Hillsborough County, Florida Home Sales YTD 2016 – Tampa Market Monday, September 2016

    Happy Tuesday! Hope everyone had a great Labor Day weekend. (Typically, we publish the Market Monday on Monday, but are sending it out Tuesday this week due to the Holiday.)

    As a new month starts, we look back to the latest home sales data for Hillsborough County. August numbers will be out next week, so let’s take a quick look at what happened in July. That way we will have a solid reference point as we transition from the Spring/Summer — usually the best time for real estate sales — into the Fall selling season when things normally slow a bit.

    First let’s look at the market for the year (January through July). As you’ll see in the chart below Sold Dollar Volume was up 14.31% compared to the same time period in 2015. Median Sold Price also rose nearly 14% (13.87%) compared to 2015. So far in  2016, 342 more homes sold than over the same time frame in 2015. That’s an increase of 2.43%. In a nutshell, more homes have sold for more total dollars and for a higher median price than in 2015. So the market is trending up on a yearly basis.

    You’ll also notice that the time homes stayed on the market before selling moved down 14.49% from January to July of 2016 compared to 2015. Another clear signal that the Tampa real estate market has grown stronger this year.

    Hillsborough-county-florida-home-sales-january-july-2016

    Now let’s dig a little deeper into how the Hillsborough County market has trended on a monthly basis over the last 12 months.

    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 summer starts to wind down, it is not unusual to see housing sales slow down some, but does that mean it is a bad time to sell? Absolutely not! First of all, housing inventory is down, meaning buyers have less to choose from. Plus, interest rates are STILL historically low, but there are rumblings that a rate increase may happen sooner rather than later (see article at end of the Market Monday), so buyers continue to have sense of urgency. Also, home sales and prices are trending up from a year ago. But it is true that the faster you list, the better off you will probably be.

    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!

    Tampa:

    What travelers need to know about using TIA starting in September

    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.

    Read More

    Video starring Tampa heavy hitters helps WaVE win SBA prize

    Tampa Bay WaVE, a nonprofit that services and houses growing startup companies, is one of 68 winners nationwide in a U.S. Small Business Administration competition.

    Tampa Bay WaVE will receive a cash prize of $50,000 from the Growth Accelerator Fund Competition, designed to draw attention and funding to parts of the country where there are gaps in the entrepreneurial ecosystem, the SBA said.

    Read More

    From the Blog:

    Home Values: DEFINITELY NOT in Bubble Range!!

    Let’s assume that instead of the rise and fall in home prices that we saw last decade, we just had normal historic appreciation from 2000 to today. According to the 100+ experts that are surveyed for the Home Price Expectation Survey, normal annual appreciation for residential single family homes from 1987 to 1999 was 3.6%.

    Read More

    Why Is There So Much Paperwork to Sign to Get a Mortgage?

    We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form.

    Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

    There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

    Read More

    Advice for Buyers:

    6 must-do’s before buying a home

    Whether you are a first-time buyer or an experienced owner, buying a house requires a “preflight check,” in the words of Barry Zigas, director of housing policy for the Consumer Federation of America.

    Read on for Bankrate’s 6-item checklist, including tips on the types of savings you need, plus advice about what matters beyond purchasing a home at its resale value.

    1. Strengthen your credit score
    2. Figure out what you can afford
    3. Save for down payment, closing costs
    4. Build a healthy savings account
    5. Get preapproved for a mortgage
    6. Buy a house you like

     Read More

    5 Rookie Mistakes Homebuyers Should Avoid

    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.

    Read More

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    Advice for Sellers

    How to Prepare Your Home to Sell

    Improve Landscaping: Great curb appeal is crucial if you want to get your home noticed. Make a good first impression to potential homebuyers by mowing the lawn, weeding the garden and planting a few flowers.

    Clean the Exterior: If the outside of your home looks messy, buyers might think you’ve been slacking on interior maintenance, as well. Give the home’s siding a good cleaning and don’t forget the gutters!

    Make Repairs: Don’t you want your home looking as great as possible to potential buyers? Take care of major problems like broken windows or a leaky faucet that could turn buyers away.

    Remove Clutter: A potential buyer needs to be able to envision their things in your home. Clean up knickknacks, photos and other personal items that may prohibit them from visualizing themselves in the home

    Organize and Clean: Take the time to make things look neat in your home, especially your closet. A messy closet gives off the illusion there is not enough space. Also, your home should be spotless, from the floor to the tops of the ceiling fans!

    Tone Down the Color: Bright colors might be exciting for a child’s bedroom, but it could deter potential buyers. Paint the walls a neutral color to create a blank canvas that will appeal to a wide range of homebuyers.

    Eliminate Odors: Hide the litter box and spray an air neutralizer throughout your home. When you go to show your home, put out fresh flowers or bake a batch of cookies!

    Read More

    Selling Your Home? Here’s How to Budget For It

    If you’re planning to sell your home soon, it’s a good idea to set up a budget for those expenses so you know what you’re facing. Take a look at a sample family, the Smiths, to see what kinds of expenses your family could face from the time you decide to put your home on the market all the way through to closing.

    Read More

     

    Screen Shot 2016-03-07 at 10.03.47 AM

    Screen Shot 2016-03-07 at 10.04.00 AM

    Home Loans

    Mortgage Rates Higher Heading into Labor Day Weekend

    The 10-year Treasury yield inched up in response to Fed Chair Janet Yellen’s speech last Friday then settled near last week’s average. The 30-year fixed-rate mortgage rose 3 basis points to 3.46 percent. Mortgage rates have hovered between 3.41 and 3.48 percent for the past ten weeks.

    • 30-year fixed-rate mortgage (FRM) averaged 3.46 percent with an average 0.5 point for the week ending September 1, 2016, up from last week when it averaged 3.43 percent. A year ago at this time, the 30-year FRM averaged 3.89 percent.
    • 15-year FRM this week averaged 2.77 percent with an average 0.5 point, up from last week when it averaged 2.74 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.
    • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week with an average 0.4 point, up from last week when it averaged 2.75 percent. A year ago, the 5-year ARM averaged 2.90 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.

    PMMS Graph
    Click to enlarge

    Read More

    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!

    for Tampa Market Monday!


    Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com

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    Ranked #1 Realtor in Tampa by U.S. News and World Report.

    Doug, Annette & Dale Bohannon

    Team Bohannon Real Estate Experts

    Keller Williams Tampa Properties
    Tampa, Florida

    (813) 979-4963

    If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963

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