the prior quarter.
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.
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.
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