Provided By Annette Bohannon, Team Bohannon Real Estate Consultants, Keller Williams Tampa Properties
Happy Monday from Annette Bohannon!
Today, we’re going to start by overviewing Hillsborough and Pasco County home sales data to see how Tampa area real estate performed in February of 2016. Next week, we’ll look at New Tampa and Wesley Chapel.
How Hillsborough County Real Estate Performed in February of 2016
How Pasco County Real Estate Performed in February of 2016
From Our Blog:
Gap Between Homeowner’s & Appraiser’s Opinions Widen
Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation in their Home Price Perception Index (HPPI). Here is a chart showing that difference for each of the last 12 months.
Lack of Inventory Challenging Many Housing Markets
“We are in a time of short supply, which is great news for sellers because they will likely be faced with multiple offers due to the little inventory out there…Buyers will be up against a lot of other people and against a short supply of existing homes.”
For Buyers:
Why Your Home Buyers Really Need to Hurry
Home buyers are expected to outnumber home sellers this spring, which likely will drive up asking prices, Lawrence Yun, the chief economist for the National Association of REALTORS®, told The Wall Street Journal.
“Given that prices are rising, more people will be pushed on the borderline of conventional mortgage limits and may need a large down payment or a jumbo mortgage,” Yun says.
Buying a home? Here are 9 costly mortgage mistakes to avoid
Before you even consider buying a home, it’s important to review your credit and make sure everything is in order.
Before you start the homebuying process, you’ll want to make sure your credit score is in good shape. Go to myFICO.com to get your true credit score (services like CreditKarma are good for frequently checking in on your credit score, but they don’t give provide your FICO score). If you and a partner or spouse want to buy a home, you may want to try to qualify for mortgage underwriting on just the income of the person who has a better score; most lenders will base your rate on the lower score if you’re a couple.
For Sellers
4 Insider Tricks to Sell Your Home on a Tight Timeline
Selling your home can be stressful under normal circumstances. But add a deadline to the mix, and your blood pressure spikes just thinking about it.
Perhaps the clock’s ticking because your company transferred you to a new city or you’re following your dream to a new state. Maybe you’re selling your childhood home because your mom requires around-the-clock nursing care now.
Whatever the reason, you’re in luck: Now’s a great time to sell! According to the latest data from the National Association of Realtors, 32% of recent home sales were on the market for less than a month.
How Pets Can Help You Sell Your Home
Not too long ago, pets were considered a serious hindrance to the home-selling process—cuddly companions that should be hidden at all costs. So what caused the change of heart?
For one, the ever-growing number of animal lovers—56% of homes now have pets—may have helped turn the tide. But more than that, furry faces are just plain good advertising, touching on our emotions without getting too personal. The Internet proves this thousands of times a day when videos such as “Cat vs. Cucumber: Guess Who Wins” get a zillion views.
When used for real estate purposes a pet “solidifies the American dream: the kids, the dog, the whole package,” explains Sherron Lawrence of Realty National.
Mortgage Rates
Mortgage Rates Edge Higher Again
Freddie Mac reports the following national averages with mortgage rates for the week ending March 17:
- 30-year fixed-rate mortgages: averaged 3.73 percent, with an average 0.5 point, rising from last week’s 3.68 percent average. Last year at this time, 30-year rates averaged 3.78 percent.
- 15-year fixed-rate mortgages: averaged 2.99 percent, with an average 0.4 point, increasing from last week’s 2.96 percent average. A year ago, 15-year rates averaged 3.06 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.93 percent, with an average 0.5 point, increasing from last week’s 2.92 percent average. A year ago, 5-year ARMs averaged 2.97 percent.
Tampa Lifestyle
Tampa Bay Lightning in the running for Team of the Year honor
Former CEO Tod Leiwekeleft the Lightning in July to become chief operating officer of the NFL; President Steve Griggs was promoted to the top spot. Owner Jeff Vinik‘s real estate endeavors, which made headlines throughout 2015, had a halo effect on the Lightning.
The Bolts became the first professional sports team in the U.S. to debuttechnology that allows it to measure fan engagement via facial recognition software.
The team also unveiled $25 million in renovations to Amalie Arena, which added new loge seating and completely rebuilt the club-level concourse. The renovations included several new concession options, from Tampa institution Mise en Place’s take on sports grub to a poutine stand.
Thanks for taking time to read #Tampa Market Monday from Annette Bohannon. Let us know if we can help you in any way . 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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