Hello BBBB Friends:
Excessive heat warnings are in effect today, and there are actually fewer open houses scheduled. I have selected five new listings to review today. Keep scrolling down to see status changes, including price changes, new contracts, and final sales for homes that are Still on My List!
THE HOME INVENTORY CONUNDRUM1
Prevailing mortgage rates below 6 percent over the past several years have created a “lock-in effect” among homeowners, leading to a scarcity of available homes for sale and intensified competition among buyers.
A recent analysis by Redfin reveals that the vast majority of homeowners in the United States have mortgage rates below 6 percent. Approximately 91.8 percent of homeowners with mortgages are paying less than 6 percent interest, making them reluctant to sell their homes and enter the mortgage market. Eighty-two percent have a rate below 5 percent, 62 percent have a rate below 4 percent, and a lucky 24 percent have a rate below 3 percent!
The current average mortgage rate stands at 6.71 percent, the highest level over two decades, discouraging buyers and sellers. Redfin’s Deputy Chief Economist, Taylor Marr, states that the lock-in effect is expected to persist, as mortgage rates are unlikely to drop below 6 percent by the end of the year. Low inventory levels and decreased listings have led to increased competition among homebuyers, preventing severe price drops despite weakened demand.
At what mortgage rate, would homeowners consider listing their homes? Per the Redfin survey, if rates were to drop to 5 percent, 27 percent of homeowners considering listing their homes would feel more motivated to do so. Forty-nine percent would be motivated if rates dropped to 4 percent or below, and 78 percent would strongly consider selling if rates reached 3 percent or below. However, with the Federal Reserve’s focus on fighting inflation, such low rates are unlikely. As a result, only those homeowners who have a need to sell, such as those moving out of town, or for job or health reasons, are currently listing their homes for sale.
1Sources: Refin, Inman News
Have a great week, and,
Let’s look at houses or talk about selling yours!
Becky Davis
—
Information About Brokerage Services
TREC Consumer Protection Notice
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
1008 Northwood: $640,000
- Brooke Smith
- Craftsman bungalow, c. 1940
- 3/2, 1874 sq ft on a 5000 sq ft lot
- Renovated in 2014 with recent updates
- Refinished pine wood floors
- Formal dining room with interesting brick architectural detail and tray ceiling.
- Primary suite with wooden beam ceiling, walk-in closet with barn doors
- Nice curb appeal with landscaping and mature trees
- Raised back porch and small green yard space
- Gated access to a 1-car detached garage
- Zoned to Browning Elementary
Located directly across from Monte Beach Park. The park features a community center, lighted tennis courts, a playground, and trails. (and parking for your guests!)
******
1016 Lawrence: $700,000
- Houston Heights
- Garage front, Neo-classical, c. 2017 by Loftech
- 4/2/1, 2410 sq ft on 2625 sq ft lot
- Wide plank white oak flooring
- Office/study or 4th bedroom on the second floor
- Primary suite with tray ceiling, double closets & huge slipper tub
- Double-width sliding glass doors open to the backyard
- Pergola, pavers, and turf complete the yard space
- Front-entry 2-car attached garage
- Additional driveway parking
- Zoned to Love Elementary
Contemporary styling. One of several similar homes by Loftech in this area. Trattoria Sofia (Italian) and Loro (Asian Fusion) are at the block’s end on 11th Street.
******
541 W 23rd St: $1,110,000
- Houston Heights
- Greek Revival, c. 2020 by Enterra Homes
- 3/3/1, 2812 sq ft on a 3276 sq ft lot
- 12′ ceilings down
- Office/study
- Chef’s kitchen with 48″ range
- All bedrooms up with en-suite baths and walk-in closets
- Covered back porch and added deck, pet patch
- Garage APT (unfinished space, w/electricity & plumbed)
- Alley access to 2-car detached garage
- Front parking pad
- Zoned to Helms Elementary
High walkability with proximity to HEB, the Hike and Bike Trail, and all of the restaurants and shops along 19th and 20th Streets.
******
815 Ashland: $1,195,000
- Houston Heights
- Garage front Colonial Revival, c. 2013 by Unika Builders
- 3/3/1, 3173 sq ft on 4399 sq ft lot
- Renovated kitchen and primary bath
- Cute fenced-in front courtyard
- Chef’s kitchen with waterfall island (seats six plus storage) and Thermador stove
- Upstairs game room with refreshment center and balcony
- All bedrooms up with en-suite baths
- Covered back porch and nice green space
- Front-entry 2-car garage
- Zoned to Love Elementary
Garage-front homes have become common in the Heights. A notable benefit of homes with front-entry garages is their ability to optimize backyard space, particularly on smaller lots that lack alley access. The wide driveways also provide additional parking.
******
927 Cortlandt: $1,439,900
- Heights South Historic District
- Mixed-style Bungalow, c. 1920
- 4/2/1, 2776 sq ft on 6600 sq ft lot
- Renovated/expanded in 2014
- Incredible 76′ wrap-around porch
- Formal living room, dining room + family room
- Primary suite and 1 secondary bedroom up; 2 secondary bedrooms down
- The backyard is predominantly a pool with concrete surround and a small amount of green space
- Garage APT (360 sq ft, efficiency, full bath & kitchenette)
- Porte-cochere w/access to porch and house
- Driveway access to 2-car detached garage
- Curbed street
- Zoned to Harvard Elementary
I love the front facade of this bungalow. It expertly merges elements from different bungalow styles, resulting in a truly distinctive and beautiful home.
******
This Week’s Price Reductions & Status Updates
BACK ON MARKET
- Houston Heights
- Queen Anne Bungalow, c. 1920
- 2/2, 1482 sq ft on a 7920 sq ft lot
- Ready for updates
- 11′ ceilings
- Classic curved wrap-around porch and decorative sash windows
- Back deck and small courtyard
- Huge front and side yards for greenspace
- Garage APT (624 sq ft, 1 bedroom, full kitchen & bath)
- Corner lot w/side street access for oversized 2-car detached garage
- Curbed streets
- Zoned to Field Elementary
When a listing says, ‘livable condition,’ that means fixer-upper. This is one of my favorite Heights homes. Located on a corner lot, next to Marmion Park and across the street from the iconic Truxillo home at 1801 Harvard, it comes with HAHC-approved plans for a 2840 sq ft, 4/3.5 bath home.
******
PRICE REDUCED
2202 Oxford: $1,175,000 was $1,200,000
- Houston Heights
- Greek Revival, c. 2006
- 3/2/1, 2718 sq ft on 5500 sq ft lot
- Wraparound double gallery front porches
- Kitchen updates, fresh paint, refinished floors
- Living and family rooms
- Picture-worthy curved wrought iron staircase
- Open game room up
- Primary suite with 12′ coffered ceilings & private balcony
- Large back deck, above-ground endless swimming pool, small green space
- Fenced front yard for additional green space
- Garage APT (440 sq ft, efficiency, full kitchen & bath)
- Driveway access to 2-car detached garage
- Corner lot, driveway parking
- Zoned to Field Elementary
Stroll 2 blocks to Chiloso’s for some of the best breakfast tacos in the city. (Note the mirrors have been removed from the house and apartment, most likely for painting.)
*****
PRICE REDUCED
813 Lawrence: $1,350,000 was $1,380,500
- Harding Heights (West Heights)
- Contemporary/modern, c. 2016 by CEA Loveless
- 3/3, 3003 sq ft on a 4500 sq ft lot
- Office or 4th bedroom down with access to full bath
- Gorgeous waterfall natural stone kitchen island
- Additional den/flex-room
- Primary suite with tray ceilings, double-sided fireplace, and sitting area
- Sports fan’s dream media room with 110-inch projector plus 2 additional wide-screen TVs
- Covered back porch with summer kitchen and fire pit, plus turfed backyard
- Driveway access to a 2-car front-entry attached garage
- Additional driveway and pad parking in front
- Zoned to Love Elementary
Walkable location just a block from Lawrence Park and the Hike & Bike Trail. Just a few steps further to the ever-expanding MKT mixed-use complex with a number of restaurants, shops, and office space. (PS. CEA Loveless is one of my favorite contemporary builders.)
******
PRICE REDUCED
514 Woodland: $1,895,000 was $1,925,000
- Woodland Heights Historic District
- American Four Square, c. 1932
- 4/3/1, 4198 sq ft on a 6200 sq ft lot
- Renovated/expanded 2022 by Tribe Build Co
- White oak hardwoods with herringbone patterns in several areas
- Study/home office
- High-end finishes throughout
- Large primary suite with tray ceiling, huge primary closet
- Gameroom
- Small backyard
- Driveway access to 2-car attached garage
- Zoned to Travis Elementary
Within walking distance of Travis Elementary and a short distance to Woodland Park, Stude Park, and the hike and bike trail.
******
OPTION PENDING
715 Peddie: $864,000
- Ridgewood
- Craftsman bungalow, c. 1930
- 3/2, 1505 sq ft on 5600 sq ft lot
- Original List Price: $864,000
- Days on Market: 2
******
OPTION PENDING
1034 E 7th St: $1,500,000
- Norhill (South of 11th St/Pecore)
- Dutch Colonial Revival, c. 1922
- 4/4, 3672 sq ft on 8580 sq ft lot
- Original List Price: $1,500,000
- Days on Market: 4
******
Original List Price: $
Days on Market:
******
Going, Going, Gone!
1038 E 16th St: $910,000
- Norhill Historic District
- Craftsman bungalow, c. 1925
- 3/2, 1692 sq ft on a 5000 sq ft lot
- Price at Time of Contract: $949,000
- List to Sell Ratio: 96%
- Original List Price: $949,000
- Days on Market: 17
- Title Paid By: Seller
- Seller Contribution to Buyer Closing Costs: $3,464
******
610 E 8th 1/2 St: $1,275,000
- Creole Heights (Houston Heights)
- Greek Revival, c. 2003 by Creole Builders
- 3/2/1, 3024 sq ft on 5513 sq ft lot
- Price at Time of Contract: $1,295,000
- List to Sell Ratio: 98%
- Original List Price: $1,295,000
- Days on Market: 2
- Title Paid By: Seller
- Seller Repairs: $2,000
*****
714 Highland: $1,400,000
Woodland Heights Historic District
Craftsman bungalow, C. 1909
4/4, 3003 sq ft on 5000 sq ft lot
Price at Time of Contract: $1,400,000
List to Sell Ratio: 100%
Original List Price: $1,400,000
Days on Market: 4
Title Paid By: Seller
Seller Repairs: $5,000
******
Price at Time of Contract: $
List to Sell Ratio: %
Original List Price: $
Days on Market:
Title Paid By: Seller
******
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:
Social Cookies
Social Cookies are used to enable you to share pages and content you find interesting throughout the website through third-party social networking or other websites (including, potentially for advertising purposes related to social networking).