Provided By Annette Bohannon, Team Bohannon Real Estate Consultants, Keller Williams Tampa Properties
Today, we’re going to take a longer term view of the Tampa – Hillsborough County Real Estate Market to find out exactly how this year (January to June) is shaping up compared to the same period in 2015.
As you’ll see in the the table below, SOLD DOLLAR VOLUME (up 15.9%) and SOLD PRICE (Average and Median) rose by double digits compared to the same period in 2015. SOLD DOLLAR VOLUME jumped $37,936,802 in raw dollars. AVERAGE SOLD PRICE climbed $23,761, while MEDIAN SOLD PRICE increased even more — $24,500. AVERAGE LIST PRICE FOR SOLDS also increased double-digits or 10.62% compared to the same period in 2015.
UNITS SOLD from January through June of this year also rose 3.65% from 11,681 units to 12,107 units, an increase of 426 homes. So far in 2016, homes have sold faster, on average, than they did in 2015, as the AVERAGE DAYS ON THE MARKET dropped from 70 days to 60 days. That’s a significant decrease of 14.29%.
You can review the table below to get more detail on how Hillsborough County homes sold by price band and type of home. And as always, if you want a more specific breakdown of real estate in your area, call me at 813-431-2840.
As you can see from the tables, the Tampa real estate market is outpacing last year’s housing market, that means higher prices and more competition for the home you want to buy. That’s why it is doubly important that you have SEASONED, REAL TIME EXPERTS that understand the twists and turns of the Tampa housing market. We can keep you aware of HOT NEW LISTINGS and PRICE REDUCTIONS so you can act quickly. We can also help you negotiate, which is extremely important in this type of market. Our experience and unparalleled client service is guaranteed to keep you happy throughout the buying process.
This has been a good year so far and the momentum is building, so if you plan to list your home anytime soon, now is the time to start the process. The environment is ripe, as low inventory, low mortgage rates and rising selling prices combine to provide sellers a huge opportunity. Plus, as Summer draws to an end things may begin to drop off somewhat. So don’t wait. Call us now and get your home listed.
(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 let’s take a quick look at some of the more interesting and helpful real estate blog posts and articles we’ve found this week, as well as some Tampa area news.
From the Blog:
- Interest rates have come a long way in the last 30 years.
- The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford if you plan to stay within a certain budget.
- Interest rates are at their lowest in years… RIGHT NOW!
- If buying your first home, or moving up to the home of your dreams is in your future, now may be the time to act!
The most important question you can ask when you are choosing a real estate agent is whether you feel you can trust them. You must know that they’re giving you great advice, and that they’re going to be able to help you accomplish your family’s goals. You must trust your listing agent enough to allow them to:
- Handle the liquidation of possibly the largest asset your family has
- Help set the market value of that asset (get the price right)
- Set the timetable for the liquidation of that asset
- Set a fair fee for the services required to liquidate that asset
Advice for Buyers:
Advice for Sellers
Surprisingly enough, just having a low price isn’t the key. Homesellers need to think of their property as a product — something to market — instead of home. When they do, the result will be a fast sale at a great price.
Staging a home is not just about decluttering or moving furniture around. It requires a vision of the price point and buyer pool you’re selling to. Here’s a list of 12 pitfalls to avoid when staging:
- Treasury yields fell last week following both the FOMC’s meeting and a disappointing advance estimate for second quarter GDP. Mortgage rates, which had moved up 7 basis points over the past three weeks, responded by erasing most of those gains, falling 5 basis points to 3.43 percent this week for the 30-year fixed-rate mortgage. Mortgage rates have been below 3.5 percent every week since June 30. Borrowers are taking advantage of these low rates by refinancing. The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity up 55 percent since last year.
- 30-year fixed-rate mortgage (FRM) averaged 3.43 percent with an average 0.5 point for the week ending August 4, 2016, down from last week when it averaged 3.48 percent. A year ago at this time, the 30-year FRM averaged 3.91 percent.
- 15-year FRM this week averaged 2.74 percent with an average 0.5 point, down from last week when it averaged 2.78 percent. A year ago at this time, the 15-year FRM averaged 3.13 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.73 percent this week with an average 0.5 point, down from last week when it averaged 2.78 percent. A year ago, the 5-year ARM averaged 2.94 percent.
Have a Fantastic week!
–Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com