Category: Tampa

July 5th, 2017 by Annette Bohannon

Happy Monday! I hope all of you have a wonderful 4th of July Holiday!

Today, I’ll review how the Hillsborough County’s (Tampa) housing market performed in June of 2017. Prices continue to rise, while the inventory of homes for sale goes down.

Median Sold Price* stood at $245,000 in June — up 7% (or $16,000) compared to June of 2016. The number of Homes Sold rose by 4% — from 1,901 in June of 2016 to 1,977 this June. So 76 more homes sold than June a year ago.  In addition, there were 402 fewer Homes for Sale, a 5% decline from a year ago. The number of New Properties increased 11% from June of 2016.

The Average Number of Days a home stayed on the market before being sold fell 15% year over year. Homes sold in an average of 46 days compared to 54 in June a year ago. Also, Housing Inventory plunged 40% — from 3.3 months of supply (June 2016) to 1.3 months (June of 2017).

See a more detailed view of the trends  in 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.)

Bottom Line

Sellers still hold the upper hand as housing inventory stays under two months of supply and buyers continue to buy homes at a strong pace.  So prices should continue to trend upwards. (Five months and under is considered a seller’s market, five to six is a balanced market, and over six is a buyer’s market.) But fortunately for buyers interest rates have not gone up as anticipated. That means buyers can still get a lot of bang for the buck, which means more house for their dollars.

(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 best blog posts, articles and infographics we’ve found this week. Enjoy!

Tampa:

Vinik-Gates venture promises a new downtown for Tampa

Developers on Tuesday released new details on the scope and substance of an ambitious real estate project that will increase the size and population of downtown Tampa, vastly altering the city’s skyline and creating a “main street” out of thin air and parking lots.

The project is named Water Street Tampa. It’s a joint venture between Lightning owner Jeff Vinik and Microsoft co-founder Bill Gates. Over the next 10 years, they will invest more than $3-billion in transforming the area around Amalie Arena and Channelside Drive.

“This is one of the biggest construction projects in the country,” said James Nozar, CEO of Strategic Property Partners, which is the official name of the real estate venture. “When work begins full-throttle in a few months, we’ll have upwards of 22 construction cranes swinging around downtown Tampa.”

Read More

 

From the Blog:

Pre-Approval Should Always Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

Read More

 

75% of Homeowners Think Now is a Good Time to Sell!

The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market Experience (HOME) Survey. The report covers core topics like, “if now is a good time to buy or sell a home, the perception of home price changes, perceived ability to qualify for a mortgage, and [an] outlook on the U.S. economy.”

The survey revealed that 75% of homeowners think now is a good time to sell, compared to 70% last quarter. This is a considerable increase from more than a year ago when 66% agreed.

Read More

Buyers:

Falling inventory forces homebuyers to move at fastest pace ever

Housing inventory fell 8.9% from last year in the second quarter of 2017, sending homebuyers scurrying to beat the rising competition.

Housing inventory dropped for nine consecutive quarters, and is currently down a full 20% from inventory levels five years ago, a new report from Trulia shows.

Read More

15 money-saving tips for first-time homebuyers

The door for first-time homebuyers is wide open.

Rents are rising faster than incomes, which is causing many millennials to enter the market and buy. In fact, half (50 percent) of today’s homebuyers are under the age of 36, according to Zillow’s 2016 Consumer Housing Trends Report, and 47 percent are first-time buyers. Solo homebuyers are in the minority, while most buyers are shopping with a spouse or partner (73 percent).

Read More

Search Tampa Homes for Sale

Sellers

Overcoming Objections: 4 Savvy Seller Mindsets to Adopt When Selling a Home

Before decluttering, cleaning or rearranging furniture to put a house on the market, homeowners have to get in the right frame of mind to ensure a successful sale.

The best outcomes happen when selling a home starts with the seller’s ideology about the process. The home seller’s psychology, habits and practices are what solidify the deal, because they’re willing to live with – or in some cases, live without – their stuff to get to the closing table.

Read More

4 Updates Every Home Seller Should Avoid

Before you put your home on the market, consider remodeling. Even small projects can recoup 100% or more of their costs.
The projects most likely to make back their money include a remodeled master bathroom and minor updates to the kitchen. But there are four that won’t increase your home’s value:
  • Home office
  • Upscale master suite addition
  • Family room addition
  • Upscale kitchen remodel
Remodeling rooms people spend less time in (a home office, media room or master bedroom addition) might be worth it if you’re planning on staying in your home. But if you’re looking at return on investment, these projects only give you a 50% to 75% return rate.

Read More

Home Loans

30-Year Fixed Mortgage Rate Hits New Low

The 30-year mortgage rate fell 2 basis points to 3.88 percent this week. However, the majority of our survey was conducted prior to Tuesday’s sell-off in the bond market which drove Treasury yields higher. Mortgage rates may increase in next week’s survey if Treasury yields continue to rise.

  • 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.5 point for the week ending June 29, 2017, down from last week when it averaged 3.90 percent. A year ago at this time, the 30-year FRM averaged 3.48 percent.
  • 15-year FRM this week averaged 3.17 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.78 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week with an average 0.5 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 2.70 percent.

PMMS Chart

Thanks for reading Tampa Market Monday. We’d love to help you buy or sell your home so please get in touch! You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.

Have a Fantastic week!

Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com

 

Search for Tampa Homes By Neighborhood

Tampa

Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to makeup Tampa Bay. It offers…
View 3546 homes

Apollo Beach

Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
View 325 homes

Land O Lakes

Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
View 468 homes

Lithia/Fishhawk

FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
View 215 homes

Lutz

Lutz, which began as a small train depot on the Tampa North Railroad, now has about 20,000 residents. It was named for W. P. Lutz, who brought the railroad to…
View 424 homes

New Tampa

New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
View 361 homes

Carrollwood Area

The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
View 266 homes

Odessa

Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
View 271 homes

Brandon

Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
View 311 homes

Riverview

Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
View 703 homes

South Tampa

South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
View 1055 homes

Ruskin

Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
View 297 homes

Valrico

Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
View 263 homes

 

Wesley Chapel

Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
View 502 homes

Westchase

Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
View 154 homes

Luxury Homes

Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
View 3772 homes

Golf Course Communities

If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
View 6222 homes

Waterfront Properties

Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
View 13625 homes

Posted in Hillsborough County, Tampa, Tampa Market Monday

June 27th, 2017 by Annette Bohannon

Happy Monday!

Today, let’s take a look at how the housing market did in the Greater Tampa area in May of 2017.

The table above shows that Total Sold Dollar Volume climbed 27.6% in May 2017 compared to May of last year. The Number of Homes Sold (or Closed Sales) also jumped 14.2% YOY (Year-Over-Year), as 3,548 homes sold. In addition, The Median Sold Price* rose 8.6% to $220,000. Average Price Per Square Foot was also up compared to last May. It increased 11.8% to $133.

The Average Number of Days a home stayed on the market dropped to 48 days, 15.8% lower than May of 2016, while the Median Days a home stayed on the market plummeted 32.3% to 21 days. To get the Average Days you simply take the number of days it took all homes to sell and divide it by the number of homes sold. On the other hand, Median Days on the Market shows that half of the homes on the market sold in 23 days or less and the other half took more than 23 days.

(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? “Outliers” or homes sold at an extremely high or low price — like the $800,000 home in our example — do not affect it as much.)

See charts below for a more detailed breakdown of the trends.

Bottom Line

The Greater Tampa real estate market as a whole is performing much better than in 2017. Demand indicators, such as home sales, prices, and total dollar volume increased, while supply indicators like months of supply and days on the market fell. These trends are expected to continue as the real estate season moves from Spring into Summer.

The next two to three months present a prime selling opportunity for those who want to sell. You still have plenty of time to get your home on the market and sold before things settle some in the fall, but you need to act now to do so.

(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.)

Now here’s an overview of some of the most helpful and interesting blog posts, articles, and infographics we’ve read this week. Enjoy!

Tampa:

Port Tampa Bay approves demolition of part of Channelside Bay Plaza

TAMPA — Port Tampa Bay’s board of directors unanimously approved a plan to demolish part of Channelside Bay Plaza to make room for new restaurants, retailers and waterfront views.

Port officials voted in favor of amending Strategic Property Partners’ ground lease on the 230,532-square-foot retail plaza adjacent to the port at a meeting Tuesday morning.

This amendment allows SPP — the real estate firm owned by Tampa Bay Lightning owner Jeff Vinik and Bill Gates’ Cascade Investment — to demolish the southwest portion of the retail center to create better views of the waterfront and enhance the visibility of Bay Plaza.

Read More

From the Blog:

The Cost of Renting vs. Buying in the US [INFOGRAPHIC]

Read More

Do You Know How Much Equity You Have in Your Home?

CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation.

Price Appreciation = Good News for Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains

One million borrowers achieved positive equity over the last year, which means risk continues to steadily decline as a result of increasing home prices.”

Read More

 

Buyers:

First-Time Buyers Face New Competition

Investors are scouring real estate markets looking for low-priced homes, and they’re increasingly stepping on the toes of first-time home buyers, who are hunting in the same price range. “The investor is starting to gobble up pretty much anything under $200,000,” Dennis Cisterna, chief revenue officer for Investability Real Estate, which markets rental homes, told The Dallas Morning News. “We are not adding any new supply to the market to serve that first-time home buyer.”

Housing inventories are at the lowest level in 30 years, and the shortages are most pronounced in the low and middle price ranges. “We are losing inventory at a record pace and in the segment of the market with the most demand,” says Javier Vivas, a realtor.com® analyst.

Investors comprised 33 percent of all single-family and condo sales in 2016, the highest percentage ever recorded by real estate data firm ATTOM Data Solutions. “This is setting the stage for a boom in single-family rentals,” says Daren Blomquist, an economist at ATTOM.

Read More

6 options for buying a home with little or no money down

Buying a home is an enormous decision, one that has an impact on your credit and finances like no other purchase could. The vast majority of homes are purchased through a mortgage, but most traditional mortgages require 20% down — and that is a big chunk of change that many potential homeowners might not have.

What if you meet all other requirements but just don’t have the cash for that big down payment?

Fortunately, there are numerous programs out there designed to get you into that home with little to no money down. Here are a few of the options that might work to make your dream come true.

Read More

Go to Teambohannon.com to Search All Tampa Area Homes for Sales

Sellers

The Real Scents That Will Help Sell Your House

If you’re getting ready to sell your home, you’ve probably made a list of items to tackle around the house. Declutter your rooms, paint the walls, fix any broken or worn items. Certainly, maximizing the visual appeal of your home is essential when staging to sell. But there’s one very important task to add to your list: making sure your home has a scent that will please the masses.

What exactly is a crowd-pleasing scent? That may seem a matter of debate, since an aroma’s appeal can be quite subjective. But there are definite strategies to follow. Read on for five guidelines for creating a pleasant home scent for prospective buyers.

Read More

Home Loans

Mortgage Rates Continue to Hold

Following last week’s sharp decline, the 10-year Treasury yield rose 3 basis points this week. The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.90 percent. Mortgage rates are continuing to hold at year-to-date lows amidst ongoing economic uncertainty.

  • 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.5 point for the week ending June 22, 2017, down from last week when it averaged 3.91 percent. A year ago at this time, the 30-year FRM averaged 3.56 percent.
  • 15-year FRMthis week averaged 3.17 percent with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 2.83 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgageARM) averaged 3.14 percent this week with an average 0.5 point, down from last week when it averaged 3.15 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.

PMMS Chart

Thanks for reading Tampa Market Monday. We’d love to help you buy or sell your home, so please get in touch! You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.

Have a Fantastic week!

Annette Bohannon,
Team Bohannon, Keller Williams, 813-431-2840
www.teambohannon.com

 

Search for Tampa Homes By Neighborhood

Tampa

Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to makeup Tampa Bay. It offers…
View 3546 homes

Apollo Beach

Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
View 325 homes

Land O Lakes

Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
View 468 homes

Lithia/Fishhawk

FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
View 215 homes

Lutz

Lutz, which began as a small train depot on the Tampa North Railroad, now has about 20,000 residents. It was named for W. P. Lutz, who brought the railroad to…
View 424 homes

New Tampa

New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
View 361 homes

Carrollwood Area

The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
View 266 homes

Odessa

Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
View 271 homes

Brandon

Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
View 311 homes

Riverview

Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
View 703 homes

South Tampa

South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
View 1055 homes

Ruskin

Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
View 297 homes

Valrico

Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
View 263 homes

 

Wesley Chapel

Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
View 502 homes

Westchase

Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
View 154 homes

Luxury Homes

Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
View 3772 homes

Golf Course Communities

If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
View 6222 homes

Waterfront Properties

Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
View 13625 homes

Posted in Tampa, Tampa Market Monday

June 6th, 2017 by Annette Bohannon

Happy Monday!

Hillsborough County’s (Tampa) housing market continues to outperform 2016. Prices are rising, while the number of homes for sale is declining.

Median Sold Price* hit $239,000 in May — up 6% (or $14,500) compared to May of 2016. The number of Homes Sold jumped by 10% — from 1,816 in May of 2016 to 2,022 this May. That means 206 more homes sold.  There were 157 fewer Homes for Sale, a 2% decrease from a year ago. The number of New Properties also climbed 9% from May 2017.

The Average Number of Days a home stayed on the market before selling also plunged 21%, as homes sold in an average of 44 days compared to 56 in May a year ago. Housing Inventory plummeted 36% — from 1.9 (May 2016) to 1.1 (May of 2017).

See a detailed view of the trends  in 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.)

Bottom Line

Now that housing inventory has dropped to 1.1 months, it is a full-blown seller’s market. This means prices are likely to go up as buyers compete for a dwindling supply of homes. (Five months and under is considered a seller’s market, five to six is a balanced market, and over six is a buyer’s market.) But buyers have one big thing in their favor — low-interest rates. This will enable them to get more house for their dollars.

Sellers who plan to sell over the next few years would be wise to take advantage of this favorable environment because it won’t last forever.

(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 best blog posts, articles and infographics we’ve found this week. Enjoy!

Tampa:

Tampa International sees passenger traffic jump and announces new flight

Tampa International Airport saw its passenger traffic in April soar to nearly 1.8 million travelers.The airport served 1,799,519 in April, up 5.6 percent for the same month one year ago.

April 2017 also boasted the highest total number of international passengers coming through TIA in the airport’s history. TIA served 98,844 international travelers that month, up 16.8 percent from the same period in 2016. Leading the way was Air Canada, which was up 23.4 percent due to larger planes.

Read More

 

From the Blog:

#1 Reason to List Your House for Sale, NOW!

If you are debating listing your house for sale this year, here is the #1 reason not to wait!

Buyer Demand Continues to Outpace the Supply of Homes for Sale 

The National Association of REALTORS’ (NAR)Chief Economist Lawrence Yun recently commented on the inventory:

Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market.

Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase”.

The latest Existing Home Sales Report shows that there is currently a 4.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 4.6% lower than a year ago.

Read More

 

Why Working with a Local Real Estate Professional Makes All the Difference

If you’ve entered the real estate market, as a buyer or a seller, you’ve inevitably heard the real estate mantra, “location, location, location” in reference to how identical homes can increase or decrease in value due to where they’re located. Well, a new survey shows that when it comes to choosing a real estate agent, the millennial generation’s mantra is, “local, local, local.”

CentSai, a financial wellness online community, recently surveyed over 2,000 millennials (ages 18-34) and found that 75% of respondents would use a local real estate agent over an online agent, and 71% would choose a local lender.

Survey respondents cited many reasons for their choice to go local, “including personal touch & handholding, longstanding relationships, local knowledge, and amount of hassle.”

Read More

Buyers:

10 Crucial Real Estate Contract Terms Home Buyers Should Know Before They Sign

If you ever attempt to read a real estate contract, you will quickly find that this paperwork is packed with a slew of terms you might not be familiar with—which is hardly ideal, given you’re poised to sign this legally binding document. So if the words in front of you look like ancient Greek, it might be time to step back and study up on some of the most common terms you’ll encounter in a real estate contract. Consider this your cheat sheet: Take five minutes to peruse this list of 10 essential terms—and come to the signing table prepared and confident.

Read More

 

Search Tampa Homes for Sale

Sellers

Homes with this color bathroom sell for $5,400 more: Zillow

The process of showing and selling your home can go much more smoothly if you get everything ready. Find out how to get your home ready to impress buyers for the best offers and the top price for your home.

Preparing your home for sale is a bit like designing a stage for a play. Everything is in just the right place, perfectly arranged, and comfortably set.

There are television shows like Designed to Sell focused exclusively on, not decorating a home, but getting an otherwise drab, cluttered, boring house ready for a quick and profitable sale.

Homes that are properly prepared sell faster and at a higher price than similar, unprepared homes.

Read More

Home Loans

30-Year Fixed Mortgage Rate Moves Lower

30-Year Fixed Mortgage Rate Moves Lower

June 1, 2017

In a short week following Memorial Day, the 10-year Treasury yield fell 4 basis points. The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.94 percent and once again hitting a new 2017 low.

  • 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.5 point for the week ending June 1, 2017, down from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
  • 15-year FRM this week averaged 3.19 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.92 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.11 percent this week with an average 0.5 point, up from last week when it averaged 3.07 percent. A year ago at this time, the 5-year ARM averaged 2.88 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.

PMMS Chart

 

Thanks for reading Tampa Market Monday. We’d love to help you buy or sell your home so please get in touch! You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.

Have a Fantastic week!

Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com

 

Search for Tampa Homes By Neighborhood

Tampa

Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to makeup Tampa Bay. It offers…
View 3546 homes

Apollo Beach

Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
View 325 homes

Land O Lakes

Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
View 468 homes

Lithia/Fishhawk

FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
View 215 homes

Lutz

Lutz, which began as a small train depot on the Tampa North Railroad, now has about 20,000 residents. It was named for W. P. Lutz, who brought the railroad to…
View 424 homes

New Tampa

New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
View 361 homes

Carrollwood Area

The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
View 266 homes

Odessa

Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
View 271 homes

Brandon

Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
View 311 homes

Riverview

Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
View 703 homes

South Tampa

South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
View 1055 homes

Ruskin

Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
View 297 homes

Valrico

Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
View 263 homes

 

Wesley Chapel

Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
View 502 homes

Westchase

Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
View 154 homes

Luxury Homes

Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
View 3772 homes

Golf Course Communities

If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
View 6222 homes

Waterfront Properties

Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
View 13625 homes

Posted in Hillsborough County, Tampa, Tampa Market Monday

April 24th, 2017 by Annette Bohannon

Happy Monday!

The Greater Tampa Home Sales Numbers for the first Quarter of 2017 are in and the year has started much better than in 2016.

Sold Dollar Volume rose 31.25% or $457,830,744. Average Sold Price climbed 10.63% from $221,798 in Q1 2016 to $245,381 in Q1 2017. The Median Sold Price (which many think is a better indicator of prices)* jumped 15.24%.

The good news does not stop there. The Number of Homes Sold also moved up double digits in the first quarter of 2017 as 18.64% more homes sold than in the first quarter of 2016. The only number that dropped was the Average Days Homes Stayed on the Market Before Selling. It fell 17.65% as homes sold 12 days faster on average than in 2016. So on average, homes sold in less than two months (56 days).

Active Listings also outpaced Q1 of 2016 as 3.02% more homes were for sale and nearly 5% more New Listings came on the market.

(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? “Outliers” or homes sold at an extremely high or low price — like the $800,000 home in our example — do not affect it as much.)

Here’s a detailed look at the rest of the stats: screen-shot-2017-04-24-at-12-30-50-pm

screen-shot-2017-04-24-at-12-31-04-pm

screen-shot-2017-04-24-at-12-31-22-pm

The Bottom Line

These positive trends should continue as the home buying and selling season kicks into top gear during the next few months. Interests rates dropped below 4% this week (see chart at the end of Market Monday) despite expectations that they would start rising. This should keep buyers motivated as they seek to buy while their purchasing power is at its peak.

That’s great news for those who are ready to sell. Even though more sellers have come into the market this year than last, there is still plenty of room for more inventory. So if you want to sell anytime soon, now is the time to act.

(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 here’s a quick overview of some of the best and most informative blog posts, articles and infographics we’ve run across this week. Enjoy!

Tampa:

Take your dog to Tampa, study advises, ranking region No. 1 in travel with pets

As if Tampa Bay’s beaches weren’t enough to draw in tourists, a travel website has ranked the area as the No. 1 spot to take a vacation with your pet.

Yes, the Tampa-St.Petersburg-Clearwater region of the Sunshine State is considered the most pet-friendly city in the country, according to RewardExpert, which helps travelers use their points and miles to plan flights.

The group’s researchers say they have the data to back up the claim: Tampa Bay has the most pet-friendly hotels per capita, as well as an above-average number of pet-friendly activities.

Read More

Buccaneers to be featured on HBO’s ‘Hard Knocks’

The Buccaneers will appear on HBO’s “Hard Knocks” for the 2017 season, the team announced Wednesday.

It will be the first time the Bucs, which finished 9-7 last year and narrowly missed the playoffs under rookie coach Dirk Koetter, will appear on the series, which is airing for a 12th time.

“It was very appealing to us. [It’s a] young, charismatic roster,” said NFL Films’ Mark Dissinger, who was joined by Peter Nelson of HBO Sports at the team’s facility for the announcement. “I think the fact that this is clearly a team on the rise, a team I would imagine would pique national interest.

Read More

From the Blog:

Home Values: DEFINITELY NOT in Bubble Range!!

slaying-myths-boh-1

US Housing Market Continues the Move into ‘Buy Territory’!

According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment.

The BH&J Index is a quarterly report that attempts to answer the question:

In today’s housing market, is it better to rent or buy a home?

Read More

 Search Tampa Homes For Sales

Search Tampa Homes for Sale

 Advice for Sellers

7 Bathroom Design Trends Home Buyers Want to Flush Away

Homeowners love their bathrooms. We totally get it—you spend a decent amount of time in there, and you want it to be the ultimate Zen oasis. And since potential buyers want that, too, you’re likely willing to splurge to make your lavatory lush and plush.

But one person’s lush can be another’s flush—as in flush away that weird or ugly bathroom decor before it drives you insane, or would-be buyers straight to another home.

No matter how lavish you think your loo is, beware of the design trends that will simply make buyers turn up their noses. And your bathroom doesn’t have to be a lime-green, laminate horror show to turn off buyers; there are some more subtle design trends that can also cause buyers to take a pass.

Read More

Screen Shot 2016-03-07 at 10.03.47 AM

Screen Shot 2016-03-07 at 10.04.00 AM

Home Loans

Mortgage Rates Tumble Below 4 Percent

The 30-year mortgage rate fell 11 basis points this week to 3.97 percent, dropping below the psychologically-important 4 percent level for the first time since November. Weak economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities. This shift in investment sentiment has propelled rates lower.

  • 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.5 point for the week ending April 20, 2017, down from last week when it averaged 4.08 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.
  • 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.34 percent. A year ago at this time, the 15-year FRM averaged 2.85 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.4 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.81 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.

PMMS Graph
Click to enlarge

Read More

Thanks for reading Tampa Market Monday. We’d love to help you buy or sell your home so please get in touch! You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.

Have a Fantastic week!

Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com

Search for Tampa Homes By Neighborhood

Tampa

Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to makeup Tampa Bay. It offers…
View 3546 homes

Apollo Beach

Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
View 325 homes

 

Land O Lakes

Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
View 468 homes

 

Lithia/Fishhawk

FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
View 215 homes

 

Lutz

Lutz, which began as a small train depot on the Tampa North Railroad, now has about 20,000 residents. It was named for W. P. Lutz, who brought the railroad to…
View 424 homes

 

New Tampa

New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
View 361 homes

 

Carrollwood Area

The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
View 266 homes

 

Odessa

Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
View 271 homes

 

Brandon

Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
View 311 homes

 

Riverview

Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
View 703 homes

 

South Tampa

South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
View 1055 homes

 

Ruskin

Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
View 297 homes

 

Valrico

Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
View 263 homes

 

Wesley Chapel

Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
View 502 homes

 

Westchase

Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
View 154 homes

 

Luxury Homes

Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
View 3772 homes

 

Golf Course Communities

If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
View 6222 homes

 

Waterfront Properties

Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
View 13625 homes

Posted in Tampa, Tampa Market Monday