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    New Tampa Home Sales as of July 13, 2020 – Tampa Market Monday

    Happy Monday, July 13, 2020

    In June 2020, the New Tampa single-family housing market favored sellers.

    This week the median list price for New Tampa (Zip Code: 33647) is $399,000 with the market action index hovering around 53. This is an increase over last month’s market action index of 49. Inventory has held steady at or around 113 single family homes for sale.

    Market Action Index

    This answers “How’s the Market?” by comparing rate of sales versus inventory.

    Strong Seller’s Market

    Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.

    From the Blog

    Best Time to Sell? When Competition Is at an All-Time Low

    In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

    The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.

    While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

    Bidding Wars Heating Up Again

    With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:

    “On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

    Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

    Bottom Line

    If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

    Click the graphic above to visit www.teambohannon.com

    Taking Advantage of Homebuying Affordability in Today’s Market

    Everyone is ready to buy a home at a different time in their lives, and a health crisis or not, today is no exception. Understanding how affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down their optimal window of time to make a purchase.

    There are three main factors that go into determining how affordable homes are for buyers:

    1. Mortgage Rates
    2. Mortgage Payments as a Percentage of Income
    3. Home Prices

    The National Association of Realtors (NAR), produces a Housing Affordability Index, which takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index:

    “…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

    Their methodology states:

    “To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”

    So, the higher the index, the more affordable it is to purchase a home. Here’s a graph of the index going back to 1990:Taking Advantage of Homebuying Affordability in Today’s Market | Simplifying The MarketThe green bar represents today’s affordability. We can see that homes are more affordable now than they have been at any point since the housing crash when distressed properties (foreclosures and short sales) dominated the market. Those properties were sold at large discounts not seen before in the housing market.

    Why are homes so affordable today?

    Although there are three factors that drive the overall equation, the one that’s playing the largest part in today’s homebuying affordability is historically low mortgage rates. Based on this primary factor, we can see that it is more affordable to buy a home today than at any time in the last seven years.

    If you’re considering purchasing your first home or moving up to the one you’ve always hoped for, it’s important to understand how affordability plays into the overall cost of your home. With that in mind, buying while mortgage rates are as low as they are now may save you quite a bit of money over the life of your home loan.

    Bottom Line

    If you feel ready to buy, purchasing a home this season may save you significantly over time based on historic affordability trends. Let’s connect today to determine if now is the right time for you to make your move.

    Home Loans

    Mortgage Rates Hit Another All-Time Record Low

    July 9, 2020

    The summer is heating up as record low mortgage rates continue to spur homebuyer demand. However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.

    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 Day!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    Search for Tampa Homes By Neighborhood

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    Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to make up Tampa Bay. It offers…
    View 3546 homes

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    Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
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    Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
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    FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
    View 215 homes

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    View 424 homes

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    New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
    View 361 homes

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    The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
    View 266 homes

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    Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
    View 271 homes

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    Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
    View 311 homes

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    Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
    View 703 homes

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    South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
    View 1055 homes

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    Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
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    Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
    View 263 homes

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    Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
    View 502 homes

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    Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
    View 154 homes

    Luxury Homes

    Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
    View 3772 homes

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    If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
    View 6222 homes

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    Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
    View 13625 homes

    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!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    From the Blog:

    Home Prices: It’s All About Supply and Demand

    As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of what’s to come.

    Making our way through the month of June and entering the second half of the year, we face an undersupply of homes on the market. Keep in mind, this undersupply is going to vary by location and by price point. According to the National Association of Realtors (NAR), across the country, we currently have a 4.1 months supply of homes on the market. Historically, 6 months of supply is considered a balanced market. Anything over 6 months is a buyer’s market, meaning prices will depreciate. Anything below 6 months is a seller’s market, where prices appreciate. The graph below shows inventory across the country since 2010 in months supply of homes for sale.Home Prices: It’s All About Supply and Demand | Simplifying The MarketRobert Dietz, Chief Economist for the National Home Builders Association (NAHB) says:

    “As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt. Estimates vary, but based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.”

    Given the undersupply of homes on the market today, there is upward pressure on prices. Looking at simple economics, when there is less of an item for sale and the demand is high, consumers are willing to pay more for that item. The undersupply is also prompting bidding wars, which can drive price points higher in the home sale process. According to a recent MarketWatch article:

     “As buyers return to the market as the country rebounds from the pandemic, a limited inventory of homes for sale could fuel bidding wars and push prices higher.”

    In addition, experts forecasting home prices have updated their projections given the impact of the pandemic. The major institutions expect home prices to appreciate through 2022. The chart below, updated as of earlier this week, notes these forecasts. As the year progresses, we may see these projections revised in a continued upward trend, given the lack of homes on the market. This could drive home prices even higher.Home Prices: It’s All About Supply and Demand | Simplifying The Market

    Bottom Line

    Many may think home prices will depreciate due to the economic slowdown from the coronavirus, but experts disagree. As we approach the second half of this year, we may actually see home prices rise even higher given the lack of homes for sale.

    Click the graphic above to visit www.teambohannon.com

    Is it Time to Sell Your Vacation Home?

    The travel industry is one of the major sectors that’s been hit extremely hard by the COVID-19 pandemic. Today, it’s hard to know how long it will take for summer travelers to be back in action and for the industry to fully recover. Homeowners who rent their secondary properties on their own or through programs like Airbnb, which has over 660,000 listings in the U.S. alone, have been impacted in this challenging time. Some of these homeowners are considering selling their vacation homes, and understandably so.

    A recent CNN article indicated:

    “With global travel screeching to a halt during the pandemic, a number of Airbnb hosts are planning to sell their properties…These desperate moves come as hosts face the possibility of losing thousands of dollars a month in canceled bookings while bills, maintenance costs, and mortgage payments pile up.”

    If you’re one of the property owners in this position, you too may be feeling the pain of decreased travel, especially as we prepare for the typical busy summer vacation season. A recent survey notes that 48% of Americans have already canceled summer travel plans due to the current health crisis. In addition, 36% indicated they don’t have vacation plans, and only 16% said they did not cancel their summer travel.

    The same survey also asked, “How long will you wait before traveling again?” Not surprisingly, only 29% of respondents are planning to travel within the next 6 months. That means 71% are putting their plans on hold for at least 6 months, or are still unsure about future travel. That can continue to add to the significant income loss that many property renters felt this spring.Is it Time to Sell Your Vacation Home? | Simplifying The MarketIf you’re considering selling your rental property, know that there are two key factors indicating that selling your vacation home now may be your best move as a homeowner.

    1. Inventory Shortage

    The inventory of overall homes for sale is well below the demand from potential buyers, so many eyes may be searching for a home like yours. According to the National Association of Realtors (NAR), total housing inventory, meaning homes available to purchase, is down 19.7% from one year ago (see graph below):Is it Time to Sell Your Vacation Home? | Simplifying The MarketInventory across the country continues to be a challenge, with only a 4.1-month supply of listings available at the current sales pace. For a balanced market, where there are enough homes available for interested buyers to purchase, that number would need to bump up to a 6-month supply. This means we don’t have enough inventory for the number of buyers looking for homes, so selling in this scenario is ideal. Buyers are looking now, and some vacation homes make a great primary residence or second home for those eager to escape from more populated urban areas.

    2. Home Prices

    The lack of inventory is also keeping homes from depreciating in value. Today, prices are holding strong and experts forecast home price appreciation to continue throughout this year. Selling your home while prices are holding steady is a sound business move. You’ll likely have equity you’ve earned working for you as well. If your home has been vacant for the past few months, the forced savings you have built in your equity may help balance out possible rental income loss due to the slowdown in the travel industry.

    Bottom Line

    We don’t know exactly when heightened summer travel will return or what it will look like when it does. If you’re considering selling your vacation home, let’s connect today to determine your options in the current market.

    Home Loans

    Mortgage Rates Tick Up Slightly

    June 4, 2020

    As the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market. Low mortgage rates are a key factor in this recovery. While homebuyer demand is up and has been broad-based across most geographies, supply has been slower to improve. In fact, the gap between supply and demand has widened even further than the large gap that existed prior to the pandemic.

    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 Day!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    Search for Tampa Homes By Neighborhood

    Tampa

    Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to make up Tampa Bay. It offers…
    View 3546 homes

    Apollo Beach

    Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
    View 325 homes

    Land O Lakes

    Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
    View 468 homes

    Lithia/Fishhawk

    FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
    View 215 homes

    Lutz

    Lutz, which began as a small train depot on the Tampa North Railroad, now has about 20,000 residents. It was named for W. P. Lutz, who brought the railroad to…
    View 424 homes

    New Tampa

    New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
    View 361 homes

    Carrollwood Area

    The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
    View 266 homes

    Odessa

    Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
    View 271 homes

    Brandon

    Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
    View 311 homes

    Riverview

    Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
    View 703 homes

    South Tampa

    South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
    View 1055 homes

    Ruskin

    Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
    View 297 homes

    Valrico

    Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
    View 263 homes

    Wesley Chapel

    Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
    View 502 homes

    Westchase

    Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
    View 154 homes

    Luxury Homes

    Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
    View 3772 homes

    Golf Course Communities

    If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
    View 6222 homes

    Waterfront Properties

    Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
    View 13625 homes

    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!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

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    Ranked #1 Realtor in Tampa by U.S. News and World Report.

    Doug, Annette & Dale Bohannon

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    Tampa, Florida

    (813) 979-4963

    If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963

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