In this week’s Market Monday we will look at how New Tampa (33647) real estate performed in April of 2017.
Median Sold Price* held steady compared to April 2016. The Numbers of Homes Sold jumped 21%. as 98 home sold, 17 more than in April of 2016. The Number of Homes for Sale fell 2% or 9 fewer home for sale. Months of Supply, which measures housing inventory, plummeted 30% — from 3.0 months (April 2016) to 2.1 months (April 2017). This is a strong signal that the sellers currently have the upper hand. The Average Number of Days a home stayed on the market before selling declined 9% or 5 days compared to April of 2016.
For a visual breakdown of the trends over the past 12 months, see the charts below.
(MEDIAN SOLD PRICE – Median means “in the middle,” meaning that half of the homes sold above the Median Sold Price and half sold below it. For example, if 5 homes sold in a zip code for $200,000, $250,000, $300,000, $400,000 and $800,000, the Median Price would be the one in the middle. In this case, that would be the $300,000 home.In contrast, average selling price would just be the sum of the selling prices of the 5 homes divided by 5, or $330,000. Many real estate statisticians prefer median price as a better indicator of the “typical” price within an area or zip code. Why? It is not affected by “outliers” or homes sold at an extremely high or low price, like the $800,000 home in our example.)
As housing season heats up, buyers face a very competitive market, while sellers enjoy tons of opportunity. The lack of inventory means many sellers stand to gain higher prices and faster sales. But there is a silver lining for buyers — mortgage rates continue to stay low which gives them increased buying power.
(Want a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently? Call Annette Bohannon at 813-431-2840 and get a FREE detailed, market evaluation of your home or you can get a Free Market Report by following this link.)
Now let’s look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!
From the Blog:
When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase a home with a down payment below 20%, you can never have too much information about Private Mortgage Insurance (PMI).
What is PMI?
Advice for Buyers:
Certainly, if you’re a buyer interested only in finding the most homes listed for sale, spring is the time to shop and make an offer. More new listings hit the market nationwide in April of last year than in any other month, and in almost every large housing market last year, buyers were offered the most new selection in April, May or June. This springtime pattern is even more extreme in markets with harsher winters: In Chicago and Minneapolis, for example, almost twice as many homes are listed in May and June as in December and January. More temperate markets, like Miami and Tampa, have barely any noticeable seasonal pattern at all.
As spring homebuying season revs up, mortgage rates are drifting down. Nice timing!
This week, a slight decline in mortgage rates has been accompanied by an increase in people applying for loans to buy homes. Purchase applications are up 5 percent, compared to the same week a year ago, according to the Mortgage Bankers Association. Feel like jumping on the bandwagon?
Advice for Sellers
Putting your home up for sale can be an emotional endeavor. After you come to terms with saying goodbye to a place where you created countless memories, some stranger with a clipboard comes along and puts a value on what’s priceless to you.
And that assessment has the power to tank the entire sale.
Yes, the appraisal is one of the scariest parts of the home-selling process—and one of the most confusing. After all, why is somebody valuing your home after you’ve already determined a listing price and received an offer? Plus, you’re never sure if the appraiser is truly factoring in those countless weekends you spent on backbreaking home upgrades—the Jacuzzi tub, the bidet, and the trendy shiplap walls have to count for something, right?
Think of the appraisal as a tool for removing emotion from the equation between the two sides who desperately want to make a sale, And understand that it’s completely natural to be a bit confused about just what, exactly, helps add value to your home in the appraiser’s eyes. But we’re here to clear it up for you.
So take note of these common myths surrounding the elusive home appraisal.
The 10-year Treasury yield remained relatively flat this week, as did the 30-year mortgage rate which fell 1 basis point to 4.02 percent. Markets have been erring on the side of caution following a weak advance estimate for first-quarter GDP and the FOMC’s broadly expected decision to leave rates unchanged.
- 30-year fixed-rate mortgage (FRM) averaged 4.02 percent with an average 0.5 point for the week ending May 4, 2017, down from last week when it averaged 4.03 percent. A year ago at this time, the 30-year FRM averaged 3.61 percent.
- 15-year FRM this week averaged 3.27 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.86 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week with an average 0.5 point, up from last week when it averaged 3.12 percent. A year ago, the 5-year ARM averaged 2.80 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Thanks for reading Tampa Market Monday. If you want help buying or selling your home, please get in touch. We have sold over 4,600 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!
Have a Fantastic week!
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