Category: Tampa Market Monday

September 20th, 2017 by chris@3cwebcontent.com

Happy Monday!

In this week’s Market Monday, I’ll review the performance of  the Wesley Chapel housing market in August 2017.

Pricing Trends

First, let’s look at the Median Sold Price* for each Wesley Chapel zip code. Compared to August 2016, Wesley Chapel (33543) jumped 11.7% to $251,390, Wesley Chapel (33544) fell 10.1% to $253,245 and Wesley Chapel (33545) climbed 17.5% as the median sold price came in at $246,685.

(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.)

The following graphs show the Average Sale Price compared to the Original List Price. In Wesley Chapel (33543), sellers received an average of 96.8% of their original asking price, while in Wesley Chapel (33544) they sold for 96.8% of original list price. The ratio for the 33545 zip code in Wesley Chapel was slightly below that at 96.4% of original list price, on average.

Number of Properties Sold, For Sale, and New to the Market

The Numbers of Homes Sold rose 6% compared to August 2016, as 165 homes sold, nine more than last August.  That The Number of Homes for Sale ticked up 1%. In total, 574 were for sale, 5 more than August 2016. In addition, 187 New Properties came onto the market, which was 22 homes or 13% more than August a year ago.

Months of Supply, which measures housing inventory, plunged 37% from 3.2 months (August 2016) to 2.0 months (August 2017). However, the Average Number of Days a home stayed on the market jumped 13% compared to August 2016, as homes sold in an average of 66 days in August 2017 instead of 59.

Bottom Line

August sent a clear signal that the robust housing market in Wesley Chapel is on solid footing. The tight inventory of homes for sale continues to be the biggest obstacle to an even stronger year of home sales.

(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 let’s look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!

Tampa:

USF takes huge leap in national rankings

The University of South Florida’s rankings as both a public and national university improved more than any other Florida school in the U.S. News and World Report’s 2018 scorecard.

The Tampa-based school jumped 19 places to No. 140 among national universities, which include public and private colleges, and 15 places to No. 68 among public universities.

Read More

Blog:

Top 5 Reasons Why Millennials Choose to Buy [INFOGRAPHIC]

5 Reasons to Sell This Fall

Here are five reasons listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.

Take advantage of the buyer activity currently in the market.

Read More

Buyers:

Best cities for first-time homebuyers – #2 Tampa

  • Home values (median): $183,300
  • Annual forecasted appreciation: 3.2%

Residents of Tampa enjoy warm weather year-round, at a cost that’s lower than many other beach towns. Nearly one-in-five house listings in Tampa have had a recent price cut, according to Zillow, suggesting the market there may be less competitive for new homebuyers than in some other cities.

Alongside potential real estate deals, homeowners in Tampa will find a thriving financial sector as well as military jobs at the MacDill Air Force Base. “The I-4 corridor is the bread basket for growth in Florida, and a lot of that boils down to affordability,” says Sean Snaith, an economist with the University of Central Florida.

Read More

When Is the Perfect Time To Buy Your First Home?

As a busy human, I have recently embraced the philosophy that “Perfection is the Enemy of Execution”. Every so often, when the self-doubt starts to creep up, I have to remind myself that everything doesn’t have to be perfect in order to embark on a new adventure. This was particularly true when I quit my Wall Street job to become a financial advisor. It was true when my husband and I decided to have kids. In both those cases, there was never going to be the most perfect amazing time ever to quit or have kids. But I did it anyway. Recently, when a client of mine called to ask about buying his first home, we discussed the pros and cons of his timing. When is a good time to buy a home? Was this his most perfect amazing time ever to buy a house? The short answer is “maybe” but here is a good outline of things to think about before jumping head first into home ownership.

Read More

Search Tampa Homes for Sale

Sellers:

11 Important Things to do When Planning to Sell Your Home

Once you’ve decided it’s time to sell your home, start to look at it with an objective eye. If you were the potential buyer, what red flags would you see when you walked around your house and yard?

Read More

Home Loans

Mortgage Rates Hold at 2017 Low

Thanks for reading Tampa Market Monday. If you want help buying or selling your home, please get in touch. We have sold over 4,600 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!”

You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.

Have a Fantastic week!

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 Market Monday, Wesley Chapel

September 12th, 2017 by chris@3cwebcontent.com

Before we jump into this week’s Tampa Market Monday, I want to say that I hope that you all are safe and came through Irma with minimal damage. It appears the storm could have been much worse on Tampa, but I know many of you still face hardships and days or weeks of clean up and repairs. Our thoughts and prayers are with you during this challenging time.

Now, let’s take a look at how the New Tampa real estate market performed in August of 2017.

Pricing Trends

New Tampa’s Median Sold Price jumped 7% to $304,900 in August of 2017. In August of 2016, the median price stood at $284,900. The Numbers of Homes Sold in August 2017 bested last August sales by 10%, as 109 homes sold compared to 99 in August 2016. The Number of Homes for Sale dropped 20%, as 97 fewer homes (386 vs. 483) were available compared to August of 2016. The Number of New Properties ticked up 1% as 100 new homes came on the market in August 2017.  In August 2016, 99 new properties were listed for sale.

(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.)

See charts below for a detailed breakdown of the data during the last 12 months:

Months of Supply, which measures housing inventory plunged 45% — from 5.2 months (July 2016) to 2.8 months (August 2017). The Average Number of Days a home stayed on the market also fell — from an average of 68 days in August 2016 to 54 days this August.

(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 let’s look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!

Tampa:

2017 HURRICANE PREPAREDNESS GUIDE

Get the information you need to navigate the aftermath of Irma. Articles range from where you can get food over the next few days to how waste pick up will be handled.Read More

From the Blog:

Housing Inventory Hits 30-Year Low

Hey, Millennial Homeowners!! It May Be Time to Sell

Over the next five years, home prices are expected to appreciate 3.64% per year on average and to grow by 18.4% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years?

Read More

Buyers:

Tips for Saving Up for a Down Payment

About 60 percent of home buyers put 6 percent or less down on their home purchase, according to data from the National Association of REALTORS®. Considering the median existing-home price is $258,300, a 6 percent down payment would be $15,498.

Some aspiring buyers may be unsure of how to come up with that amount. But there are plenty of seemingly simple things they can do to start saving. NAR offers the following infographic.

View Infographic

Search Tampa Homes for Sale

Sellers

7 Pricing Myths to Stop Believing If You Ever Hope to Sell Your House

Pricing your own home is hard, what with all the history and hopes this magic number entails. Of course, you want to make a profit. Of course, all that money you spent installing a swimming pool or a half-bath will be recouped, because you’re leaving your digs in better shape than when you bought it, right? Right?

Well, not necessarily. Too many home sellers fall prey to myths about home pricing that seem to make sense at first, but don’t jibe with the reality of real estate markets today. To make sure you haven’t bought into any of this malarkey—since the buyers you’re trying to woo sure haven’t—here are some common pricing myths you’ll want to rinse from your brain so you kick off your home-selling venture with realistic expectations. It’s time to get real, folks!

Read More

Home Loans

30-Year Mortgage Rate Hits Another 2017 Low

Thanks for reading Tampa Market Monday. If you want help buying or selling your home, please get in touch. We have sold over 4,600 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!

You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.

Have a Fantastic week!

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 New 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 21st, 2017 by chris@3cwebcontent.com

Happy Monday!

In this week’s Market Monday, I’ll review the performance of  the Wesley Chapel real estate market for July 2017.

Pricing Trends

First, let’s look at the Median Sold Price* for each Wesley Chapel zip code. Compared to July 2016, Wesley Chapel (33543) climbed 8.7% to $249,000, Wesley Chapel (33544) declined 4.3% to $255,000 and Wesley Chapel (33545) jumped 13.4% as the median sold price hit $232,500.

(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.)

The following graphs show the Average Sale Price compared to the Original List Price. In Wesley Chapel (33543), sellers sold for an average of 97.1% of their original asking price, while in Wesley Chapel (33544) they received stood at 96.3% of original list price. The ratio for the 33545 zip code in Wesley Chapel came in at 96.5% of original list price, on average.

Number of Properties Sold, For Sale, and New to the Market

The Numbers of Homes Sold declined compared to July 2016.  Only 144 homes sold for the month, 10 fewer than in July of last year. That represented a drop of 6%. The Number of Homes for Sale declined by 3%, as 17 fewer homes were for sale than in July of 2016. But, 20 more properties came onto the market, as the Number of New Properties leaped 13% higher than in July of last year.

Months of Supply, which measures housing inventory, ticked up slightly to 2.7 months from 2.6 months in July 2016. However, the Average Number of Days a home stayed on the market plunged 37% to 40 days, as homes sold an average of 23 days faster than in July 2016.

Bottom Line

The key issue at the moment is the inventory of homes for sale. The market is very tight for buyers, but it is a good sign that the number of new properties coming to the market increased substantially in July. The drop in sales was likely due to buyers having a tough time finding what they wanted with so few homes for sale. So even though, things typically start to taper off this time of year, it is still a great time to sell. Many buyer who haven’t found what they’re looking for are still looking and ready to buy.

(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 let’s look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!

Tampa:

Pasco County approves $44 million Wesley Chapel sports complex and hotel

The Pasco County Board of County Commissioners voted unanimously to approve plans to develop a multi-use tourism sports facility on an approximately 224-acre, county-owned parcel of land located in the Wesley Chapel area.

Read More

Blog:

Sellers: Your Home is an Oasis in an Inventory Desert

First-time homebuyers are flocking to the real estate market by the thousands to find their dream homes in order to make their dreams of homeownership a reality. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand!

According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month.

Read More

Homes Are Selling Quickly Nationwide

The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 28 days in June. This is a slight increase from the 27 days reported in May, but down from 34 days reported a year ago.

54% of homes across the country were on the market for less than a month in June!

Read More

Buyers:

4 Reasons NOW Is The Time To Buy A Home

If you’re considering buying a home, ask any real estate agent worth their salt and they’ll tell you: NOW is the time to do it.

The real estate market is seemingly changing by the day, and if you want to get a great home for a great price, making a move now is in your best interest; conditions a year from now (or even six months from now) aren’t likely to be as hospitable.

And why is that? Why shouldn’t you, if you’re interested in buying a home, wait? Why is NOW the time to make a move?

Read More

9 ways homebuyers can improve their credit scores

The real estate business is booming, and with a scarce supply of starter homes on the market, competition between buyers is fierce. To get loans quickly, potential homebuyers need to keep an eye on their finances and credit.

Below, you will find nine general tips that will help ease the process of acquiring a home loan by improving credit scores.

Read More

Search Tampa Homes for Sale

Sellers:

FSBO Risks: 4 Scary Scenarios ‘For Sale by Owner’ Home Sellers Face

Going the “For Sale by Owner” route is a tempting alternative to hiring a real estate agent to sell your home. After all, listing agents charge a commission for their work that can eat into your own profits. So why not try to save money by selling your home yourself?

Here’s why: There are some major risks with going FSBO, from a lower sales price to landing in legal hot water. So before you pursue this DIY route, here’s a warning of some of the bad things you might encounter when you attempt a FSBO arrangement.

Read More

Home Loans

Mortgage Rates Drop Again

Following a mild decline last week, the 10-year Treasury yield rose 1 basis point this week. The 30-year mortgage rate similarly remained relatively flat, falling just 1 basis point to 3.89 percent. Mortgage rates are continuing to hold at low levels amidst ongoing economic uncertainty.

  • 30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.4 point for the week ending August 17, 2017, down from last week when it averaged 3.90 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent.
  • 15-year FRM this week averaged 3.16 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 2.74 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.16 percent this week with an average 0.4 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 2.76 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. If you want help buying or selling your home, please get in touch. We have sold over 4,600 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!”

You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.

Have a Fantastic week!

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 Market Monday, Wesley Chapel Tagged with: , , ,

August 14th, 2017 by chris@3cwebcontent.com

Happy Monday!

In this week’s Tampa Market Monday, let’s take a look at how the New Tampa real estate market performed in July of 2017.

Pricing Trends

New Tampa’s Median Sold Price jumped a whooping 19.4% to $286,500 compared to July of 2016. On average, seller’s received 95.7% of their original List Price, which was the exact same ratio as July of 2016. The Average Price Per Square Foot climbed to $121 or 10% more than last July.

(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.)

Number of Properties Sold, For Sale, and New to the Market

The Numbers of Homes Sold in July of 2017 beat last July’s numbers, as 98 homes sold compared to 93 in July of 2016. That’s an increase of 5%. The Number of Homes for Sale fell 7%, as 34 fewer homes were for sale than in July of 2016. The Number of New Properties rose a robust 29% as 143 new homes came on the market in July 2017 versus 111 in July a year ago.

 

Months of Supply, which measures housing inventory, plunged 55% — from 5.2 months (July 2016) to 2.3 months (July 2017). The Average Number of Days a home stayed on the market also plummeted — from an average of 73 days in July of 2016 to 47 days this July.

Bottom Line

Many new properties came into the market during July, but demand continues to outstrip supply which is sending prices up and keeping housing inventory down. I anticipate another strong month in August as those who want to sell for top dollar take advantage of high buyer demand.

(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 let’s look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!

 

Tampa:

Eight Tampa Bay hospitals make U.S. News & World Report’s best hospital list

Tampa General Hospital moved up the ranks of best hospitals in a new report from U.S. News & World Report.

Tampa General, one of eight Tampa Bay area hospitals to get a “best” designation, is No. 2 in Florida, according to the publication’s 2017-18 rankings published Tuesday morning. The hospital, the largest in the Tampa Bay area, was No. 3 in the state a year ago.

Read More

From the Blog:

Housing Inventory Hits 30-Year Low

New data from CoreLogic shows that even though buyers came out in force, as predicted, homeowners did not make the jump to list their home in the second quarter of this year. Frank Nothaft, Chief Economist for CoreLogic had this to say,

“The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years.”

CoreLogic’s President & CEO, Frank Martell added,

“Home prices are marching ever higher, up almost 50 percent since the trough in March 2011.

While low mortgage rates are keeping the market affordable from a monthly payment perspective, affordability will likely become a much bigger challenge in the years ahead until the industry resolves the housing supply challenge.”Overall inventory across the United States is down for the 25th consecutive month according to the latest report from the National Association of Realtors and now stands at a 4.3-month supply.

Read More

Hey, Millennial Homeowners!! It May Be Time to Sell

Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise.

Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:

Read More

Buyers:

The Most Popular Interior Design Styles in Each State

When you think of what’s hot in interior design right now, do your dad’s wingback chairs and grandma’s ornate chandeliers come to mind? Well, maybe they should. A new study by Joybird, a custom furniture company, revealed that Victorian is the interior design style that wins the popularity vote in more U.S. states than any other decor style.

But hold off on a full “Age of Innocence” home makeover. Crown molding and floral wallpaper might reign supreme in 10 states, but that doesn’t mean stuffy Victorian style is on the rise across the country. In fact, trendsetting states such as California and New York actually preferred transitional and contemporary styles, respectively.

Read More

Search Tampa Homes for Sale

Sellers

5 Things Sellers Should Never, Ever Say When Closing a Home Sale

Selling your home, as we all know, is a process: months of hard work alongside your listing agent to primp your place, market the property, and reel in a buyer. So by the time the big day arrives to close the deal and hand over the keys, you’re probably so ready to be done—which is all the more reason to tread carefully during this final step of the process.

“You don’t want to say something that’s going to upset or surprise the home buyer,” says Judy Weiniger, broker associate and CEO at Weiniger Group in Warren, NJ.

Read More

Home Loans

Mortgage Rates Inch Lower

After holding relatively flat last week, the 10-year Treasury yield fell 4 basis points this week. The 30-year mortgage rate moved in tandem with Treasury yields, dropping 3 basis points to 3.90 percent. Earlier this week, Federal Reserve officials highlighted the influence of continued weak inflation data on rates.

  • 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.5 point for the week ending August 10, 2017, down from last week when it averaged 3.93 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent.
  • 15-year FRM this week averaged 3.18 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.76 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) 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. If you want help buying or selling your home, please get in touch. We have sold over 4,600 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!

You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.

Have a Fantastic week!

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…
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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 New Tampa, Tampa Market Monday