Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Magnolia, Texas, specifically a market update for the neighborhood of Lake Windcrest. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
See this blog post in its original form at: https://byjoandco.com/2022/09/05/lake-windcrest-real-estate-market-update-september-05-2022/
We currently have 3 homes pending, with only 1 home sold in the last two weeks, averaging a sale price of 240 a square foot. One home 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 965,000. 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! 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 Lake Windcrest.
Mortgage rates trended upward last week after unexpectedly strong jobs data, overseas inflation spike, and overall bond market weakness. Home price appreciation cooled in June on both the FHFA house price index and the Case-Shiller home price index. Job openings increased in July. Mortgage applications slipped. ADP employment increased in June but decreased in July and August. Initial jobless claims went down while continuing claims inched up. Construction spending decreased in July. The employment situation was overall stronger than expected.
MORTGAGE RATES CURRENTLY TRENDING | THIS WEEKS POTENTIAL VOLATILITY |
The law of supply and demand examines the relationship between buyers and sellers, specifically the price of a good and the willingness of a buyer to pay that price. Inflation has a direct impact on supply and demand. Historically, the demand for houses may be lower during higher periods of inflation because of higher mortgage rates, something that can cause houses to sit unsold for longer and their prices to sometimes drop. While that might not seem like great news for homeowners, it’s worth noting that the overall value of houses steadily increases over time, meaning that houses still likely sell for more than what homeowners initially paid for them. And if time isn’t of the essence and homeowners can wait longer to sell, then the market would eventually balance out.
On the other hand, this can be good news for homebuyers since there’s less competition for homes as more people may wait for mortgage rates to drop again. Since inflation can be somewhat unpredictable, it’s not always easy to determine when exactly rates will rise or fall. Ultimately, homeownership is still a highly valuable investment for a variety of reasons.
FED FEARS FRUSTRATE GOLDILOCKS JOBS... A not-too-hot, not-too-cold August jobs report wasnt enough to quell investor fears of another big Fed rate hike this month, so stocks dropped for the third week in a row.
Traders at first felt the Fed would ease up, given the mediocre 315,000 new jobs and unemployment climbing to 3.7%. But labor force participation rose to 62.4% and hourly earnings gained 0.3%, both signs of economic strength.
There were worries Russian giant Gazprom would prolong the halt of its natural gas flow to Europe, while over here, orders for manufactured goods fell in July. But ISM Manufacturing still showed expansion in August.
The week ended with the Dow down 3.0%, to 31,319; the S&P 500 down 3.3%, to 3.924; and the Nasdaq down 4.2%, to 11,631.
Bond prices overall also headed south, pushing yields and interest rates up, the 30-year UMBS 5.0% down 0.78, to 100.32. The national average 30-year fixed mortgage rate continued to move up in Freddie Macs 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… Realtor.com reports seller sentiment is declining, as the number of newly listed homes keeps falling, down 12% from a year ago, even though home prices are still near record highs and home equity has shot up.
SERVICES GROWTH DOWN, JOBLESS CLAIMS UP... The big services sector of the economy is expected to keep growing in July, but at a lower rate by the ISM Non-Manufacturing Index. Weekly Initial Jobless Claims should head up a bit, also indicating a slowing economy, something the Fed wants, to stem inflation.
All U.S. financial markets were closed yesterday, September 5, in observance of Labor Day.
In July, total residential construction spending fell 1.5% below June’s revised estimate, to a 920.4 million annual rate. However, that number is still 14.1% above where residential spending was in July a year ago.
June saw the smallest monthly home price gains in two years. Both the Case-Shiller index, up 0.3%, and the FHFA index for homes financed with conforming mortgages, up just 0.1%, came in with sharp decelerations.
And July saw price gains reverse in Black Knight’s home price index. They reported the median U.S. home price slid 0.77%--the first monthly drop in nearly three years and the largest one-month decline in more than 11 years.
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: jordan@byjoandco.com & edward@byjoandco.com 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 yall 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.
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. Dont forget to check out our YouTube Channel!
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: https://byjoandco.com/call or just send us an email: jordan@byjoandco.com. 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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