Today, let’s see how the New Tampa (33647) housing market did in December of 2016 compared to December 2015.
Median Sold Price* ticked down 1% compared to December of 2015, as 85 Homes Sold. That was 23% more than last December when 69 homes sold. The Number of Homes for Sale in December 2016 fell a slightly below December 2015 — from 353 to 350.
The Average Number of Days a home sat on the market before selling also dropped 21%, as homes sold in 67 days. It took 85 days in December of 2015. Housing Inventory continued to decline as well. Months of Supply decreased 23% from 4.5 months in December 2015 to 3.5 months in December of 2016.
(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 with Tampa as a whole, New Tampa is seeing more homes sell and at a faster pace than in 2015. This should bode well for the first quarter of 2017. It appears that many sellers will have extra motivation to list homes now instead of waiting for the Spring and Summer. At that time, they could face higher mortgage rates and stiffer competition from other sellers.
(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 here’s a quick overview of some of the best and most informative blog posts, articles and infographics we’ve run across this week. Enjoy!
The Discover Disney ticket lets Florida residents visit all four Disney World parks from now though June 9, for $139. Sorry snowbirds, out-of-state tourists have to pay $290 for the same ticket. And it is a price break from the usual $185 three-day ticket for Florida residents.
The tickets must be used by June 9. The only restriction is that the ticket can’t be used at Disney’s Animal Kingdom starting on May 27, a possible indication that the grand opening of Pandora — The World of Avatar.
From the Blog:
It appears that Americans are regaining faith in the U.S. economy. The following indexes have each shown a dramatic jump in consumer confidence in their latest surveys:
- The University of Michigan Consumer Sentiment Index
- National Federation of Independent Businesses’ Small Business Optimism Index
- CNBC All-America Economic Survey
- The Conference Board Consumer Confidence Survey
It usually means good news for the housing market when the country sees an optimistic future. People begin to dream again about the home their family has always wanted, and some make plans to finally make that dream come true.
If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:
Advice for Buyers:
Florida holds on: Four cities in the Sunshine State made the list, the most of any state, and all are in the top 10. There’s Jacksonville at no. 2, Orlando at no. 3, West Palm Beach at no. 5 and Tampa at no. 7. Winzer says that Florida’s continued strength is the biggest surprise of the list. (Last year seven Florida cities made the cut.) Florida was the poster child for financial crisis devastation. As recently as 2015 seven markets in the state were undervalued by more than 20%. But builder constraint and job growth has boosted the value of existing homes.
Advice for Sellers
Many homeowners who need to move decide to sell their current home so they can have plenty of cash to buy their next digs. Still, though, some might wonder: Should I sell or rent out my house? It’s a good question.
Owning rental property, after all, brings in predictable, long-term income. But make no mistake, backing into a landlord role comes with some hefty responsibilities—and no small amount of headaches.
Here are some questions to ask yourself to help you decide which road is right for you.
Make no mistake about it: when you’re selling your house, potential buyers want to see everything. That means no area of your home (not even your utility closet) is safe from the gaze of a serious house hunter. That’s why it’s crucial to maximize every square inch of your place—backyard shed included—by minimizing your overall clutter.
Before you can successfully show off your house to anyone (or even take listing photos) you need to ensure you have a home that people will want to live in: one that’s well organized and filled with ample storage space. To help, we’ve put together a list the most important places to de-clutter as you prepare to sell your home. And though we can’t promise it’ll shorten the length of time your home spends on the market, we can assure you it’ll make the staging process go a whole lot smoother.
After absorbing a mixed December jobs report; the 10-year Treasury yield fell 8 basis points. The 30-year mortgage rate moved in tandem with Treasury yields falling 8 basis points to 4.12 percent, the second decline since the presidential election. The December jobs report showed 156,000 jobs added, barely meeting many experts’ expectations, while wage growth was at the high end of expectations at 0.4 percent. If strong wage gains persist, they may push inflation and interest rates higher.
- 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending January 12, 2017, down from last week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.92 percent.
- 15-year FRM this week averaged 3.37 percent with an average 0.5 point, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 3.19 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.5 point, down from last week when it averaged 3.33 percent. A year ago, the 5-year ARM averaged 3.01 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. 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 week!
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