#Tampa Market Monday – February 15, 2016

    #Tampa Market Monday

    Hope every one had a fantastic Valentine’s Day weekend.

    Today, we’re going to look at an area in Hillsborough County that is booming. But before we do that let’s review the statistics for how the whole county fared in January of this year. Plus, be sure to read through to the end, as we’ve included some great advice for both buyers, sellers and home improvers.

    How Hillsborough County Real Estate Performed in January of 2016

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    Screen Shot 2016-02-15 at 11.42.23 AMMarket Activity - Hillsborough County, FL

    Med Sale $ - Hillsborough County, FL

    Avg Days on Market - Hillsborough County, FLAvg Sale to Orig List $ Ratio - Hillsborough County, FL

    Now let’s take a look at that one particular area of the county that is in high demand. Tampa Bay Times real estate writer, Susan Taylor Martin covered it a few weeks ago. Here’s the article if you missed it.

    Tampa Real Estate:

    Where in Tampa Bay is home construction booming the most? Southern Hillsborough County

    Developers and builders are betting it’s an easy choice for thousands of prospective buyers. No other part of the Tampa Bay area is seeing such an explosion of single-family home construction as the vast area of former groves and farm fields south of the Alafia River in Hillsborough.

    “It’s the No. 1 sub-market,” says Tony Polito, regional director of research service MetroStudy. “It’s a combination of available land and product prices that are less expensive than in other parts of the (overall) market.”

    Last year, a total of 7,545 new homes began construction in Pinellas, Pasco, Citrus, Hernando and Hillsborough counties. A third of those homes, 2,502, were in just one area — south Hillsborough.

    Read the entire article.

    Advice for Buyers:

    Ask the Economist: What Does the Spring Hold for Homebuyers?

    Highlights:

    I do think from the numbers we had last year that it will be a fairly strong buying season. We have a lot of leftover demand. We are continually undoubling households that doubled up during the housing bust, where students moved in together, or young professionals moved in together, or people moved back in with their parents. As those people move out of their parents’ basement and get jobs, those households will then decide that it’s a good time to buy because financially it makes a lot of sense for them to buy. Given the still-low inventory levels we’re seeing, that will continue to drive prices up. We’d like to see more sales than we will see, but I think price appreciation will be quite good going into the season.

    Read the entire article. 

    On Valentine’s Day and every day, homebuyers want comfort and privacy in their master suites

    Introduction:

    Fast-paced lifestyles can make people yearn to retire to a private retreat for relaxation and restoration.

    Thus, the master suite has become a center for dramatic features and creature comforts, and homebuyers are personalizing these rooms with a wide range of options. Even the name has been elevated to the “owner’s suite” or “owner’s retreat.”

    Read the entire article.

    Advice for Sellers

    Do you know how much equity you have in your home? You may be surprised!

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    Highlights:

    “Homeowners who underestimate their homes’ values not only underestimate their home equity, they also likely underestimate 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”

    Read the entire article.

    Home Improvement

    How to Avoid a Turf War, and 5 Other Things Your Surveyor Wishes You Knew

    Highlights:

    Property surveyors aren’t only useful for remodeling. There are a number of situations where their help is in demand (or even required). Understand how and when to deploy them:

    • Buying a home. New construction doesn’t typically require a survey, but your mortgage lender may mandate it to ensure the borders are as described and there are no potential encroachments.
    • You’re in a (less than) neighborly dispute. If you’re arguing about a fence that’s totally on your property, it’s time to hire a surveyor to determine the facts. This has legal holding in court and will determine what and where you can freely build to comply with setback requirements (the minimum distance at which buildings are permitted).
    • You want to add on to your home. Before building an in-law unit or adding a storage shed, make sure to survey your property. If you don’t follow (or misunderstand) the setback requirements—or if you just don’t realize the back corner of your property actually belongs to your neighbor—you could end up in a load of trouble, with a lawsuit or costly fines to pay.

    Read the entire article.

    Thanks again for your time and please let us know if there’s anything we can do to help you with your real estate needs. You can reach us at 813-979-4963 or by completing this contact form.

    Have a Fantastic week!

    -Team Bohannon

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    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

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