Provided By Annette Bohannon, Team Bohannon Real Estate Consultants, Keller Williams Tampa Properties
Happy Monday from Annette Bohannon!
Today, we’re going to look at home sales data from the Greater Tampa Area for March of this year. to see how Tampa area real estate performed in March of 2016. Next week, we’ll look at New Tampa and Wesley Chapel.
As you’ll see below, prices are trending up, as the number of days houses stay on the market is declining. This can create a challenging environment for buyers as they have to be ready to act fast and negotiate with sellers. On the other hand, if you’ve thought about selling, now is a great time to take the plunge. As more people look to buy, you have a wonderful opportunity to move your home fast and for top dollar.
How Greater Tampa Real Estate Performed in March of 2016
From Our Blog:
According to the BMO Harris Bank Home Buying Report, 52% of Americans say they are likely to buy a home in the next five years. Americans surveyed for the report said that they would be willing to pay an average of $296,000 for a home and would average a 21% down payment.
“Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones.” – Consumer Lending Executive, D. Steve Boland
With demand exceeding supply in markets across the U.S., homebuyers may be facing an uphill battle to find the perfect home this spring. Total housing inventory at the end of February was 1.88 million existing homes available for sale, 1.1 percent lower than last year and at a 4.4 month supply at the current sales pace, which is below the roughly six month supply level needed for a balanced market between buyers and sellers.
In competitive markets like this, it is important that homebuyers work with a Realtor®. Realtors® who have the National Association of Realtors®’ Accredited Buyer’s Representative® designation are specialized practitioners focused on working directly with buyer-clients and helping them through
The good news is, as a first time home buyer you have a wealth of resources and assistance programs at your disposal to help make home ownership just a bit easier. But with the sheer amount of possibilities that are open to you in the form of federal grants, state programs, local government initiatives, tax credits, deductions and more, getting the right information can be tricky and it’s easy to become overwhelmed by the acronyms and fancy jargon that often comes with the mortgage industry.
Don’t worry, though – we’re going to break it all down for you and make things just a bit simpler to understand so you can have a successful and stress-free home buying experience.
Scouring listing descriptions from 2.8 million condos and single-family homes sold across the country between January 2014 and March 2016, the study’s authors marked keywords from “craftsman” to “solar panel.” They controlled for the size, age, and location of homes, comparing, for example, listings of similarly aged and sized houses within the same county that included the keywords (“granite,” “crown molding”) with those that didn’t.
Then they created a statistical model to try to predict what a home with a pendant light or an outdoor kitchen might sell for, and how quickly, compared to homes without those attributes. The homes ranged in price from $20,000 (in many locations) to $88.3 million (in L.A.), and the median value was $232,000.
Of everyone jostling for position in today’s competitive real estate market, trade-up buyers face the trickiest balancing act. With timing critical, you must work to max out your sale price and then shop fast and furious for a new place. On the plus side, the same forces that work against you as a buyer—tight inventory, rising prices—are in your favor as a seller. That bodes well for a quick sale and gives you cash to work with as you’re house hunting.
Here are the best moves for you to make as you think about selling your current house and searching for more elbow room.
Freddie Mac reports the following national averages with mortgage rates for the week ending April 14:
- 30-year fixed-rate mortgages: averaged 3.58 percent, with an average 0.5 point, dropping from last week’s 3.59 percent average. Last year at this time, 30-year rates averaged 3.67 percent.
- 15-year fixed-rate mortgages: averaged 2.86 percent, with an average 0.5 point, falling from last week’s 2.88 percent average. A year ago, 15-year rates averaged 2.94 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.84 percent, with an average 0.4 point, rising from last week’s 2.82 percent average. Last year at this time, 5-year ARMs averaged 2.88 percent.
Preparing to apply for a home mortgage loan is about taking a practical approach to home ownership by understanding the pitfalls, knowing how much home you can actually afford before submitting an application and getting your financial house in order so the loan companies won’t reject you. Lenders are looking for every reason to deny you a loan so you can use these 10 easy tips to make sure you don’t give them any option other than approval.
AirportXP, a mobile platform from Phoenix Marketing International that collects opinions from travelers, compiled the data from more than 170,000 airport users between November and February.
Passengers were allowed to rate an airport on a seven-point scale. Airports were given a percentage of passengers who rated the airport a 6 or a 7. TIA scored an 82 percent rating, just squeezing ahead of Salt Lake City International, which had an 81 percent rating. The Charlotte Douglas International Airport in North Carolina had a 79 percent rating, while Chicago’s Midway and Atlanta’s Hartsfield-Jackson airports also were in the top five with ratings over 75 percent.
Thanks for taking time to read #Tampa Market Monday from Annette Bohannon. If you plan to buy or sell a home in the near future, please get in touch with us. 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