Happy Monday, August 13, 2018
Hope you enjoyed your weekend!
We typically review real estate in New Tampa, Wesley Chapel, and Greater Tampa as a whole. But, great homes and neighborhoods exist all over the Tampa area. So today, let’s look at Land O Lakes, Florida.
Currently, sellers have a slight advantage over buyers in Land O Lakes. If the Market Action Index stays above 30, sellers maintain the upper hand. But if it falls below 30, the advantage switches to the buyer. As the index goes higher, prices should follow suit.
The Real-Time Market Profile on page one of the report contains a summary of the key metrics: Median List Price, Cost Per Square Foot, and Average Days on the Market. It also shows what percentage of homes have decreased in price, increased in price, and been relisted. Finally, it shows the number of homes for sale in Land O Lakes and the least and most expensive homes for sale.
The Market Segments section breaks the median prices and days on the market (DOM) down by price ranges so that you can see how fast and for what price homes in your price range sell for. For example, homes in $229,o00 range sell almost twice as fast on average as homes in the $467,000 range.
Land O Lakes
Also, check out the articles below. You’ll find home buying and selling tips, the latest information on mortgage rates, and some fun things to do in and around Tampa.
Taylor Swift: The pop superstar’s new show promises to be Swift at her most theatrical, with outlandish set pieces that will transform the field at Tampa’s Raymond James Stadium into a playground of snakes and stages on Tuesday. Openers Camila Cabello and Charli XCX are #squadgoals. $47 and up. raymondjamesstadium.com.
Bolts Brew Fest: Mingle with Lightning personalities as you sip on craft beers and play hockey-themed games at Tampa’s Amalie Arena on Friday. Upgrade to VIP for early admission, a locker room tour and one ticket to a Tampa Bay Lightning pre-season game. $35-$65, $95-$150 VIP, $35 designated driver. amaliearena.com.
Camp Gladiator Stadium Takeover: Talk about group fitness! A series of trainer-led workout challenges with vendors, music, food and giveaways descends on Raymond James Stadium on Saturday. Free. raymondjamesstadium.com.
Music: Let’s just call this the summer of music. Another week full of concerts kicks off Tuesday, when ‘80s British alt-rockers The Alarm play Clearwater’s Capitol Theatre, their first return to the area since 1984 ($20-$40). Thursday, rappers Wiz Khalifa and Rae Sremmurd co-headline their Dazed and Blazed tour at the MidFlorida Credit Union Amphitheatre in Tampa ($29-$125.95), where gothy Grammy winners Evanescence and theatrical violinist Lindsey Stirling rock the stage on Friday ($25-$125). Also Friday, legendary pianist Chick Corea performs his Solo Piano concert at the Capitol Theatre ($35-$65). Saturday, Don’t Stop Believin’ that Journey and Def Leppard are co-headlining, no Foolin’, at Tampa’s Amalie Arena ($45.75-$175.75).
Vibes of the Bay 2018: This independent music festival that showcases talent from Tampa Bay’s burgeoning music scene happens at Crowbar on Saturday, with live art installations, food trucks, vendors and refreshments. Free with RSVP or $10 at the door. crowbarlive.com.
Alonzo Bodden: The winner of season three of Last Comic Standing hits up Side Splitters Comedy Club in Tampa Thursday-Sunday ($16-$18). sidesplitterscomedy.com.
Kids and Family
Incredible Duck Race: Watch as more than 10,000 rubber ducks race down the Hillsborough River at this festival at Tampa’s Curtis Hixon Park with children’s activities, games, food trucks, a duck mascot and live entertainment. Free to attend, $5 per duck. duckrace.com/tampa.
From the Blog:
The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of building permits issued in June was 850,000, a 0.8% increase from May.
How will this impact buyers?
More inventory means more options. Mark Fleming, First American’s Chief Economist, explained that this is good news for the housing market – especially for those looking to buy:
“The continued year-over-year growth in completions means more homes on the market in the short-term, offering some immediate relief in alleviating housing supply shortages.”
How will this impact sellers?
More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:
- A great price on their home as buyers outbid each other for it.
- A quick sale as buyers have such little inventory to choose from.
- Fewer hassles as buyers don’t want to “rock the boat” on the deal.
If you are considering selling your house, you’ll want to beat this new competition to market to ensure that you get the most attention on your listing and the best price for your house.
From beachfront condos to landlocked subdivisions, flood zones are everywhere. In fact, almost 41 million Americans live in flood zones, according to a study published in the journal Environmental Research Letter.
Just a couple months into the official start of hurricane season, which runs from June 1 to November 30, many people in storm-prone areas are mindful of the destruction flooding can cause.
Last year served as a major wake-up call in disaster preparedness. Three Category 4 hurricanes made landfall in one season, and Hurricane Harvey broke records for the most rainfall from a U.S. cyclone, measuring 50 inches in some areas. The National Flood Insurance Program, or NFIP, paid more than $8 billion to flood insurance policyholders in 2017 alone.
Here’s five important things homebuyers should know before they buy in a flood zone.
Not everyone has a knack for salesmanship, and this can become painfully apparent when homeowners try to sell their homes.
Want proof? Just ask real estate agents—who are hired expressly to lend their home-selling expertise, often to no avail. Try as they may to get their point across, sometimes home sellers just don’t listen.
Some mistakes might incite behind-the-back eye rolls, while others are sobad, agents felt compelled to reveal them, right here, in the hopes that they might persuade some of you more open-minded sellers to see the light—before you botch yet another sale.
Curious about the home-selling mistakes agents see time and again that make them cringe? Check out these six doozies below to know what not to do when selling your own digs.
August 9, 2018
Mortgage rates have mostly drifted sideways this summer.
This stability is much needed for home sales, which have crested because of the multi-year run up in prices, tight affordable inventory and this year’s higher rates. Going forward, the strong economy will support the housing market, but with affordability pressures mounting, further spikes in mortgage rates will lead to continued softening in home price growth.
There continues to be a steady rate of job creation, but as we’ve seen throughout most of this economic expansion, wage growth is not meaningfully increasing above inflation. With home prices still climbing and mortgage rates up from 3.90 percent a year ago, some prospective buyers are definitely feeling an affordability crunch.
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!