Category: Tampa

September 26th, 2017 by chris@3cwebcontent.com

Happy Monday!

Today, let’s review how the the Greater Tampa housing market performed in August 2017. Below is a map of the areas that are part of  Greater Tampa.

The Number of Single-Family Homes Sold in Greater Tampa hit 2,756 in August of 2017. This was a rise of 9.6% from August of 2016.

The Median Sale Price increased to $238,000, a 5.8% rise from August of 2016. The Average Sale to Original List Price Ratio ticked down to 96%, but has held fairly steady throughout the Spring and Summer, ranging from 96.5% to 96.0%. The Price Per Square Foot stood at $132, a 7.3% climb from last August.

(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.)

The Average Number of Days a home stayed on the market dropped to 45 days, an 18.2% decline from August of 2016. Months of Supply, which measures housing inventory, fell 10% from August a year ago. In August 2017, it was 2.53 months. To put this in perspective, any time period under 5 months is considered a Seller’s Market.

Bottom Line

The Greater Tampa housing market has had a strong showing this year and that should continue through December. Of course, you will see some seasonal drop off as we move into Fall and Winter. The aftermath of Hurricane Irma may also slow the market somewhat as buyers and sellers get back into their normal routines.

(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:

Where Tampa International Airport ranks in the latest J.D. Power study

Tampa International Airport took second place in the J.D. Power 2017 North America Airport Satisfaction Study.

It was a repeat performance for TIA, which was named second in this survey last December. This time around, Tampa ranked second in the large airport category with a score of 795 behind John Wayne Airport in Orange County, California, which had a score of 796. Dallas Love Field came in third with a score of 790.

Read More

From the Blog:

More Americans Say Now is a Good Time to Sell!

Recently released data from Fannie Mae’s National Housing Survey revealed that rising home prices were the catalyst behind an eight-point jump in the net percentage of respondents who say now is a good time to sell. The index is now 21 points higher than it was this time last year.

Overall, 62% of Americans surveyed said that now is a good time to sell (up from 58%), while 26% of respondents said that now is not a good time to sell (down from 30%). The net score is the difference between the two percentages, or 36%.

According to CoreLogic, home prices are now up 6.7% over last year and 78.8% of homeowners with a mortgage in the US now have significant equity (defined as 20% or more).

Read More

Home Sales Expected to Increase Nicely in 2018

Read More

 

Buyers:

Don’t Budge: 7 Compromises You Should Never Make When Buying a Home

Every successful home search begins with a wish list. Armed with your inventory of must-haves, you’ll know how to focus your search and recognize a potential home that isn’t worth your time.

Still, there’s a strange thing that seems to happen when you’re deep in the trenches of house hunting: The more you look, the longer that wish list seems to grow. But sooner or later, you have to own up to the fact that you can’t have everything—it’s inevitable that you’ll make some compromises somewhere.

And, in these days of tight inventory and cutthroat competition from other buyers, you might feel forced to waver far afield from your hallowed wish list in order to land a home.

Read More

Follow this link to search Tampa area homes for sale

Sellers

9 Things Real Estate Agents Wish You Knew About Selling Your Home

When it comes time to sell your house, having a great listing agent is one of the keys to making it happen. And yet, the agent can’t do it all—your help is needed. Help your agent help you!

Ideally, you will have an open, honest relationship with your listing agent. But even then, there are some things your agent might be reluctant to tell you. Whether to spare your feelings or because he assumes you already know, here are some things your listing agent wishes you knew. Listen up and learn!

Read More

Home Loans

Mortgage Rates Increase After Lengthy Decline

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

September 5th, 2017 by chris@3cwebcontent.com

Happy Tuesday!

I hope everyone enjoyed the Labor Day weekend with family and friends. I know I did. Also,  I’ve included a link to the Tampa Hurricane Guide, just in case Irma heads our way. Hopefully we’ll avoid the storm, but if not please stay safe.

Now let’s take a quick look at how the Hillsborough County (Tampa) real estate market fared in August of 2017.

Homes Sold and Prices

Once again, 2017 monthly numbers beat performance for the same time period in 2016. In August 2017, Median Sold Price* increased to $237,982 — up 8% (or $12,972) compared to August of 2016. For the month, 1,911 Homes Sold, 134 more than in August of 2016.

(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.)

Housing Inventory

The number of Homes for Sale dropped 14% from a year ago, as only 6,879 were for sale compared to 8,002 in August of 2016. But, the number of New Properties rose 2% (or 49 units) — from 2,116 (August 2016) to 2,165 (July 2017). Overall, Housing Inventory continued it’s year-over-year plunge, as months of supply hit 2.1 months in August 2017, a 41% drop from last August when it stood at 3.5 months.  The Average Number of Days a home stayed on the market before selling also declined 10% year over year. Homes sold 6 days faster in August of 2017 (49) compared to August of 2016 (55).

 

Bottom Line

It’s been a good year for the Tampa housing market in 2017. With inventory depleted, there’s still plenty of time to list and sell your home before the year ends. If trends continue, home sales should see solid gains through September and beyond.

(Want a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently? Call Annette Bohannon at 813-431-2840.)

Now let’s look at some of the best blog posts, articles and infographics we’ve found this week. Enjoy!

Tampa:

INDUSTRY NEWS TRANSPORTATION $2.5 million greenway project under the Selmon advances (Renderings)

The Tampa Hillsborough Expressway Authority is moving forward with plans to improve a greenway under the Lee Roy Selmon Expressway through downtown. The 1.7-mile stretch is undergoing a $2.5 million facelift aimed at increasing safety and adding “pocket parks” including outdoor art and shade structures.

View Slideshow

 

From the Blog:

Empty Nesters: Best to Remodel or Time to Sell?

Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make:

  1. Remodel your house to fit your current lifestyle and needs
  2. Sell your house and purchase the perfect home

Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution?

Read More

 

Number of Buyers Putting Down Less Than 10% Hits 7-Year High

According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months. This is great news for buyers as this marks a 7-year high.

Many mortgage programs offered by agencies like Freddie Mac and Fannie Mae allow buyers to put down as low as 3% to purchase their dream homes. The strength of the housing market has aided buyers who used low-down-payment programs to buy. As a recent CNBCarticle points out,

“Defaults on recent low down payment loans, so far, are slow, but that is as much a factor of the good credit quality as it is the strength of the housing market. Home prices are rising incredibly fast, meaning those borrowers are gaining equity in their homes quickly.”

Read More

Home Improvement:

7 Great End-of-Summer Home Improvement Upgrades to Do Now

Home improvement ideas abound during summer, but now that our warmest season is soon coming to a close, you might be thinking, “OMG, have I done anything around the house at all?” 

We get it—and the good news is, it’s not too late. Summer doesn’t officially end until Sept. 22, and the weather is still decent, which means there’s still time to squeeze in a few more weekend projects. To help narrow down your options, here’s a list of prime home improvements to try before summer’s end. In fact, this is the perfect time for many of these projects, since you can score deals on materials as home improvement stores try to clear out their summer inventory. In other words, slacking off was the smart thing to do. Backslap!

Read More

Check Yourself: 7 Home Maintenance Tasks You Should Tackle in September

For most of the country, September signals the end of summer’s dog days and a return to fuzzy sweaters, chilly evenings, and, of course, pumpkin spice everything (this is America, after all).

But before those first autumn leaves begin to fall, it’s crucial to take a few steps to stave off any cold weather home breakdowns. Luckily, we’re here to make it as easy as possible for you with our handy checklist of home maintenance chores to tackle this month. These quick, relatively painless tasks can potentially save you major repair costs down the road.

Read More

Search Tampa Homes for Sale

 Home Loans

Mortgage Rates Continue to Drop

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. 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

August 28th, 2017 by chris@3cwebcontent.com

Happy Monday!

Today, let’s examine how the the Greater Tampa housing market has trended over the last few years.

The Number of Single-Family Homes Sold hit 2,633 in July of 2017, which was 7.7% higher than in July of 2016. If you look at Quarterly Chart below, you’ll notice that Q2 2017 sales (through June) beat Q2 2016 sales by 7.3% as nearly 8,000 homes sold from April through June of this year. This suggests that July is just the beginning of a solid Q3 of sales.

The Median Sale Price has also increased during the last two years. In August of 2015, it stood at $199,000. Since then the Median Price has jumped $38,000 or 19%. That’s also 7.7% higher than in July of 2016.

(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.)

The Average Number of Days a home stayed on the market fell to 47 days, 19% lower than July of 2016. Two years ago, it took 68 days on average to sell a Tampa home, which is 68% longer than it did in July 2017. Months of Supply, which measures housing inventory, has dropped from 2.97 months in August 2015 to 2.57 months as of July 2017. A year ago, this market indicator stood at 2.87 months.

 

Bottom Line

The trends show that the Greater Tampa housing market is maintaining its strong performance during 2017. Year over year increases in number of sales and prices, along with decreases in housing inventory and days on the market, suggest that demand should continue to outpace supply. But that’s great news for those who plan to sell their homes before the end of 2017.

(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:

Vinik-Cascade team reveals conceptual design for Water Street Tampa (Renderings)

Strategic Property Partners has revealed the conceptual design of the first phase of its mixed-use district — and it’s essentially a new, tree-lined city between the Channel district waterfront and the central business district.

SPP, the real estate holding company controlled by Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC, on Tuesday rolled out a fly-through video and conceptual images of Water Street, which is slated to break ground in early 2018.

 View Renderings Here.

From the Blog:

More Boomerang Buyers Are about to Enter the Market

More Boomerang Buyers Are about to Enter the Market | Simplifying The Market

We previously informed you about a study conducted by TransUnion titled, “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners who were negatively impacted by the housing crisis could re-enter the housing market between 2016-2019.

Recently, HousingWire analyzed data from the US Bankruptcy Courts and revealed that 6 million Americans will have their bankruptcies disappear off their credit reports over the next five years and that this could “possibly send a flood of more homebuyers into the housing market.

Read More

Don’t Disqualify Yourself… 52% of Approved Loans Have A FICO® Score Under 750

The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.

One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage.

A recent article about millennials by Realtor.com explained that:

About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy…

The article also explained that 29% of millennials believe their credit scores are too low to buy.The problem here is the fact that they think they will be denied a mortgage is keeping them from even attempting to apply.

Ellie Mae’s Vice President Jonas Moe encouraged buyers to know their options before assuming that they won’t qualify for a mortgage:

“Many potential home buyers are ‘disqualifying’ themselves. You don’t need a 750 FICO® Score and a 20% down payment to buy.”

Read More

 

Buyers:

Millennial Americans Are Moving to the ‘Burbs, Buying Big SUVs

Millennials are finally starting their own baby boom and heading for the suburbs in big sport utility vehicles, much like their parents did.

Americans aged about 18 to 34 have become the largest group of homebuyers, and almost half live in the suburbs, according to Zillow Group data. As they shop for bigger homes to accommodate growing families, they’re upsizing their vehicles to match. U.S. industry sales of large SUVs have jumped 11 percent in the first half of the year, Ford Motor Co. estimates, compared with increases of 9 percent for midsize and 4 percent for small SUVs.

“We do see that demographic group driving larger sport utility sales as they acquire homes, create families and gain some wealth,” said Michelle Krebs, an analyst at car-shopping website Autotrader. “They started with compact sport utilities and now, with families, they’re moving up.”

Read More

Follow this link to search Tampa area homes for sale

Sellers

How to Prepare for an Appraisal and Showcase Your Home at Its Best

Determining a price for your home can be stressful, especially if you don’t know how to prepare for an appraisal. If the home’s appraised value is too far from the listing price, it can make or break the deal. Plus, even though appraisers are subject to strict regulations, much of their job is subjective, which means it’s crucial for your home to make a good impression on them.

Luckily, there’s a lot you can do to help present your home at its best.

Read More

Home Loans

30-Year Mortgage Rate Hits 2017 Low

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

August 9th, 2017 by chris@3cwebcontent.com

Happy Monday!

It’s that time of year when the leisurely pace of summer is about to give way to the busyness of a new school year for some. But the pace of the home buying season has stayed strong this summer as evidenced by July home sales numbers. Today, we’ll see how the Hillsborough County’s (Tampa) real estate market performed in July of 2017.

Homes Sold and Prices

The number of homes sold and prices continued to outpace those from 2016. In July 2017, Median Sold Price* rose to $238,000 — up 6% (or $14,005) compared to July of 2016. During the month, 1,905 Homes Sold, 133 more than in July of 2016.

(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.)

Housing Inventory

The number of Homes for Sale dropped 11% from a year ago, as only 6,397 were for sale compared to 7,805 in July of 2016. The number of New Properties ticked down 1% — from 2,184 (July 2016) to 2,155 (July 2017). Overall, Housing Inventory plummeted 37% — from 3.5 months of supply (July 2016) to 2.2 months (July of 2017). The Average Number of Days a home remained on the market before being sold fell 20% year over year. Homes sold 11 days faster in July of 2017 (44) compared to July of 2016 (55).

Bottom Line

It’s still a seller’s market as housing inventory sits at just over two months of supply and prices remain above last year’s. You still have time to make the most of this selling opportunity before the market hits the seasonal slowdown that typically occurs later in the year.

(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:

These Tampa Bay area ZIP codes have had the most houses sell recently

Which ZIP codes in the Tampa Bay area have been the hottest for home sales recently?

American City Business Journals, Tampa Bay Business Journal’s parent company, collected home sales data, starting at $250,000, from April 1 to June 30.

View Slideshow

 

From the Blog:

20 Tips for Preparing Your House for Sale [INFOGRAPHIC]

 

 

Do Your Future Plans Include a Move? What’s Stopping You from Listing Now?

Are you an empty-nester? Do you want to retire where you are, or does a vacation destination sound more your style? Are you close to retirement and not ready to move yet, but living in a home that is too big in size and maintenance needs?

How can you line up your current needs with your goals and dreams for the future? The answer for many might be the equity you have in your house.

According to the latest Equity Report from CoreLogic, the average homeowner in the United States gained $14,000 in equity over the course of the last year. On the West Coast, homeowners gained twice that amount, with homeowners in Washington gaining an average of $38,000!

Do you know how much your home has appreciated over the last year?

Read More

Buyers:

Dogs, Not Marriage or Kids, Motivate Millennials to Buy Homes

Millennials, as it turns out, do want a home of their own—if only so their dogs are more comfortable.

In spite of reports that Generation Y is avoiding purchasing homes (and even an accusation that they spend too much money on avocado toast to afford one), a report by CNN Money showed millennials were the largest group of homebuyers in 2016.

But don’t expect them to be walking down the aisle any faster. A recent survey conducted by Harris Poll found that 33 percent of millennials say having better space or a yard for their dog motivated the purchase of their first home. Marriage was the driving force behind 25 percent of homebuyers that age, and having a child was named by only 19 percent.

Read More

‘We Bought a Home Rather Than Splurge on a Wedding’

When Scott and Amy Wickberg got engaged in 2015, they knew they wanted a memorable wedding—but they also knew that they wanted to buy a house. Faced with the high prices of homes and wedding venues in Denver, where they lived, the couple decided to get creative and kill two birds with one stone. How? By buying a home where they’d also host their own wedding. 

“At some point Scott or I said that we should just buy a house with a big backyard and get married there,” says Amy. “The more we thought about it, the more it made sense.”

Read More

Search Tampa Homes for Sale

Sellers

Luxury home prices soar as sellers come back down to earth

The slump in the swankiest sector of the housing market appears to be over, and, ironically, it may be due to a dose of reality among sellers.

Sale prices of luxury homes in the second quarter of this year were up 7.5 percent from a year ago, the first time luxury gains have outpaced the rest of the market since 2014, according to Redfin, a real estate brokerage which defines luxury as the top 5 percent of the most expensive homes sold in each city in each quarter.

Read More

Tips to Keep in Mind on Income Taxes and Selling a Home

Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home.Below are tips to keep in mind when selling a home:

Read More

Home Loans

Mortgage Rates Hold Steady

The 10-year Treasury yield was relatively flat this week, as was the 30-year mortgage rate which rose 1 basis point to 3.93 percent. Despite a strong advance estimate for second quarter GDP, markets are erring on the side of caution.

  • 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.5 point for the week ending August 3, 2017, up from last week when it averaged 3.92 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent.
  • 15-year FRM this week averaged 3.18 percent with an average 0.5 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 5-year ARM averaged 2.73 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

July 24th, 2017 by chris@3cwebcontent.com

Happy Monday!

Today, let’s review the performance of the Greater Tampa housing market in June of 2017.

The table above shows that Total Sold Dollar Volume jumped 21.1% from June 2016 and 4.3% from May 2017. The Number of Homes Sold (or Closed Sales) hit 3,581, which was a 10.6% YOY (Year-Over-Year) and a 0.9% MOM (Month-Over-Month) increase. The Median Sold Price* of $227,000 bested last June’s by 8.1% and beat May 2017’s price by 3.2%. Average Price Per Square Foot also rose compared to June 2016 (+10.7%) and May 2017 (+1.5%), as the price increased to $135 per square foot. The Average Sales Price to List Price Ratio held steady at 96.1% compared to June 2016 and declined slightly from 96.4% in May of 2017.

(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.)

The Average Number of Days a home stayed on the market fell to 48 days, 12.7% lower than June of 2016, while the Median Days a home stayed on the market plunged 37.5% to 20 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 20 days or less and the other half took more than 20 days to sell. Months of Supply, which measures housing inventory, dropped to 2.57 months, a 9.7% decline from June of 2016. It ticked up from 2.52 months compared to last month.

 

Bottom Line

The Greater Tampa real estate market continued its strong performance in June 2017. Increases in home sales, prices, and total dollar volume combined with decreases in housing inventory and days on the market indicate that demand is outpacing supply. The biggest concern is that dwindling levels of inventory (homes for sale) will eventually cause demand to drop off.

This is a great environment for those who plan to sell in the near-future. My advice is to do it now. If you wait, the strong demand may taper off some, which could affect the time it takes to sell your home, as well as the opportunity for peak pricing.

(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:

These are Tampa Bay’s most educated neighborhoods

The latest installment of American City Business Journals’ series on Money in America took a look at the affluence levels of 22,568 ZIP codes across the country. One commonly accepted principle is that higher levels of education relate to higher incomes.

Go here to view the photo gallery to see the 25 most educated ZIP codes in the Tampa Bay area, ranked by percentage of residents with an advanced degree.

From the Blog:

Thinking of Selling? You Should Act NOW!

If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.

Read More

3 Questions to Ask Before You Buy Your Dream Home

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.

Read More

 

Buyers:

2017’s Best & Worst Places for First-Time Home Buyers

 

Read More

The 2 biggest mistakes first-time homebuyers make

Buying your first home can be exciting but also fraught. It’s not a choice you want to get wrong.

To help you out, CNBC spoke with Michelle Brownstein, a certified financial planner at Personal Capital, who helped boil down the complicated process into eight steps.

She also revealed the two biggest mistakes she sees first-time homebuyers make: Buying more home than you can afford and settling down in an area that you haven’t fully explored.

Read More

Follow this link to search Tampa area homes for sale

Sellers

11 Ways to Sell Your Home Faster (WITHOUT Dropping the Price)

From leaving the house for showings and open houses to having to keep the place spotless at all times, having a home on the market can be a nerve-wracking endeavor. Once you’ve made the decision to sell, you want to know that you won’t be in this anxiety-filled limbo forever. You want to hand over those keys, collect your check and move on — literally!

So, without lowering your asking price, what can you do to sell your home in a hurry? The following are 11 strategies that will help your property sell quickly without your wallet taking a heavy hit.

Read More

Small Updates, Big Return: 5 Ways to Increase Your Home’s Value

No matter your budget, there’s always an upgrade or two that’ll up the resale ante.

Whether your home improvements are for you or potential buyers, consider their impact on your home’s potential resale price before picking up your toolbox (or the phone to call a contractor).

A brand-new kitchen or bathroom will undoubtedly wow potential buyers, but there’s no guarantee you’ll recoup the money you put into those pricey remodels.

To help you navigate the choices that lead to the best return on investment, we asked two industry experts (and one enthusiastic DIYer) to weigh in.

Read More

Home Loans

Mortgage Rates Move Lower

Continued economic uncertainty and weak inflation data pushed rates lower this week. The 10-year Treasury yield fell 5 basis points this week. The 30-year mortgage rate moved with Treasury yields, dropping 7 basis points to 3.96 percent.

  • 30-year fixed-rate mortgage (FRM) averaged 3.96 percent with an average 0.6 point for the week ending July 20, 2017, down from last week when it averaged 4.03 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent.
  • 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.75 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 5-year ARM averaged 2.78 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 Tagged with:

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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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Posted in Hillsborough County, Tampa, Tampa Market Monday