Happy Monday, May 14, 2018
Hope everyone had a great Mother’s Day weekend. Today, we let’s look at the New Tampa housing market and how it performed in April 2018. Generally speaking, home sales continued to drop compared to last April as housing inventory remained tight. As a result, prices were higher than a year ago. Now let’s dig a little deeper into the numbers.
In April 2018, 16 fewer New Tampa single-family homes sold compared to April 2017. In total, 83 homes sold, 16% less than in 2017 when 88 homes sold and a little over 2% less than a month ago. The number of homes for sale also fell 18% — from 478 (April 2017) to 390 (April 2018). That’s 88 fewer homes for sale than last April and 4 fewer than a month ago. But, the number of New Properties listed for sale climbed 8% — from 118 April a year ago to 128 this April. By comparison, last month 386 homes were listed for sale.
Months Supply of Inventory, which measures how fast the current inventory of homes will disappear if homes sell at the current rate, dropped 22% compared to April 2017. This April 2.5 Months of Supply of New Tampa homes were on the market, while a year ago inventory levels stood at 3.2 months. The Average Days a Home Stayed on the Market jumped 30% — from 50 days in April 2017 to 65 days in April 2018.
As expected, prices rose as a result of the lack of supply. Median Sold Price, which shows the price half the homes sold for, rose 5% (or $15,813) — from $291,687 in April 2017 to $307,500 in April 2018. The Median For Sale Price of homes leaped 9% or $28,950. In April 2017, the median for sale price stood at $334,900 but in April 2018 it climbed to $363,850.
The tight supply of inventory should motivate buyers to pay a little more than usual driving prices higher. But this can also cause homes to take a little longer to sell as some buyers will not find what they want to buy due to lack of homes for sale. However, with mortgage rates expected to go higher in the future, buyers still see now, not later, as the best time to buy a home. Sellers who list now have a prime opportunity to sell their homes for top dollar.
Here’s some useful and interesting information we’ve run across this week. There’s something for everyone so be sure to check it out.
Sims also is bringing Hiring Heroes job fairs to neighborhoods where veterans live, to make it more convenient for those employed or responsible for childcare. This event is in Wesley Chapel, from 10 a.m. to 2 p.m. Tuesday, May 22, at 2740 Cypress Ridge Blvd.
Some 30 employers are anticipated, along with some 600 to 800 job seekers. While the free event seeks to place veterans and those transitioning to civilian life, it is open to all. Job positions include healthcare, sales, marketing, insurance, food service, technical, production, clerical, customer service, education and legal. Register online.
From the Blog:
Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.
For the fifth year in a row, real estate has come out on top as the best long-term investment!
This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26%. The full results are shown in the chart below.
The study makes it a point to draw attention to the contrast in the sentiment over the last five years compared to that of 2011-2012, when gold took the top slot with 34% of the votes. Real estate and stocks took second and third place, respectively, while still in recovery from the Great Recession.
As the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment.
- If you’re buying a second home, consider purchase price, carrying expenses — and tax issues.
- Take advantage of all remaining tax breaks, and remember that renting out your second home part-time has tax implications.
- Planning to reside in two states? Be sure to discus the tax implications with your financial advisor.
Owning a second home can pay substantial dividends in the form of an increased quality of life. Whether it’s an escape from winter — or to a ski resort — a second home can make a profound impact on your family’s lifestyle.
If you’re considering buying a second home, there are a number of financial considerations, including purchase price, carrying expenses and tax issues. Although it’s more fun thinking about the home’s décor and local attractions, taking the time to plan ahead for a few key tax issues can save you money, and potential headaches, later on. Here are a few things to take into consideration.
The most common mistake I see homeowners make with real estate is underestimating when to start preparing for their home sale. It’s not just a list of things to do to prepare the home for sale so it shows better; it’s also the multistep timeline and a whole sequence of sale-related tasks.
When baking a cake, you have to follow the recipe to its exact specifications: ingredients, quantities, the order in which you combine them, temperature and timing. Otherwise, the cake doesn’t turn out properly. When selling your home and moving, the exact same principle applies. There is a series of tasks that need to be completed, and the timeline, order in which you complete them and the degree to which you are willing to complete them properly can have a major impact on every part of the transaction — the price you sell for, your stress level during the process, your time spent on market, the ability to buy your next dream home immediately when you see it rather than missing out on it. Your whole moving process from start to finish can be easier, simpler, less stressful and more enjoyable when you follow the recipe.
Under all circumstances, this is the recipe for residential real estate success you want to follow in order to sell your home fast, sell it for a higher price, buy your new dream home and make the whole process much easier:
May 10, 2018
The 30-year fixed mortgage rate remained at 4.55 percent over the past week.
The minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth and restrained inflation. As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season.
While this year’s higher rates – up 50 basis points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what’s keeping the housing market from a stronger sales pace.
Have a Fantastic Week!
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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!