Terranova Market Update | April 18, 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 Terranova. 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 Terranova?
We currently have 8 homes pending, with 5 homes sold in the last two weeks, averaging a sale price of $135 a square foot. All homes sold over asking price, with one home selling 10.4% above the listing price. Compared to this time last year you are seeing huge gains. We are seeing buyers flock to areas like TerraNova with established neighborhoods and tons of character. We are seeing a large shift in young families energizing older communities. Historically many communities like TerraNova find a large majority of homeowners choosing to age in place. Thanks to unprecedented rising prices we are seeing some of these folks coaxed out earlier than intended. We are not at all saying that a younger community is better, or that older people should move out. The fact is older people, many on a fixed income aren't able to, nor find the value in replacing high ticket items in a home. This contributes to lower price per SqFt and lower overall neighborhood values. Thanks to the current market we are seeing this cycle interrupted, and older neighborhoods becoming pillars of the community again, not just a great value.
Check out the graphic below for a larger overview of the real estate market for the last two weeks in Terranova.
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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