I hope everyone has a wonderful Thanksgiving week and enjoys time with family and friends.
Here’s a quick look at what happened in the Greater Tampa area (view a map of the communities) in October 2016. Home sales rose compared to October a year ago. The number of Homes Sold ticked up 0.55%, while the Total Sold Dollar Volume climbed 11.96% to $621,455,999. The Median Sold Price hit $200,000 — a 11.36% increase compared to October 2015.
The Average Number of Days a Home Stayed on the Market (60 days) declined 4.76% compared to October a year ago. Months of Supply which measures how many months of housing inventory remain based on current sales trends is down to 2.77 months, a 3.9% drop from a year ago.
Here’s a detailed look at the stats over the last 12 months:
What It Means
For the most part, the trends have stayed fairly consistent. Home sales and prices continue to outpace the performance from last year, while the inventory of homes for sale declines. This week mortgage rates have also become a big concern as they have increased over 50 basis points since the election. This is likely to create a sense of urgency in some buyers and sellers who rush to buy and sell before their purchasing power erodes further due to higher mortgage rates.
(Want a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently? Call Annette Bohannon at 813-431-2840 and get a FREE detailed, market evaluation of your home or you can get a Free Market Report by following this link.)
Now here’s a quick overview of some of the best and most informative blog posts, articles and infographics we’ve run across this week. Enjoy!
Taking a trip to the mall during the holiday season to see Santa can be very overwhelming for a child who suffers from autism. But, thanks to Autism Speaks, your child can have a sensory-friendly visit with Santa this year.
Autism Speaks is thrilled to once again be partnering with the Noerr Programs Corporation on their Sensory-Friendly Santa programs. The Caring Santa (a partnership with SIMON Malls), Santa Cares and Sensitive Santa (a partnership with Washington Prime Group Malls) programs all provide families that have children with autism and other special needs with the opportunity to connect with Santa in a special way. The events provide a more controlled and welcoming environment to visit Noerr’s Santa Photo Experience.
From the Blog:
What is Private Mortgage Insurance (PMI)?
Freddie Mac defines PMI as:
“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.
Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”
As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. Freddie Mac goes on to explain that:
“The cost of PMI varies based on your loan-to-value ratio – the amount you owe on your mortgage compared to its value – and credit score, but you can expect to pay between $30 and $70 per month for every $100,000 borrowed.”
Traditionally, the winter months create a natural slowdown in the market. Jonathan Smoke, Chief Economist at realtor.com, points to low interest rates as one of the many reasons why buyers are still out in force looking for a home of their own.
“Overall, the fundamental trends we have been seeing all year remain solidly in place as we enter the traditionally slower sales season, and pent-up demand remains substantial as buyers seek to get a home under contract while rates remain so low.”
Advice for Buyers:
Advice for Sellers
Before making any big purchases, research shows that 70% of buyers go through and online research process. That being said, it’s in your best interest as a seller to market your property with stellar photos. Bad listing photos can keep your property from selling. Avoid the following photography faux pas if you want your property to get positive attention online.
- High-end buyers show individual preferences, but there are common threads among wealthy purchasers.
- The affluent consumer values luxury.
Last week’s election fell in the middle of our survey week, making it impossible to determine how closely the mortgage rate would track the post-election sell-off in the Treasury market. This week, the verdict is in—over the last two weeks the 30-year mortgage rate jumped 40 basis points to 3.94 percent, almost identical to the 39 basis point increase in the 10-year Treasury yield. If rates stick at these levels, expect a final burst of home sales and refinances as ‘fence sitters’ try to beat further increases, then a marked slowdown in housing activity.
- 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.5 point for the week ending November 17, 2016, up from last week when it averaged 3.57 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.
- 15-year FRM this week averaged 3.14 percent with an average 0.5 point, up from last week when it averaged 2.88 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.07 percent this week with an average 0.4 point, up from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 2.98 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.
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!
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