Category: Wesley Chapel

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…
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Land O Lakes

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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…
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…
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

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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, 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

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: , , ,

July 31st, 2017 by chris@3cwebcontent.com

Happy Monday!

Today I’m going to overview how the Wesley Chapel housing market fared in Quarter 2 (April-June) of this year compared to Q2 of 2016.

Wesley Chapel is comprised in three zip codes and the 33543 area saw the greatest amount of increase, as Sold Dollar Volume outpaced Q2 of 2016 by 34.42 and 22.83% more homes sold. Sold Dollar Volume was up 22% in the 33545 area as the Number Of Homes Sold jumped by 15.08%. The 33544 area lagged behind these two areas but still did better than in Q2 of 2016. Sold Dollar Volume increased by a solid 11.23% and 5.52% more homes changed hands in the second quarter of 2017.

Prices

Median Prices* also moved upwards in all three areas, as 33543 led the way with a 13.19% jump, followed by 33545 at +11.13% and 33544 at +2.59%. The 33543 area had the highest Median Sales Price ($253,500), while 33544 came in at $235,692. The 33545 area had the lowest Median Price of $229,900.

(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.)

Inventory

The 33544 area saw the biggest decline in inventory (25.83%), as Active Listings dropped from 131 (Q2/2016) to 98 (Q2/2017). The 33544 area also had a 2.21% decline in the number of Homes for Sale — from 226 (Q2/2016) to 221 (Q2/2017) Active Listings. In contrast, 33545 had a huge gain as 110 homes were listed for sale compared to 82 in the second quarter of 2016 — a 34.18% increase.

See the tables below for a more detailed comparison of Q2 2016 and Q2 2017

33543

33544

33545

Now, I hope you enjoy some of the best articles, blog posts, etc. that we’ve found this week to help you with your home buying or selling decision. Enjoy!

Tampa:

Tampa ranks high in most ‘livable cities’ in U.S.

Compared to other cities in the United States, living in Tampa isn’t too shabby.

According to a study by WalletHub, Tampa ranked No. 14 on its list of 2017’s Best Big Cities to Live in, earning the highest spot in Florida.

Read More

From the Blog:

U.S. Housing Inventory Hits a New Low… List Your House TODAY!

Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.

Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.

Here is a chart showing the decrease in inventory levels by category:

Read More

How’s the Real Estate Market? Find Out What the Experts Are Saying

According to Bankrate’s latest Financial Security Index Poll, Americans who have money to set aside for the next 10 years would rather invest in real estate than any other type of investment.

Bankrate asked Americans to answer the following question:

“What is the best way to invest money you wouldn’t need for 10 years or more?”

Real Estate came in as the top choice with 28% of all respondents (3% higher than last year), while cash investments – such as savings accounts and CD’s – came in second with 23% (the same as last year). The chart below shows the full results:

Read More

 

Buyers:

American Homebuyers Wish They Had Done These Things Differently

If only buying a home was as simple as taking a BuzzFeed quiz, as in: Choose your aesthetic — classic boho or modern chic? Pick a backyard fantasy — patio with a fire pit or luxe infinity pool?

Unfortunately, it’s rare that you ever get everything you want in a home — and a good number of homebuyers seem to make decisions they come to regret down the road. According to a new survey out from Trulia, 44% of Americans say they have a regret about their current home or the process they went through in choosing it.

Read More

Millennials are influenced more by dogs than marriage, children when buying a home

If only buying a home was as simple as taking a BuzzFeed quiz, as in: Choose your aesthetic — classic boho or modern chic? Pick a backyard fantasy — patio with a fire pit or luxe infinity pool?

Unfortunately, it’s rare that you ever get everything you want in a home — and a good number of homebuyers seem to make decisions they come to regret down the road. According to a new survey out from Trulia, 44% of Americans say they have a regret about their current home or the process they went through in choosing it.

Read More

Search All Tampa Area Homes for Sales 

Sellers

Selling a home? Try these simple, inexpensive swaps for any room

Whether you’re looking to sell your house or just make a change, updates can seem daunting if you’re not prepared. To help you come up with a game plan for every room in your house, Lex and Alana LeBlanc from “The Listed Sisters” on HGTV, stopped by TODAY Wednesday with tips on what to keep, ditch and replace in your favorite spaces.

Read More

Home Loans

Mortgage Rates Drop Again

The 10-year Treasury yield rose 5 basis points this week while the 30-year mortgage rate dropped 4 basis points to 3.92 percent. Mortgage rates in next week’s survey would depend on how the market reacts to the Fed’s balance sheet unwinding announcement.

  • 30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an average 0.5 point for the week ending July 27, 2017, down from last week when it averaged 3.96 percent. A year ago at this time, the 30-year FRM averaged 3.48 percent.
  • 15-year FRM this week averaged 3.20 percent with an average 0.5 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 2.78 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.5 point, down from last week when it averaged 3.21 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…
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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…
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…
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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…
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…
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Posted in Tampa Market Monday, Wesley Chapel

July 18th, 2017 by chris@3cwebcontent.com

Happy Monday!

In this week’s Market Monday, I’ll take a look at how the Wesley Chapel real estate market performed in June of 2017.

Pricing Trends

First, let’s review the Median Sold Price* for each zip code within Wesley Chapel. Wesley Chapel (33543) rose 3.3% to $235,950, Wesley Chapel (33544) jumped 8.3% to $258,490 and Wesley Chapel (33545) gained 8.1% as the median sold price hit $226,250.

The following graphs show the Average Sale Price compared to the Original List Price. In Wesley Chapel (33543), sellers received an average of 97.8% of their original asking price, while in Wesley Chapel (33544) the ratio stood at 96.3% of original list price. The 33545 zip code in Wesley Chapel had the highest ratio.  In those neighborhoods, homes sold for 98.3% of their original list price, on average.

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

The Numbers of Homes Sold continued to outpace last year’s numbers, as 180 homes sold compared to 167 in June of 2016. That’s an increase of 8%. The Number of Homes for Sale fell 2%, as there were 9 fewer homes for sale than in June of 2016. The Number of New Properties saw a 3% increase as 216 homes came on the market versus 201 in June of last year.

 

 

Months of Supply, which measures housing inventory, dropped 24% — from 2.9 months (June 2016) to 2.3 months (June 2017). But the Average Number of Days a home stayed on the market plunged 34%, as homes sold in an average of 29 days. That’s 19 days faster, on average than in June 2016.

Bottom Line

Home sales and prices in Wesley Chapel continued for June 2017 outperformed June 2016 numbers.  The question now is will the pace of sales and the drop in inventory slow things down. Also, keep your eye on mortgage rates as they inch upwards. With the economy performing well, there’s a good chance more interest rate hikes will occur this year.  But even with these unknowns, selling your home or buying — sooner rather than later — is the best plan of action. We’re unlikely to see rates this low and demand for homes this high over the next few years.

(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!

(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.)

From the Blog:

The 5 Greatest Benefits of Homeownership

Recently, Freddie Macreported on the benefits of homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.”

  1. Homeownership can help you build equity over time.
  2. Your monthly payments will remain stable.
  3. You may have some tax benefits.
  4. You can take pride in ownership.
  5. Homeownership improves your community.

Let’s expand on each of Freddie Mac’s points:

Read More

 

Buyers:

4 Common Home Buyer Slip-Ups

Real estate professionals see a lot of dumb reasons why home buyers ultimately end up losing out on a deal. Practitioners recently shared some of the more common mistakes with realtor.com®, including ways to correct the situation:

 

Search Tampa Homes for Sale

Advice for Sellers

Want to Get the Most Money for Your Home? Don’t Do These 9 Things

Owning a home and making mortgage payments is like putting money in the bank. Barring a market reversal, that nest egg of equity in your home will grow and grow. And for most homeowners, their house is their largest asset—which means there’s a lot of money at stake when it comes time to sell.

Want to get as much money back as possible from this big-ticket investment? Of course you do! So avoid doing these nine things when you put your home on the market.

Read More

Best paint color for a quick home sale? White

Certain paint colors can lift your spirits, make a room seem larger or smaller, and even — much to the chagrin of homeowners or real-estate agents — drag out the sale of a property.

These days, you can’t go wrong with shades of white and off white, according to Jody Finglas of Finglas Painting in Ossining, N.Y.

“What was very in vogue 10 years ago, like faux and decorative painting, funky wallpapers and dark accent walls, has changed,” he said. “Now it’s all about less is more. We’re seeing a lot of requests for lighter, brighter colors.”

Add color with furniture and accessories, Finglas said. They can be switched out easily depending on your mood or the season.

Read More

Home Loans

Mortgage Rates Jump Again

After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May. Today’s survey rate stands at 4.03 percent, up 7 basis points from last week.

  • 30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending July 13, 2017, up from last week when it averaged 3.96 percent. A year ago at this time, the 30-year FRM averaged 3.42 percent.
  • 15-year FRM this week averaged 3.29 percent with an average 0.5 point, up from last week when it averaged 3.22 percent. A year ago at this time, the 15-year FRM averaged 2.72 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week with an average 0.5 point, up from last week when it averaged 3.21 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

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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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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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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, 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…
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

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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

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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

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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 Tampa Market Monday, Wesley Chapel

June 20th, 2017 by Annette Bohannon

 

Happy Monday!

In this week’s Market Monday, I’ll review how the Wesley Chapel real estate market fared in May of 2017.

The Numbers of Homes Sold leaped 32%, as 171 homes sold. That was 41 more than in May of 2016. Prices increased 2%, as the Median Sold Price* stood at $264,500, up from $259,908 in May 2016. The Number of Homes for Sale rose 6% or 33 more homes than in May of 2016. The Number of New Properties jumped 17% or 32 more units than in May of last year.

Months of Supply, which measures housing inventory, plunged 22% — from 2.3 months (May 2016) to 1.8 months (May 2017).  The Average Number of Days a home stayed on the market before being sold fell 19%, as homes sold in 41 days. That’s 9 fewer days, on average, than they sold in May 2016.

For a more detailed breakdown of the trends over the past 12 months, see the charts below.

(MEDIAN SOLD PRICE – Median means “in the middle,” meaning that half of the homes sold above the Median Sold Price and half sold below it. For example, if 5 homes sold in a zip code for $200,000, $250,000, $300,000, $400,000 and $800,000, the Median Price would be the one in the middle. In this case, that would be the $300,000 home.In contrast, average selling price would just be the sum of the selling prices of the 5 homes divided by 5, or $330,000. Many real estate statisticians prefer median price as a better indicator of the “typical” price within an area or zip code. Why? It is not affected by “outliers” or homes sold at an extremely high or low price, like the $800,000 home in our example.)

 

Bottom Line

Home sales in Wesley Chapel heated up in May and should continue to outperform 2016 numbers through the summer. The biggest limiting factor will be the lack of inventory (homes for sale). If you’re on the fence about selling, it’s a good time to move forward since buyers are motivated but have fewer and fewer homes to choose from.

(Want a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently? Call Annette Bohannon at 813-431-2840 and get a FREE detailed, market evaluation of your home or you can get a Free Market Report by following this link.)

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

Tampa:

Here’s who readers say has the Best Barbecue in the Bay

With 2,196 votes in the final round, Holy Hog Barbecue was named TBBJ’s Best Barbecue in the Bay 2017.

Holy Hog was founded by University of South Florida alumni Danny Hernandezin 2010, and has since expanded to five locations, all in the Tampa Bay area. Holy Hog, which is co-owned by Dave Burton, was honored as a 2016 USF Fast 56 award winner.

Holy Hog locations include downtown Tampa, which opened in 2014, South Tampa, Carrollwood, West Tampa and inside Amalie Arena.

Read More  

From the Blog:

Homeownership Is a Good Financial Investment!

According to a recent report by Trulia“buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?

Ralph McLaughlin, Trulia’s Chief Economistexplains:

“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”

Read Blog Post

Advice for Buyers:

Best cities for first-time homebuyers

Tampa is #2.

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

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

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

Read More

Fannie Mae Policy Changes to Aid Millennial Homebuyers

Millennials locked out of their homeownership dreams by high debt-to-income ratios and student loan debt will soon have reason to take another look at purchasing, thanks to a number of policy changes at Fannie Mae.

First, Fannie Mae recently announced that beginning July 29, they will accept borrowers with debt-to-income ratios, or DTI, as high as 50 percent, up from 45 percent today.

Read More

Search Tampa Homes for Sale

Advice for Sellers

Virtual Home Staging

We’ve discussed in detail how effective home staging and great photography can be when selling a home. But how do you accomplish this with a vacant, empty home? One option is to furnish the whole home as part of the staging process. The other is virtual staging.

We spoke with Krisztina Bell, Founder of Virtually Staging Properties, to learn more about virtual staging and how it helps sell homes.

What Is Virtual Staging?

Virtual or digital home staging is virtually placing furniture and decor into photos of a typically vacant home to show buyers what the room would look like with furniture. Because online listings and their photos are so important, and photos of empty homes are far less attractive to potential buyers, virtual staging is an effective way to impress buyers and drive traffic to the home.

Read More

A New Study Says This Paint Color Increases Your Home’s Selling Price

Attention home-sellers: before you even think of putting your house on the market, you might want to consider giving the space a wash of color. But not just any color! According to the 2017 Paint Color Analysis study conducted by Zillow, blue paint has the potential to add serious value to your home’s selling price.

The popular real estate site researched five different spots — kitchens, bedrooms, bedrooms, dining rooms, and front doors — to determine just how much value we’re talking about. Spoiler: the numbers are staggering.

Read More

Home Loans

Mortgage Rates Inch Up After Extended Decline

The 30-year mortgage rate rose 2 basis points over the week to 3.91 percent. However, our survey was conducted before investors drove Treasury yields sharply lower in a reaction to the surprisingly weak CPI release. If that drop in yields sticks, mortgage rates are likely to follow in next week’s survey.

  • 30-year fixed-rate mortgage (FRM) averaged 3.91 percent with an average 0.5 point for the week ending June 15, 2017, up from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.
  • 15-year FRM this week averaged 3.18 percent with an average 0.5 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.5 point, up from last week when it averaged 3.11 percent. A year ago at this time, the 5-year ARM averaged 2.74 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

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

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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

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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

June 1st, 2017 by Annette Bohannon

Happy Tuesday!

I hope you had a wonderful Memorial Day Weekend. Also, I want to thank all the past and current veterans who have served our country.

Today I’m going to present a longer-term view on the Wesley Chapel real estate market. This will help put into perspective how the housing market has progressed over the last three years.

First, let’s look at prices. We will use Median Prices* (see note below about why this is a better metric than average prices). Median Sold Price rose  15% to $264,395 from April of 2015 compared to April of 2017. That represented an increase of $33,895. If you compare the Median Sold Price with the Median For Sale Price, you’ll notice that it is also up 15%.

The Number of Sold Homes climbed 18% from 114 (April 2015) to 134 (April 2017) during the same time period. The Number of Homes for Sale was nearly the same, while the Number of New Properties dropped 3%. This decrease in housing inventory caused the Months Supply of Homes to fall 11% — from 2.3 to 2.1 months. The Average Number of Days a home stayed on the market declined 5% — or 3 days — from 64 to 61 days.

To sum it up, prices and home sales climbed double-digits over the past few years. Combine this with dwindling inventories and faster sale times and you’ll see that now is an opportune time to list and sell your home. This trend should continue throughout the summer. And buyers, even though it’s a seller’s market, amazingly low mortgage rates still make it a great time to buy.

See the charts below for a month-by-month breakdown of these trends.

(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.)

 

 

 

 

 

Tampa:

Super Bowl LV moved from LA to Tampa

Super Bowl 55 has been moved to Tampa, the NFL Network reported on Tuesday.

The network reported NFL owners voted unanimously to move the game to Tampa, while Los Angeles will host Super Bowl 56, according to sources.

Super Bowl 55 will tentatively take place February 7, 2021. The game will air on News Channel 8.

“Being awarded Super Bowl 2021 is a testament to our city’s ability to shine on the international stage,” said Mayor Bob Buckhorn. “Tampa does big events as well as anybody in the world and once again we will rise to the occasion.We look forward to working to meet the host requirements over the weeks ahead.”

Read More

From the Blog:

Is Now a Good Time to Rent?

People often ask if now is a good time to buy a home, but nobody ever asks when a good time to rent is. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau recently released their 2017 first quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Read More

How’s the Real Estate Market? Find Out What the Experts Are Saying

As we head into summer, it is a great time to review how the 2017 real estate market is doing so far. Here is what the experts are saying:

Doug Duncan, Fannie Mae Chief Economist

“Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates.”

Diana Olick, CNBC

“Even as more homes come on the market for this traditionally popular sales season, they’re flying off fast, with bidding wars par for the course. Home prices have now surpassed their last peak, and at the entry level, where demand is highest, sellers are firmly in the driver’s seat.”

Daren Blomquist, Senior VP at Attom

“I am guessing we will see it get even better… If you are considering moving, it could be a really good time to sell.”

Lawrence Yun, NAR Chief Economist

“The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month. Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings…for sales to muster a strong gain. Sales will go up as long as inventory does.”

Mark Fleming, First American Chief Economist

“Despite higher mortgage rates, the potential for home sales increased on an annual basis driven by steady income and job growth, along with a surge in building permits. While it may be a little late for this spring, the increase in building permits is a welcome sign that some relief may be in sight for the inventory shortages that are holding back many markets from realizing their full potential this spring.”

Read More

 

Advice for Buyers:

The Top Cities for Out-of-Town Home Buyers

In the first quarter of 2017, nearly one in five home buyers focused their online searches on properties outside of their current metro area, according to an analysis by Redfin of nearly 1 million users searching for homes across 75 metro areas.

There are not enough “budget-friendly housing” options to make consumers want to stay loyal to their current cities, says Nela Richardson, Redfin’s chief economist. “For many, the only path to homeownership is to pack up and move out.”

So where are these online home searchers looking to relocate to? Redfin cited the following 10 metros as garnering the most out-of-town views (cited along with city where the searchers are most likely to be currently living).

7. Tampa, Fla.

  • The percentage of out-of-town shoppers: 52.4%
  • Where the most buyers currently live: Washington, D.C.

Read More

Search All Tampa Area Homes for Sales 

Home Loans

Mortgage Rates Drop to Lowest of 2017

As we predicted, the 30-year mortgage rate fell 7 basis points this week in a delayed reaction to last week’s sharp drop in Treasury yields. The survey rate stands at 3.95 percent today, a new low for the year.

  • 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.5 point for the week ending May 25, 2017, down from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 3.64 percent.
  • 15-year FRM this week averaged 3.19 percent with an average 0.5 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.07 percent this week with an average 0.4 point, down from last week when it averaged 3.13 percent. A year ago at this time, the 5-year ARM averaged 2.87 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

 

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