New Tampa Real Estate Update – Tampa Market Monday

    Happy Monday, August 6, 2018

    School starts soon and I hope all of you with school-aged children have a great year!

    Today, our update overviews single-family homes in one of Tampa’s most popular zip codes, New Tampa (Zip Code 33647). We review current real estate market conditions, trends in pricing, and the current levels of supply and demand for the week of August 3, 2018.

    New Tampa

     

     

     

    Now I’d like to share the most useful and interesting blog posts, articles, and infographics we’ve read this week.

    New Tampa:

    New Tampa School Calendar 2018-19: First Day Of School, Vacations

    NEW TAMPA, FL — The first day of school in New Tampa is August 10 — and whether you and the kids are looking forward to the new school year or are dreading the end of summer, you’ll want to mark the date on your calendar ASAP. The Hillsborough County School District has released its 2018-2019 calendar for public schools.

    The calendar includes important dates such as winter and spring vacations, religious holidays, federal holidays, early dismissals and parent-teacher conferences.

    Here is the full list of dates to know for this school year:


    August

    • 8/10: First Day of School

    September

    • 9/3: No School (Labor Day)

    October

    • 10/12: End of Grading Period 1

    November

    • 11/12: No School (Veterans Day Observed)
    • 11/19-11/23: No School (Thanksgiving Vacation)
    • 11/26: Students Return to School

    December

    • 12/21: End of Grading Period 2
    • 12/24-1/4: No School (Winter Holidays)

    January

    • 1/7: Non-Student Day
    • 1/21: No School (Martin Luther King Jr. Day)

    February

    • 2/8: Non-Student Day (Florida State Fair Day)
    • 2/18: No School (Presidents’ Day Holiday)

    March

    • 3/4: Non-Student Day (Strawberry Festival)
    • 3/18-3/22: No School (Spring Break)
    • 3/15: End of Grading Period 3
    • 3/25: Non-Student Day

    April

    • 4/8: Non-Student Day
    • 4/19: Non-Student Day

    May

    • 5/27: No School (Memorial Day)
    • 5/31: Last Day of School/End of Grading Period 4

    From the Blog:

    Buying Is Now 26.3% Cheaper Than Renting in the US

    The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States.

    In the six years that Trulia has conducted this study, this is the first time that it was cheaper to rent than buy in any of the metropolitan areas.

    It’s no surprise, however, that those two metros are San Jose and San Francisco, CA, where median home prices have jumped to over $1 million dollars this year. Home values in San Jose have risen 29% in the last year, while rents have remained relatively unchanged.

    For the 98 metros where homeownership wins out, 97 of them show a double-digit advantage when buying. The range is an average of 2.0% less expensive in Honolulu (HI), all the way up to 48.9% in Detroit (MI), and 26.3% nationwide!

    Below is a map of the 100 metros that were studied. The darker the blue dot on the metro, the cheaper it is to buy there.

     

    In order to calculate the true cost of renting vs. buying, Trulia includes all assumed renting costs, including one-time costs (like security deposits), and compares them to the monthly costs of owning a home (insurance, mortgage payments, taxes, and maintenance) including one-time costs (down payments, closing costs, sale proceeds). They also assume that households stay in their home for seven years, put down a 20% down payment, and take out a 30-year fixed rate mortgage. The full methodology is included with the study results here.

    Below is a chart created with the data from the last six years of the study, showing the impact of the median home price, rental price, and 30-year fixed rate interest rate used to calculate the ‘cheaper to buy’ metric.

    In 2016, when buying was 41.3% less expensive than renting, the average mortgage rate was the driving force behind the difference. Rates this year are the highest they have been in six years which has narrowed the gap, all while home price appreciation has also been driven up by a lack of homes for sale.

    Cheryl Young, Trulia’s Chief Economist, had this to say,

    “One point deserves emphasizing: The ultra-costly San Francisco Bay Area is not a harbinger for the nation as a whole. While renting may outweigh buying in San Jose and San Francisco, it is unlikely that renting will tip the scales nationally anytime soon.”

    Bottom Line

    Homeownership provides many benefits beyond the financial ones. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home.

    Buy:

    What home buyers are willing to give up to live in a good school district

    Colleges aren’t the only ones who are looking for good test scores. Homebuyers are, too.

    Living near a good school was so important to 78% of these buyers that they compromised on their home’s features to make that desire a reality, according to a survey released Tuesday by Realtor.com.

    The amenity that buyers most frequently gave up for the privilege of living near a better school was a garage (19% of buyers)—even though garages are the most sought-after feature among prospective home buyers, according to another survey from Realtor.com. (Realtor.com is operated by News CorpNWSA, +0.80%   subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, which is also a subsidiary of News Corp.)

    Home buyers also chose to forego an updated kitchen (17%), the number of bedrooms they wanted (17%) and outdoor living space (16%).

    Read More 

    Click the graphic above to visit www.teambohannon.com

    A Home Seller’s Perception Vs. The Homebuyer’s Reality

    Buying or selling a home is one of the most important transactions in a person’s life. And at times it is also the most stressful, particularly because the seller’s perceptions often differ greatly from those of the buyer. It is important for each party to try to see both sides of the coin, so that all of the parties are realistic on their path to successful negotiations and, ultimately, a deal.

    After representing clients for more than 15 years, I have observed some industry truths that will help us better understand the process of selling a home, whether it’s a multimillion-dollar mansion or a modest family home for a first-time buyer. Over the years I’ve made a few observations of both buyers and sellers and their vast differences in perspectives as we work toward finalizing a sale. Whichever side of the transaction you’re on, it helps to have a full understanding of the big picture.

    Read More

    Home Loans

    Mortgage Rates on the Upswing

    August 2, 2018

    The 30-year fixed-rate mortgage drifted up for the second consecutive week to 4.60 percent.

    The higher rate environment, coupled with the ongoing lack of affordable inventory, has led to a drag on existing-home sales in the last few months. Yesterday, the Federal Reserve passed on raising short-term rates, but with the embers of a strong economy potentially stoking higher inflation, borrowing costs will likely modestly rise in coming months.

    Even with home price growth easing slightly in some markets, mortgage rates hovering near a seven-year high will certainly create affordability challenges for some prospective buyers looking to close.

     

    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!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    Search for Tampa Homes By Neighborhood

    Tampa

    Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to make up Tampa Bay. It offers…
    View 3546 homes

    Apollo Beach

    Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
    View 325 homes

    Land O Lakes

    Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
    View 468 homes

    Lithia/Fishhawk

    FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
    View 215 homes

    Lutz

    Lutz, which began as a small train depot on the Tampa North Railroad, now has about 20,000 residents. It was named for W. P. Lutz, who brought the railroad to…
    View 424 homes

    New Tampa

    New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
    View 361 homes

    Carrollwood Area

    The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
    View 266 homes

    Odessa

    Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
    View 271 homes

    Brandon

    Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
    View 311 homes

    Riverview

    Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
    View 703 homes

    South Tampa

    South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
    View 1055 homes

    Ruskin

    Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
    View 297 homes

    Valrico

    Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
    View 263 homes

    Wesley Chapel

    Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
    View 502 homes

    Westchase

    Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
    View 154 homes

    Luxury Homes

    Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
    View 3772 homes

    Golf Course Communities

    If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
    View 6222 homes

    Waterfront Properties

    Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
    View 13625 homes

    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!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    Trackback from your site.

    About our blog

    Ranked #1 Realtor in Tampa by U.S. News and World Report.

    Doug, Annette & Dale Bohannon

    Team Bohannon Real Estate Experts

    Keller Williams Tampa Properties
    Tampa, Florida

    (813) 979-4963

    If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963

    Contact Us Now

    Any questions, comments, or feedback