In this week’s Market Monday, I’ll review how the Wesley Chapel real estate market fared in May of 2017.
The Numbers of Homes Sold leaped 32%, as 171 homes sold. That was 41 more than in May of 2016. Prices increased 2%, as the Median Sold Price* stood at $264,500, up from $259,908 in May 2016. The Number of Homes for Sale rose 6% or 33 more homes than in May of 2016. The Number of New Properties jumped 17% or 32 more units than in May of last year.
Months of Supply, which measures housing inventory, plunged 22% — from 2.3 months (May 2016) to 1.8 months (May 2017). The Average Number of Days a home stayed on the market before being sold fell 19%, as homes sold in 41 days. That’s 9 fewer days, on average, than they sold in May 2016.
For a more detailed breakdown of the trends over the past 12 months, see the charts below.
(MEDIAN SOLD PRICE – Median means “in the middle,” meaning that half of the homes sold above the Median Sold Price and half sold below it. For example, if 5 homes sold in a zip code for $200,000, $250,000, $300,000, $400,000 and $800,000, the Median Price would be the one in the middle. In this case, that would be the $300,000 home.In contrast, average selling price would just be the sum of the selling prices of the 5 homes divided by 5, or $330,000. Many real estate statisticians prefer median price as a better indicator of the “typical” price within an area or zip code. Why? It is not affected by “outliers” or homes sold at an extremely high or low price, like the $800,000 home in our example.)
Home sales in Wesley Chapel heated up in May and should continue to outperform 2016 numbers through the summer. The biggest limiting factor will be the lack of inventory (homes for sale). If you’re on the fence about selling, it’s a good time to move forward since buyers are motivated but have fewer and fewer homes to choose from.
(Want a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently? Call Annette Bohannon at 813-431-2840 and get a FREE detailed, market evaluation of your home or you can get a Free Market Report by following this link.)
Now let’s look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!
With 2,196 votes in the final round, Holy Hog Barbecue was named TBBJ’s Best Barbecue in the Bay 2017.
Holy Hog was founded by University of South Florida alumni Danny Hernandezin 2010, and has since expanded to five locations, all in the Tampa Bay area. Holy Hog, which is co-owned by Dave Burton, was honored as a 2016 USF Fast 56 award winner.
Holy Hog locations include downtown Tampa, which opened in 2014, South Tampa, Carrollwood, West Tampa and inside Amalie Arena.
From the Blog:
According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?
Ralph McLaughlin, Trulia’s Chief Economistexplains:
“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”
Read Blog Post
Advice for Buyers:
Tampa is #2.
- Home values (median): $183,300
- Annual forecasted appreciation: 3.2%
Residents of Tampa enjoy warm weather year-round, at a cost that’s lower than many other beach towns. Nearly one-in-five house listings in Tampa have had a recent price cut, according to Zillow, suggesting the market there may be less competitive for new homebuyers than in some other cities.
Alongside potential real estate deals, homeowners in Tampa will find a thriving financial sector as well as military jobs at the MacDill Air Force Base. “The I-4 corridor is the bread basket for growth in Florida, and a lot of that boils down to affordability,” says Sean Snaith, an economist with the University of Central Florida.
Millennials locked out of their homeownership dreams by high debt-to-income ratios and student loan debt will soon have reason to take another look at purchasing, thanks to a number of policy changes at Fannie Mae.
First, Fannie Mae recently announced that beginning July 29, they will accept borrowers with debt-to-income ratios, or DTI, as high as 50 percent, up from 45 percent today.
Advice for Sellers
We’ve discussed in detail how effective home staging and great photography can be when selling a home. But how do you accomplish this with a vacant, empty home? One option is to furnish the whole home as part of the staging process. The other is virtual staging.
We spoke with Krisztina Bell, Founder of Virtually Staging Properties, to learn more about virtual staging and how it helps sell homes.
What Is Virtual Staging?
Virtual or digital home staging is virtually placing furniture and decor into photos of a typically vacant home to show buyers what the room would look like with furniture. Because online listings and their photos are so important, and photos of empty homes are far less attractive to potential buyers, virtual staging is an effective way to impress buyers and drive traffic to the home.
Attention home-sellers: before you even think of putting your house on the market, you might want to consider giving the space a wash of color. But not just any color! According to the 2017 Paint Color Analysis study conducted by Zillow, blue paint has the potential to add serious value to your home’s selling price.
The popular real estate site researched five different spots — kitchens, bedrooms, bedrooms, dining rooms, and front doors — to determine just how much value we’re talking about. Spoiler: the numbers are staggering.
The 30-year mortgage rate rose 2 basis points over the week to 3.91 percent. However, our survey was conducted before investors drove Treasury yields sharply lower in a reaction to the surprisingly weak CPI release. If that drop in yields sticks, mortgage rates are likely to follow in next week’s survey.
- 30-year fixed-rate mortgage (FRM) averaged 3.91 percent with an average 0.5 point for the week ending June 15, 2017, up from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.
- 15-year FRM this week averaged 3.18 percent with an average 0.5 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.5 point, up from last week when it averaged 3.11 percent. A year ago at this time, the 5-year ARM averaged 2.74 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Thanks for reading Tampa Market Monday. If you want help buying or selling your home, please get in touch. We have sold over 4,600 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!
You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.
Have a Fantastic week!
Team Bohannon, Keller Williams, 813-431-2840
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