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 the Median Sold Values of homes in Hillsborough County by zip code. Now keep in mind, median means “in the middle,” meaning that half of the homes sold above the price listed and half sold below the price. 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 key point is you can get the best idea of the value of a home by looking at median sold values and other homes that are closest to it and most like it. These are called “comparables” and it is what appraisers analyze when they set the value of a home.
Hillsborough County (Tampa, Florida) – Median Sold Value
(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.)
Also, don’t forget to check out the articles and infographics below. We’ve tried to bring you the most helpful ones we’ve run across this week. You’ll find advice for buyers and sellers, a breakdown of mortgage rates, and an overview of some fun and exciting things that should make Tampa an even better place to live! Enjoy!!
From the Blog:
Lawrence Yun, NAR’s Chief Economist explained:
“After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory.”
“Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what’s being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau.”
- Harvard University’s Joint Center of Housing Studies recently released the top financial & emotional reasons to own a home.
- Owning is a good way to build up wealth that can be passed along to your family as it is usually a form of “forced savings.”
- You’re paying for a house whether you own or rent, but owning gives you control over your living space.
The redevelopment is slated to cost $65 million to $100 million, funded through public and private sources. View the renderings for a virtual tour.The conceptual plan includes the following:
- The creation of a Grand Terrace that “flows” to the riverfront
- Expansion of the Patel Conservatory
- Reinventing and enlarging the Silbiger Lobby in Morsani Hall
- Adding a multipurpose events center to accommodate growth in food and beverage
“We wanted something fresh and new exciting to represent Tampa,” Lisi said while presenting the new renderings on Tuesday morning.
The proposed first stage of the renovations are under way and scheduled to be completed for the Buccaneers’ 2016 season. The centerpiece of the first phase of projects will be the installation of new, state-of-the-art HD video boards in each end zone, four HD tower video displays in each corner of the lower bowl and HD ribbon boards in the center ring of the suite level.
The proposed new end zone boards will be expanded and measure 9,600 square feet each, while each tower display will measure 2,304 square feet for a total video display area of 28,416 square feet—the third-largest in the NFL.
Advice for Buyers:
We spoke with loan officers, real estate agents and other home-buying experts to give you a rundown of some of the biggies and tips that might help you avoid headaches and heartache before you sign the dotted line.
Advice for Sellers
Home sellers often ask me, “Why should I pay for the buyer’s closings costs?” I most often hear this from members of the older generations, people who had to save up large down payments before they bought their first home. “If a person can’t pay their own closing costs then they have no business buying a home,” one gentleman recently told me.
Why do you want to pay for the buyer’s closing costs? Because paying your home buyer’s closing costs could mean selling your home faster and putting more money in your pocket. That’s all.
At the current pace of sales, the entire stock of homes for sale would be “sold out” by mid-July.
In February, Median Days on Market for an MLS-listed home was 59 days. This is the fewest number of days for January since the National Association of REALTORS® been tracking such data.
- February 2012: 97 days
- February 2013: 74 days
- February 2014: 62 days
- February 2015: 62 days
- February 2016: 59 days
It should also be noted that in each of these years, February was the start of a months-long slide in Median Days on Market. Should that trend hold through 2016, buyers should expect homes to sell in fewer days in the months ahead.
35% of homes sold in 30 days or less in February.
Freddie Mac reported the following national averages with mortgage rates for the week ending March 31:
- 30-year fixed-rate mortgages: averaged 3.71 percent, with an average 0.5 point, the same as last week’s average. Last year at this time, 30-year rates averaged 3.70 percent.
- 15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.4 point, rising from last week’s 2.96 percent average. A year ago, 15-year rates averaged 2.98 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.90 percent, with an average 0.5 point, rising from last week’s 2.89 percent average. A year ago, 5-year ARMs averaged 2.92 percent.
Source: Freddie Mac
Have a Fantastic week!
–Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com