Happy 2016! Hope you enjoyed ringing in the New Year with family and friends.
Is one of your resolutions to buy or sale a home in 2016? If so, please take a few minutes to review the latest edition of Tampa Market Monday. You’ll find some helpful predictions for the housing market in 2016, as well as a look at how the Tampa market improved more than just about any other U.S. housing market in 2015. Also, if you’re deciding whether you should buy or rent, discover why buying is a better strategy, particularly if you live in Pasco County.
But, before we look at these details, here’s a quick breakdown of Average Median Sales Price for all the Zip Codes in Pasco County.
Average Median Sales Price by Zip Code – Pasco County
“No housing expert has a crystal ball, but Svenja Gudell, recently appointed chief economist for the housing site Zillow.com, has looked at enough data to make a pretty good guess. She examines vast amounts of housing market statistics—everything from where people are going to want to live to what areas will be hot to what the future could hold for renters—on a daily basis.”
The Multi-Indicator Market Index® (MiMi®) shows the U.S. housing market continues to improve with two additional states – New York and Kansas – entering their outer range of stable housing activity, as well as three more metro areas: New York, New York; Minneapolis, Minnesota; and Palm Bay, Florida.
The national MiMi value stands at 81.9, indicating a housing market that is on its outer range of stable housing activity. Compared to the same time last year, the national MiMi value has improved 6.31 percent – the best improvement we’ve seen in the MiMi since July 2014.
The top 5 most improving metro markets in MiMi this month include:
- Allentown, PA
- Tampa, FL
- Cleveland, OH
- Palm Bay, FL
- Las Vegas, NV
The top 5 most improving state housing markets include:
- New York
- New Jersey
Thinking about renting instead of buying? Read this article to find out why that’s probably not a great idea.
While the home ownership rate in the US has sunk to an almost 30-year low, in some parts of the country it’s actually cheaper to buy a house than rent.Real-estate research firm RealtyTrac analyzed data from 504 counties in larger housing markets around the US and found that buying was cheaper in just under 58% of the counties.They analyzed government real-estate data and calculated the amount of average wages in each market a person would have to spend on renting the median three-bedroom house versus buying it.
We’ve looked at RealtyTrac’s data and complied the 17 large counties where it makes the most sense to buy. We’ve only included counties with populations over 300,000 and where the difference between buying instead of renting is more than 10% of wages.
Over half of the list is from Florida, but you’ll have to go further inland to find the greatest savings.
Spurred mostly by new construction, total home sales could top 6 million for the first time in a decade, Jonathan Smoke, chief economist for Realtor.com, predicted recently. But next year may ultimately be more about recalibrating a new normal than rocketing past a pre-downturn benchmark.
Existing home sales are expected to grow moderately, as would-be buyers grapple with rising interest rates and slumping wages. Consumer confidence in income growth remains rocky, while about one in five Americans believe it’ll be tougher to land a home loan next year compared to this one, according to a Trulia survey from November.