Greater Tampa (view a map of the communities) home sales increased in August compared to August a year ago. The number of Homes Sold climbed 15.5% to 3,123, while the Total Sold Dollar Volume jumped 28.1% to $764,106,284. On a month-to-month basis, Closed Sales and Total Sold Dollar Volume went up 2.8% and 0.5% respectively. The Median Sold Price hit $210,000 — a 15.4% rise compared to August 2015 and a 2.4% increase from July 2016.
The Average Number of Days a Home Stayed on the Market (54 days) decreased 19.4% compared to August a year ago and 6.9% compared to July of this year. Months of Supply which measures how many months of housing inventory remain based on current sales trends is down to 2.78 months, a drop of 5.4% from August 2015. So the market continues to remain solid for sellers and highly competitive for buyers. The number of Active Listings was almost exactly the same as August a year ago, even though home sales and prices have increased markedly.
Here’s a detailed look at the stats:
What It Means
I feel like a broken record, but the facts are the facts: It’s STILL a GREAT time to SELL. Home sales and prices keep going up from a year ago, and interest rates (though up slightly this week) REMAIN historically low.
If you’re ready to sell, contact us and let us focus our expertise, experience and award-winning client services on helping you sell your home quickly and for top dollar. If you’re a buyer, please call us. Our skilled and experienced BUYERS agents will position you to move fast and negotiate smartly in a very competitive SELLERS market.
(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!
From the Blog:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
What proof exists that owning is financially better than renting?
1. A study published by the Joint Center of Housing Studies at Harvard University shows the financial benefits of homeownership. The study mentions five major financial benefits:
- Housing is typically the one leveraged investment available
- You’re paying for housing whether you own or rent
- Owning is usually a form of “forced savings”
- There are substantial tax benefits to owning
- Owning is a hedge against inflation
Advice for Buyers:
So you’re in the market for a home and you have a list of deal breakers: the house has to have the right amount of square footage, enough storage space, and a nice backyard– but have you considered the location of the home? Researching the neighborhood of your potential new home helps you to protect your family’s lifestyle and keep them safe. Here are the list of things to consider when researching the location of your new potential home:
- Thinking you don’t need a realtor. Professional help is important when you are buying your first home. Ask your family and friends for references on a good realtor. A realtor will provide you with independent advice and help you with any negotiations and paperwork.
- Making an offer before having a preapproval letter. Before you start looking for your first home you need to get a preapproval letter for a mortgage. Don’t be afraid to go to a bank and get preapproved. It is important to know what the bank will lend you before starting your search. You want to be sure you are looking at houses within your budget.
- Not getting the house inspected by a professional. No matter how new or old the house is, it is very important to get the house inspected by a professional. They will review the house, inside and out, from top to bottom, and provide you with a detailed report of the condition of the house. This can bring to light any potential issues you may want the current owner to fix before you finalize the purchase.
- Forgetting to factor in the other costs outside the mortgage. When you are planning your finances and budgeting for your mortgage, it is important to factor in costs like property taxes, homeowners insurance, utility bills, and even potential maintenance.
- Opening up a new line of credit before your closing date. When you are closing on a new home, you may feel the need to buy all new furniture or appliances. And the store credit card with 0 percent interest for 24 months may seem like a great idea, but your mortgage lender will definitely be pulling your credit right before closing and any new debt can cause issues and potentially even stop the sale.
Advice for Sellers
I keep reading that it’s a sellers’ market because fewer homes are available for sale than normal. And home prices are going up, so it should be a really good time to sell. Why aren’t more sellers selling?
You’ve put your house on the market, and months have gone by without a single serious inquiry. What do you do in this scenario? There are a number of factors that could be contributing to your home’s extended stay on the market. Here’s a list of reasons to consider:
The 10-year Treasury yield rose 18 basis points to 1.73 percent, its highest level since Brexit. The 30-year fixed-rate mortgage followed suit, rising 6 basis points to 3.50 percent this week. This is the first week since June that mortgage rates were above 3.48 percent, snapping an 11-week trend.
- 30-year fixed-rate mortgage (FRM) averaged 3.50 percent with an average 0.5 point for the week ending September 15, 2016, up from last week when it averaged 3.44 percent. A year ago at this time, the 30-year FRM averaged 3.91 percent.
- 15-year FRM this week averaged 2.77 percent with an average 0.5 point, up from last week when it averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 3.11 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.4 point, up from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.92 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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