Rock Creek Real Estate Market Update | September 19, 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 Rock Creek. 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 Rock Creek?
We currently have 1 home pending, with only 0 homes sold in the last two weeks.
Compared to the two weeks prior, no homes have sold in Rock Creek. This is most likely a coincidence, so we will be sure to keep an eye on it over the next couple of weeks. 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 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 the neighborhoods. 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 Rock Creek.
What is happening in the real estate market nationally?
Mortgage rates trended higher last week after inflation levels for August came in much hotter than expected. Mortgage application submissions dropped. Initial jobless claims decreased while continuing jobless claims increased. Retail sales increased in August.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
- Wells Fargo’s Equity Research Division names CMG Financial a Best Mortgage
Company to Work For. Read Now >>
- CMG Financial raises conforming loan limits early. Read Now >>
- HELOC origination is surging. Listen Now >>
- While experts had predicted inflation would fall in August, it rose 0.1% month-over-month according to the consumer price index. Annual inflation levels were also higher than expected, at 8.3% vs. 8.1% predicted. Surprisingly, the main contributors to the rise didn’t appear to be gas or energy due to the core consumer price index levels that were twice as high as expectations, rising 0.6% month over month.
- Mortgage application submissions dropped a composite 1.2% during the week ending 9/9. Refinance application submissions decreased 4% while purchase application submissions slipped by a slight 0.2%.
- Continuing jobless claims increased a mere 2,000 during the week ending 9/3 while initial jobless claims fell by 5,000.
- Retail sales increased 0.3% month-over-month and 9.1% year-over-year in August.
Review of Last Week
INFLATION STRIKES BACK... Just when we thought the inflation surge was over, the August Consumer Price Index (CPI) went up. Stocks tanked, as traders feared this would spark more aggressive Fed rate hikes and a resulting recession.
The 0.1% CPI gain would have been bigger if gas prices hadn't dipped for the month (though they're still way up for the year), because other prices increased sharply, notably food and shelter, both up 0.8% for the month.
August Retail Sales ticked ahead 0.3%, driven by inflation. Thanks to lower gas prices, University of Michigan Consumer Sentiment stopped dropping, but it's still historically low, with uncertainty over inflation the highest since 1982.
The week ended with the Dow down 4.1%, to 30,822; the S&P 500 down 4.8%, to 3,873; and the Nasdaq down 5.5%, to 11,448.
Also hating inflation, bonds followed stocks south, the 30-year UMBS 5.0% down 0.98, to $99.18. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate rose 13 basis points (0.13%). 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 best time to buy a house in 2022 will be September 25 through October 1. Traditionally, there are about 8.4% more homes for sale, priced an average of $20,000 less than usual.
HOME BUILDING UP, FED RATE UP, EXISTING HOME SALES DOWN... August Housing Starts are forecast to inch up, but so is the Fed Funds rate. The only question about the FOMC Rate Decision is whether the Fed will go for a full percentage point hike. August Existing Home Sales are expected to come down to a 4.7 million annual rate.
The National Association of Realtors reports active housing market inventory continues to grow, up 27% from a year ago. Versus last year, shoppers have more homes to consider, although inventory still isn’t back to pre-pandemic levels.
A recent study reveals adults with school-aged children will account for nearly one in four home sales over the next 10 months. Families with kids over 18 and empty nesters will also be active, singles and retirees not as much.
Freddie Mac: “Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate," so, "while home price declines will likely continue, they should not be large.”
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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