In this week’s Market Monday we will find out how New Tampa (33647) housing performed in May of 2017.
The Numbers of Homes Sold jumped 18%, as 107 homes sold. That was 16 more than changed hands in May of 2016. But prices dipped slightly, as the Median Sold Price* came in at $299,00 or 2% less than May a year ago. At that time, the median sold price stood at $305,000. The Number of Homes for Sale also declined by 5% or 22 fewer homes than in May of 2016. The Number of New Properties increased 4% or 6 more units than in May 2016.
Months of Supply, which measures housing inventory, dropped 21% — from 3.3 months (May 2016) to 2.6 months (May 2017). The Average Number of Days a home stayed on the market before being sold decreased 19%, meaning homes sold in 11 fewer days, on average, than they did last May.
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.)
Housing is in its prime season and it has been a great one so far for sellers. The number of sales and the declining inventory of homes means sellers have an advantage over buyers. With interest rates rumored to start rising — maybe as early as this week — buyers should be extra-motivated to get a deal done before inventories drop more, summer ends, and rates climb higher.
(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!
Ever wonder which neighborhoods are considered the best in the area? Pittsburgh-based Niche evaluates neighborhoods based on more than a dozen factors, including higher education rate, housing affordability and availability, diversity, commute time and many others.
Tampa neighborhoods dominated the top of Niche’s state ranking in 2017, accounting for the top eight neighborhoods in Florida and 19 of the top 25.
Tampa Bay’s biggest companies are getting bigger.
Five locally based companies are featured on the new Fortune 500 list released Wednesday. They were all on last year’s list, but each holds a higher ranking on the 2017 list than they did a year ago.
From the Blog:
The residential housing market has been hot. Home sales have bounced back solidly and are now at their fourth highest pace over the past year. Demand has remained strong throughout spring as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?
If your house hasn’t sold, it could be the price.
According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, 69% of potential first-time buyers still believe a 20% down payment is necessary to buy in today’s market.
Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership.
If homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream homes.
Advice for Buyers:
Buying a home can be nervewracking, especially if you’re a first-time home buyer. Not only is it probably the biggest purchase of your life, but the process is complicated and fraught with unfamiliar lingo and surprise expenses.
To make the first-time home buying journey a little less stressful, NerdWallet has compiled these 25 tips to help you navigate the process more smoothly and save money.
When you purchase a home, mortgage lenders go through a number of anxiety-inducing variables—including your credit score, your income, and your work history—with a fine-toothed comb. But even if all these indicate you’re a good candidate for a mortgage, something called an “expense ratio” could still be a deal breaker.
Your expense ratio is the metric that helps lenders quantify how much a mortgage will stress your income. This number, also known as a front ratio, compares all of your housing expenses with your pretax household income.
“The general rule of thumb is that you can purchase a home that costs two to three times your annual salary—but this is only an estimate, and does not account for your monthly bills, expenses, and debt,” says financial expert, Harrine Freeman.
Advice for Sellers
With home prices zooming up with no end in sight, a record number of Americans think it’s a good time to sell a home.
About 61% of folks said there was no time like the present to put a home on the market, according to Fannie Mae’s National Housing Survey for May. That’s the highest percentage it’s been since Fannie began the survey in June 2010. (Fifty-seven percent of participants said it was a good time to sell in April.)
If your home is struggling to catch the eye of a buyer, it could be for an entirely valid reason. Maybe you’re stuck in a sluggish market or have the poshest place on the block (always a tough sell). But there’s another possibility, too—your home could be sitting on the market because of a rookie selling mistake. All of us can make ’em, even those of us who actually have a few home sales under our belts.
The good news? These basic slip-ups can be easily corrected or avoided. To help you out, we spoke to real estate agents to identify some of the most common mistakes people make in trying to sell their home. Sidestep these flubs to avoid sabotaging your own sale.
The 10-year Treasury yield fell 3 basis points this week. The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months.
- 30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.5 point for the week ending June 8, 2017, down from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.60 percent
- 15-year FRM this week averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 2.87 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.11 percent this week with an average 0.5 point, the same as last week. A year ago at this time, the 5-year ARM averaged 2.82 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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