Happy Monday, February 5, 2018
The first month of 2018 is in the books. So let’s review how home sales in Hillsborough County have performed so far this year.
In January of 2018, 110 fewer single-family homes sold compared to January 2017. In 2018, 1,106 homes sold compared to 1,216 in 2017. That represented a drop of 9%. The number of homes for sale also declined from 7,546 in January of 2017 to 6,093 in January of this year. So 1,453 or 19% fewer homes were on the market than the first month of last year. However, 2,110 new properties came onto the market in Juanry 2018, which is 80 more than in January 2017.
Housing Inventory, measured by Months Supply of Inventory also plunged 39% compared to January 2017. Last January, the Hillsborough market had 3.5 months of supply, but this January that inventory had fallen to 2.1 months. The Average Days a Home Stayed on the Market also declined from 59 days (January 2017) to 55 days (January 2018). So homes sold 6% faster this January compared to a year ago.
Median Sold Price, which is the price half the homes sold for, rose from $210,000 in January a year ago to $232,750 in January 2018. This $22,750 price increase was 11% higher than last January. The Median For Sale Price of homes also climbed 6% from $259,000 to $274,990. This showed a jump of $15,990.
The lack of inventory (homes for sale) presents a great opportunity for those planning to sell. And now is the time to do it — before the Spring rush comes. In addition, rising, but still relatively low, mortgage rates should create urgency for buyers. As the economy continues to heat up, there is a strong possibility the Fed will continue to raise interest rates as the year progresses. So if your planning to buy a house act sooner rather than later to maximize your buying power.
Now let’s look at some of the most helpful and interesting blog posts, articles, and infographics we’ve run across this week. Enjoy!
The Tampa Bay region had 14 area hotels named to the AAA Four Diamond Hotels list for 2018.
AAA said the state of Florida is home to 155 of the highest-rated hotels in North America. Florida had 145 Four Diamond hotels, the second-most, coming in behind California which had 173.
Although no Tampa Bay area hotels made the most prestigious luxury Five Diamond list, the following properties in the Tampa Bay region were among the 1,676 hotels that received the Four Diamond rating.
From the Blog:
We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful or compelling reasons.
No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones.
1. Owning your home offers stability to start and raise a family
From the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase.
2. There’s no place like home
Owning your own home offers you not only safety and security, but also a comfortable place that allows you to relax after a long day!
3. You have more space for you and your family
Whether your family is expanding, an older family member is moving in, or you need to have a large backyard for your pets, you can take this all into consideration when buying your dream home!
4. You have control over renovations, updates, and style
Looking to actually try one of those complicated wall treatments that you saw on Pinterest? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to finally adopt that puppy or kitten you’ve seen online 100 times? Who’s to say that you can’t in your own home?
Whether you are a first-time homebuyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home.
There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”:
“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”
Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage as opposed to paying rent:
“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”
As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.
In one of the most stunning David and Goliath stories in real estate history, Keller Williams has surged past industry giants like RE/MAX, Coldwell Banker, and Berkshire Hathaway HomeServices to become the number one real estate franchise in agent count, closed units, and closed sales volume in the United States*. In 2017, the company’s 155,000 U.S. agents closed more than 1 million units, generating more than $300 billion in sales revenue.
“We’re proud to be in business with associates who are focused on growing big businesses so they can fund their lives and create opportunities for their families,” CEO John Davis says. “And, while we’re certainly excited for our people and their incredible increases in agent production and market share, we know we’re just getting started. We’re committed to continuing to raise the bar and providing even more value for agents and their clients.”
Home sellers had it good at the end of last year, racking up profits they hadn’t seen in more than a decade, a new report finds.
In the last quarter of 2017, sellers pocketed an average $54,000 over what they originally paid for their homes, according to a recent ATTOM Data Solutions report. That’s up 0.49% over the previous quarter and nearly 14.6% over the same quarter the previous year.
And it’s the most sellers have netted, an average 29.7% profit, since the third quarter of 2007. Thank the national housing shortage for those sky-high returns.
The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty. The expectation of future Fed rate hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates. The 30-year fixed rate mortgage is up over a quarter of a percentage point (27 basis points) from the first week of the year. 30-year fixed mortgage rates have increased for four consecutive weeks and are now slightly above where they were last year at this time.
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 New Year!
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Thanks for taking time to read the Tampa Market Monthly! If you want to buy or sell a home or find out your home’s value please let us know. We’d love to work with you. You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form. You can search all Tampa area homes for sale at www.teambohannon.com.
Have a Fantastic week!