Happy Monday, July 9, 2018
I hope you are having a great summer and enjoyed the 4th of July with family and friends. Today, let’s review how the housing market in New Tampa looks at the moment. This new report segments the market by price ranges and will give you a more precise view of how homes in your range are selling.
Now let’s look at some of the most helpful and interesting blog posts, articles, and infographics we’ve run across this week. Enjoy!
New Tampa continues plans for sensory-friendly park
The City of Tampa continues to gather citizen input on one of its newest projects in New Tampa, a sensory friendly 5-acre park.
As the first of its kind in the city, the park aims to maintain an all-inclusive approach from design to completion. It will be located behind the B.J.’s Wholesale Club on Commerce Palms Dr. in Tampa Palms.
City Councilman Luis Viera, a big supporter for the park, noted that New Tampa is an area where there are a lot of families raising children with special needs.
While the city has made steps to include these children, the development of this park is something that will build on those efforts.
From the Blog:
If you are debating whether or not to list your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes for Sale
The National Association of Realtors’ (NAR) Chief Economist Lawrence Yun recently commented on the current lack of inventory:
“Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand.
That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”
The latest Existing Home Sales Report shows that there is currently a 4.1-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 6.1% lower than last year’s inventory level.
The chart below details the year-over-year inventory shortages experienced over the last 12 months:
Anything less than a six-month supply is considered a “seller’s market.”
Let’s get together to discuss the supply conditions in our neighborhood so that I can assist you in gaining access to the buyers who are ready, willing, and able to buy right now!
Whether it’s your first home or your fifth, the homebuying process can be daunting. Not only does the housing market change from season to season, but the process of searching for a house, making an offer and working toward closing evolves over time.
For any homebuyer, you first need to account for your current financial situation, needs in a new home and what features and amenities you hope to have at your fingertips. Before you start touring houses, study your local real estate market to get a better grasp of what’s available and within your budget.
With home prices rising across the U.S. and many markets reporting few homes available for sale compared to the number of buyers, it can be easy to get discouraged. It may take a little extra time to wait for the right house, or it may take some work to improve your credit and save for a higher-priced house, but either way, buying your next home is possible.
Here’s what you need to know to get from start to finish in your home purchase.
Selling a home is a major event in anyone’s lifetime. This important undertaking requires knowledge of the housing market and real estate contracts, as well as marketing and pricing strategies.
But, of course, there is more to selling your home than the transaction itself.
Not only does your home need to be in selling condition, but so do you.
From the decision to sell until the day you sign at the closing table (and beyond), selling a home is a roller coaster of emotions. Not everyone will have the same experience when selling his home, but there are some basic ingredients that go into all home sales.
The adventure begins when you decide to sell your home. You are stepping up on that platform and getting ready to ride the coaster. Whether the decision stems from a need to sell or a desire to live somewhere else, your body is already receiving signals from your brain that your life is about to change.
When someone shifts out of their comfort zone, the body buzzes with energy. Energy is good! It means you will have the power to create the necessary changes to meet your goals.
After a rapid increase throughout most of the spring, mortgage rates have now declined in five of the past six weeks.
The run-up in mortgage rates earlier this year represented not just a rise in risk-free borrowing costs, but for investors, the mortgage spread also rose back to more normal levels by about 20 basis points. What that means for buyers is good news. Mortgage rates may have a little more room to decline over the very short term.
Although the current economic expansion is in its 10th year, residential single-family real estate was initially slow to recover. Now, backed by the demographic tailwind provided by millennials reaching the peak age to buy their first home, the housing market should have some room to grow going forward.
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 New Year!
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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!