As we wait for the new September real estate numbers to come out next week, let’s review how the whole of Hillsborough County has fared so far this year (January through August).
So here’s how the home sales numbers look so far this year. As you’ll see in the chart below, Sold Dollar Volume was up 15.2% compared to the same time period in 2015. Median Sold Price also rose 13.84% and Average Sold Price increased 11.8% compared to 2015 . So far in 2016, 492 more homes sold than over the same time period in 2015. That’s an increase of 3.04%. So based on these trends, it appears that the rest of the year should exceed the numbers from last year.
You’ll also notice that the average time a home stayed on the market before selling moved down 14.71% from January to August of 2016 compared to 2015. Another clear signal that the Tampa real estate market has improved this year. The greatest number of homes (3,252) sold in the 31 to 60 day range. (See table below.)
Now let’s look a little more closely at how the Hillsborough County market has trended on a monthly basis over the last 2 years.
Here’s a detailed look at the stats: (If you place your cursor on the data points for each month, you will see the monthly and yearly percentage of change.)
What It Means
As we move into Fall, housing inventory continues to stay down, so buyers have less to choose from. Also, interest rates remain historically low. Will this continue for another year? Likely not as the Fed is already hinting at coming rate increases. So whether you are buying or planning to sell, acting sooner rather than later is likely your best bet.
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!
Passengers on American Airlines, Delta, JetBlue and United Airlines will soon find it a little tougher to reach their flights at Tampa International Airport.
The airport is closing the blue side arrival and departure curbsides from 8 p.m. to 4 a.m. for construction of the SkyConnect guideway beginning Sept. 6 through early 2017, said TIA spokeswoman Janet Zink.
After an onslaught of complaints from members of the public and some elected officials, the Florida Department of Transportation is reversing course on its plan to implement toll lanes on the Howard Frankland Bridge.
From the Blog:
The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).
Advice for Buyers:
The fall may be notorious for a slowdown in the housing market. But for home buyers that shouldn’t mean they should go to an early hibernation. For home shoppers, the fall likely will be the best time to buy.
Everyone makes mistakes. It happens. However, the impact of our mistakes is not always the same. When a homebuyer makes mistakes on their home purchase, it can have devastating effects on their finances and living circumstances for years to come.
Millennials are quickly becoming the largest group of homebuyers in the U.S. As they start to enter the market for the first time, there are some common rookie mistakes that will likely be made. These mistakes can easily be avoided with some basic understanding of the home buying process.
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Advice for Sellers
There’s nothing worse than walking into a house and being welcomed with a questionable odor. Homeowners get used to smells their home may have after living there for some time and don’t realize that others will notice any smell the second they walk in. Before your next home showing, make sure your client clears the house of any lingering odors and replaces them pleasant ones that inspire pleasing memories.
Here are some ideas for freshening up a house with smells that will bring in the buyers:
Experts say you don’t have to forgo all festive decorations, but you do have to choose them wisely. In general, decorations should be neutral. Think scarecrows, pumpkins, and hay bales. As for what not to do, well, it’s easier to show you.
Here are some decoration routes to avoid if you don’t want to spook buyers. (If they’re scared off by the price, that’s your problem.)
The 10-year Treasury yield leaped to a two-week high following reports of the European Central Bank retreating from its bond-buying program ahead of its initial March deadline. In contrast, the 30-year fixed-rate mortgage remained unchanged at 3.42 percent. Over the past two weeks, mortgage rates have remained fairly flat while Treasury yields have fallen and risen. This Friday’s jobs report will provide clarity on whether or not mortgage rates follow the recent upward trend in Treasury yields.
- 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending October 6, 2016, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.76 percent.
- 15-year FRM this week averaged 2.72 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.99 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.4 point, down from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.88 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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