Hillsborough County’s (Tampa) housing market is sending a clear signal. Prices are up, inventory is down — and that means it is the perfect time to sell your home. Let’s look at the numbers.
Median Sold Price* increased 10% compared to April of 2016, but the number of Homes Sold fell by 10% — from 1708 in April of 2016 to 1542 this April. That was a drop of 166 units compared to last April. There were also 347 fewer Homes for Sale, a 5% decline from a year ago. The number of New Properties decreased 1% from April a year ago.
The Average Number of Days a home stayed on the market before selling also declined 15% or 8 days. Last April homes sold in an average of 55 days, but this April they changed hands in 47 days on average. Housing Inventory also plunged compared to April a year ago. The Months of Supply fell a whooping 26% — from 2.6 (April 2016) to 1.9 months (April 2017).
(MEDIAN SOLD PRICE – Median means “in the middle,” meaning that half of the homes sold above the Median Sold Price and half sold below it. 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 state of the housing market in Tampa’s largest county is straightforward. Prices are increasing, while the number of homes for sale is falling. And with inventory down below the two-month mark, it is clearly a seller’s market. (Five months and under is considered a seller’s market, five to six is a balanced market, and over six is a buyer’s market.)
If you’ve been waiting to sell now is your golden opportunity. There is much more demand than supply at that moment so you are likely to get top dollar for your home.
Buyers should also be aware that even though the market is in the seller’s favor, it is still a good time to buy. Why? Mortgage rates have stayed low in spite of interest rate increases, but that will not last forever. In fact, this past week mortgage rates began to creep back up.
(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 look at some of the best blog posts, articles and infographics we’ve found this week. Enjoy!
Once upon a time, people lived where they grew up or moved specifically for work opportunities. The city choose them rather than the other way around. These days, Millennials curate their moving options as if they are selecting the perfect avocado, weighing the pros and cons of each potential city before settling on a decision. Three in four U.S. Millennials say they are willing to consider moving to a new city, with 19% planning to do so within a year, and 44% within the next five years, according to “Millennial Matter” research.
Increasingly Tampa, Florida is coming out on top, ranking at the number-one city people moved to in 2016, according to Realtor.com. It also ranks as the hottest city for start-ups, according to Fortune, the most pet-friendly, claims RewardExpert and the best overall city in the Southeast, says Money magazine.
From the Blog:
Advice for Buyers:
There’s good news for would-be homebuyers with federal student loans who are enrolled in government repayment programs for struggling borrowers.
The nation’s largest purchaser and guarantor of mortgages, Fannie Mae, now says that it won’t hold it against borrowers if the monthly payments they’re making on their student loans aren’t even covering the interest they owe.
Advice for Sellers
The process of showing and selling your home can go much more smoothly if you get everything ready. Find out how to get your home ready to impress buyers for the best offers and the top price for your home.
Preparing your home for sale is a bit like designing a stage for a play. Everything is in just the right place, perfectly arranged, and comfortably set.
There are television shows like Designed to Sell focused exclusively on, not decorating a home, but getting an otherwise drab, cluttered, boring house ready for a quick and profitable sale.
Homes that are properly prepared sell faster and at a higher price than similar, unprepared homes.
The 10-year Treasury yield rose about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields, rising 6 basis points to 4.03 percent. Despite recent swings in mortgage rates, the housing market continues to show signs of strength—both existing and new home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain.
- 30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending April 27, 2017, up from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
- 15-year FRM this week averaged 3.27 percent with an average 0.4 point, up from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.4 point, up from last week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.86 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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