Hello BBBB Friends:
Real estate activity remained quiet this week. Moving into August, we expect more of the same. The combination of vacations, back-to-school, and a high heat index makes August a traditionally slower market. I have four new listings to share today. Keep scrolling down for price improvements, new contracts, and final sales for those homes that are Still on My List.
INTEREST RATE UPDATE
As expected, the Fed increased its overnight lending rate by 75 basis points (.75%) on Wednesday, but you may be surprised as to how this affects mortgage interest rates. Inflation is the enemy of low mortgage rates. The Fed rate increase is designed to slow inflation, so as inflation cools, mortgage rates should go down. Key events:
- Interest rates for the 30-year fixed mortgage reached their highest rate since 2008 (6.25%) on June 15, 2022.
- The Fed increases the overnight lending rate by .75 basis points on June 15.
- Following the June 15 increase in the Fed rates, mortgage rates began to ease.
- With inflation still a concern, the Fed acted again Wednesday, increasing the Fed funds rate by another 75 basis points.
- The average rate on the 30-year fixed mortgage fell on Thursday to 5.22% from 5.54% the day before.
- Friday, the 30-year fixed mortgage rate fell further to 5.13%.
According to MBA Chief Economist Frank Fratantoni, “mortgage rates may have already peaked and could stay between 5% and 5.5% through the remainder of the year.”
While the ship with 2%-3% interest rates has sailed, Craig Levin of First Imperial Mortgage offers a bit of good news, “We do expect interest rates to go back into the low 4’s high 3’s in about two years, so if you like the home still buy it. You can always refinance the rate.”
(Sources: CNBC, Forbes, NerdWallet)
REMINDERS
Houston Restaurant weeks start tomorrow and run through Sept 6. White Linen Night kicks off next Saturday, August 6th.
Have a great week and,
Let’s go look at houses or talk about selling yours!!!
Becky
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Becky Davis
Compass Realty
832-628-8221
Thinking of selling? We can front the cost for painting, landscaping, upgrades, and more. No fees or interest, EVER! Click here for more information.
*Note: For purposes of BBBB, the “Heights” is defined as the area between I-10 and Loop 610 N and between Shepherd and I-45).
The Week’s Featured Properties
307 Archer: $499,990
- Brooke Smith
- Queen Anne bungalow c. 1930
- 2/1, 1347 sq ft on a 5000 sq ft lot
- Great curb appeal with landscaped front yard
- Updated kitchen and bath
- Pine hardwood flooring
- Study
- High ceilings
- Back deck and nice yard with greenspace and raised beds
- Secure driveway parking
- Zoned to Browning Elementary
The Brooke Smith neighborhood has an active neighborhood organization, the Montie Beach Civic Club, working to preserve the community through initiatives such as advocacy for park improvements and the establishment of minimum lot sizes. Montie Beach Park features a community center & lighted tennis courts, plus a playground & trails
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4034 Oak Ridge: $650,000
- Norhill Historic District
- Bungalow c. 1930
- 2/1, 1130 sq ft on 5000 sq ft lot
- Updated kitchen and bath
- Double closets in the primary bedroom
- Cute, landscaped backyard with deck
- Guest House (729 sq ft, 2-story, 1st fl living area & utility room, one bedroom & bath up)
- Faux garage front carport with additional driveway parking
- Curbed street
- Zoned to Browning Elementary
This is my cutie patootie pick of the week, presenting with a beautiful and unique front elevation, mature trees, and landscaping. The guest house was renovated this year.
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1138 Columbia: $1,100,000
- Heights East Historic District
- Queen Anne bungalow c. 1910
- 4/3, 2603 sq ft on 6600 sq ft lot
- Remodeled/renovated 2018
- Primary suite plus one secondary bedroom down
- Gameroom and two secondary bedrooms up
- POOL, back deck + greenspace
- Large storage shed
- Secure driveway parking
- Curbed street
- Zoned to Harvard Elementary
A lot of charm and tons of curb appeal. The fenced front yard features a pergola entrance, landscaping, and raised flower beds. Centrally located, stroll to restaurants on 11th and Studewood.
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626 E 12 1/2 St: $1,850,000
- Houston Heights
- Modern Farmhouse c. 2022 by Woodrock Homes
- 4/4/1, 4309 sq ft on 6266 sq ft lot
- High ceilings and wide-plank oak flooring
- Chef’s kitchen with loads of counter space
- Study
- All bedrooms up w/ensuite baths
- Gameroom up
- Covered back patio plus greenspace with pool potential
- Driveway access to an oversized 2-car garage
- Zoned to Field Elementary
This home is exceptionally light and bright, with large divided light windows in front and a wall of windows overlooking the backyard. Central location with a walk score of 83.
This Week’s Price Reductions & Status Updates
PRICE REDUCED
628 Rutland: $1,225,000 was $1,250,000
- Houston Heights
- Victorian-style c. 2015 by Frich Investments
- 4/3/1, 3153 sq ft on 4356 sq ft lot
- All bedrooms up
- Study/home office
- Covered back porch with small greenspace
- Garage APT (525 sq ft, efficiency with kitchen & bath)
- Alley access to 2-car detached garage
- Front parking pad
- Zoned to Love Elementary
Use the hike & bike trail just a few houses away to access MKT, Heights Mercantile, and Lawrence Park.
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PRICE REDUCED
1301 Arlington: $1,263,500 was $1,330,000
- Heights East Historic District
- Queen Anne bungalow c. 1920
- 3/3, 2515 sq ft on a 7788 sq ft lot
- Wrap-around porch
- Updated kitchen and baths
- Den with pocket doors & original transom
- Breakfast room with shiplap accent wall
- 3rd bedroom down with access to full bath
- Balcony off the primary bedroom overlooking pool
- Saltwater POOL
- Garage APT (884 sq ft, 1 bedroom, mini-kitchen & bath)
- Driveway access to 3-car detached garage
- Curbed street
- Zoned to Field Elementary
A gorgeous example of a traditional Queen Anne Bungalow. Corner lot, located across the street from Heights High School.
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PRICE REDUCED
1030 Merrill: $1,399,999 was $1,449,000
- Norhill (South of Pecore/11th St)
- Craftsman bungalow c. 2014
- 4/4/1, 3391 sq ft on a 6000 sq ft lot
- All bedrooms up
- Gameroom w/ ensuite bath up
- Porte-cochere
- Covered back porch with summer kitchen
- Small back yard with skinny pool potential
- Garage APT (525 sq ft, 1 bedroom, full kitchen & bath)
- Driveway access with auto-gate to 2-car detached garage
- Curbed street
- Zoned to Travis Elementary
Recent construction replica Craftsman bungalow. Porte-cochere with beadboard ceiling and fan offers additional outside entertainment opportunities. Located across from Hogg Middle School.
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OPTION PENDING
715 Bayland: $940,000
- Woodland Heights Historic District
- American Four Square c. 1920
- 3/1, 1872 sq ft on 5000 sq ft lot
- Original List Price: $940,000
- Days on Market: 9
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OPTION PENDING
619 Oxford: $1,349,900
- Houston Heights
- Craftsman c. 2011
- 3/2/1, 2955 sq ft on 6600 sq ft lot
- Original List Price: $1,349,900
- Days on Market: 5
Going, Going Gone!
SOLD
4624 Pineridge: $700,000
- Houston Heights
- Craftsman bungalow c. 1930
- 3/2, 1660 sq ft on 5000 sq ft lot
- Price at Time of Contract: $699,900
- List to Sell Ratio: 100%
- Original List Price: $699,900
- Days on Market: 7
- Title Paid By: Buyer
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741 E 16th St: $767,800
- Pinelawn
- Brick bungalow c. 1920
- 3/2, 1831 sq ft on a 5000 sq ft lot
- Price at Time of Contract: $799,900
- List to Sell Ratio: 96%
- Original List Price: $799,900
- Days on Market: 14
- Title Paid By: Seller
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1108 Omar: $1,200,000
- Norhill (south of 11th)
- Hipped roof Craftsman circa 1930
- 4/4, 2750 sq ft on a 5000 sq ft lot
- Price at Time of Contract: $1,100,000
- List to Sell Ratio: 109%
- Original List Price: $1,100,000
- Days on Market: 10
- Seller Contribution to Buyer Closing Costs: $6,000
- Title Paid By: Seller
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925 Teetshorn: $1,325,000
- Woodland Heights
- Tudor cottage c. 1935
- 4/3, 2699 sq ft on a 5000 sq ft lot
- Price at Time of Contract: $1,225,000
- List to Sell Ratio: 108%
- Original List Price: $1,225,000
- Days on Market: 5
- Seller Contribution to Buyer Closing Costs: $6,000
- Title Paid By: Seller
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But wait, there’s more…
This is just the latest and greatest; however, there are still lots more on my list that you can check out here:
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