Happy Monday, March 12, 2018
Homebuying and selling season is moving into its peak season. So let’s take a look at New Tampa, one of Tampa’s most in-demand locations.
In February of 2018, 7 fewer single-family homes sold compared to February 2017. In February 2018, 53 homes sold, 12% less than in 2017 when 60 homes sold. The number of homes for sale fell even more — 22% — from 426 (February 2017) to 332 (February 2018). Fortunately, the number of New Properties listed for sale rose 4% — from 99 in the second month of 2017 to 103 in the second month of this year.
Months Supply of Inventory, which measures how fast the current inventory of homes will be depleted if they sell at the present rate declined 9% compared to February 2017. Last February, the New Tampa market had 4.0 months of supply, but this February inventory levels had fallen to 3.7 months. The Average Days a Home Stayed on the Market fell 4%. In 2017, homes stayed on the market an average of 56 days, but this February that number was down to 53 days.
As expected, when supply goes down, prices typically go up. Median Sold Price, which shows the price half the homes sold for, rose 15% — from $283,600 in February 2017 to $325,000 in February 2018. The Median For Sale Price of homes also jumped 6% or $18,586. In February of 2017, the median for sale price stood at $334,990 and in January 2018 it was $353,486.
What’s happening in the New Tampa market is directly tied to supply and demand. As supply decreases, prices will increase. But, we’re entering one of the busiest seasons on the real estate calendar. That means more people will list their homes in the next few months, but more buyers will also be ready to snatch up the new listings. With mortgage rates on the rise, buyers will be extra motivated to act quickly. So time is of the essence if you plan to buy or sell ahead of the spring rush.
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.
Spring break is here, and that means thousands of people will be coming to enjoy Tampa.
This can be a real headache for those of us who call the Tampa Bay area home year-round.
8 On Your Side has found some ways you can beat the crowds and keep the whole family entertained while school is out.
Yes, it is great the Clearwater Beach is the number 1 beach in America, but if you want to sun yourself without the crowds of spring break try these “Secret Beaches”:
- Fort DeSoto
- Lido Key
- Long Boat Key
If you need to get the whole family out of the house for a day, there are a ton of places in the bay area that will keep you busy, and send your kids home ready for a nap!
Here are just a few:
- Dinosaur World
- Airheads Trampolines Arena
- Kidz World of Play
- Top Golf
- Tampa Bay Grand Prix
- Vertical Ventures
- Captive KIDS Escape Room Tampa
- Largo Central Railroad
From the Blog:
Here are four great reasons to consider buying a home today instead of waiting.
Prices Will Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.3% over the next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
Mortgage Interest Rates Are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage hovered close to 4.0% in 2017. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by nearly a full percentage point by this time next year.
An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
Either Way, You Are Paying a Mortgage
There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
Are you ready to put your housing cost to work for you?
It’s Time to Move on with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
But what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
The economists at CoreLogic recently released a special report entitled, Evaluating the Housing Market Since the Great Recession. The goal of the report was to look at economic recovery since the Great Recession of December 2007 through June 2009.
One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from December 2012 to December 2017 to show how prices over the last five years have fared.
Frank Nothaft, Chief Economist at CoreLogic, commented on the importance of breaking out the data by state,
“Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011. After finally reaching bottom in 2011, home prices began a slow rise back to where we are now.Greater demand and lower supply – as well as booming job markets – have given some of the hardest-hit housing markets a boost in home prices. Yet, many are still not back to pre-crash levels.”
A bevy of cities in Texas and Florida offer the most bang for first-time homebuyers’ bucks, according to Zillow’s latest analysis released Wednesday.
Thanks to an abundance of undervalued homes ripe for appreciation, Tampa, Florida, topped the list alongside Orlando, Florida, which also cracked the top five. Houston, San Antonio and Dallas comprised the list of Texas cities ranked among the top 10, according to the Zillow analysis.
1. Tampa, Florida
2. Indianapolis, Indiana
4. Orlando, Florida
5. San Antonio
6. Saint Louis
9. Las Vegas
First impressions are formed in a one-tenth of a second. It is this knee-jerk reaction that helps us formulate whether we like something or not, and it can also make the difference in whether your home sells quickly or not at all.
Making a good impression with home buyers needs to happen the instant they enter your house, creating interest and a desire to have your home as their own. All too often, sellers forget to take care of the small details that can easily turn a buyer off, ultimately taking longer to sell and often at a reduced price.
Weighing in these important and often overlooked home elements are 10 members of Forbes Real Estate Council. They recommend all home sellers take care of these details before allowing their realestate agent to show their home to a potential buyer:
March 8, 2018
The 10-year Treasury yield has been bouncing around in a narrow 15 basis point range for the last month. While the yield on the 10-year Treasury is currently below the high of 2.95 percent reached two weeks ago, mortgage rates are up for the ninth consecutive week. The U.S. weekly average 30-year fixed mortgage rate rose 3 basis points to 4.46 percent in this week’s survey, its highest level since January 2014.”
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!