A few weeks ago, we presented a big-picture view of how the Pasco County housing market performed in December of 2015. Now, we’re going to drill down a little further and give you a better idea of how homes in your price range have performed. First, let’s review the sold summary which compares homes sold in December of 2015 to homes sold in December of 2014. Nearly every category moved in a positive direction — dollar volume rose, prices went up and the number of homes sold also improved over the 2014 numbers.
The inventory of homes for sale declined almost 19 percent, from 3,843 to 3,124. Why is this important? It means buyers have less to choose from and will likely be willing to pay more. On the other hand, sellers should be able to sell at a higher price as demand outpaces supply. If you’ve been waiting for a good time to put your home on the market, you have a golden opportunity right now to get top dollar since inventory levels are dwindling.
If you look at how buyers are financing their purchases, you’ll also notice that 44 percent pay cash, 31 percent use conventional home loans, and 19 percent use government housing loans from the FHA and VA. Plus, if you examine the breakdown of how long homes stayed on the market, you’ll see that over 56 percent of the sold homes were on the market for 60 days or less.
Next, let’s see how homes sold based on their price range. This detailed table will allow you to figure out how many homes sold in your price range. You can also find the number of homes that sold based on number of bedrooms or type of home. This information can help you determine how many homes sold in your price range, as well as how many active listings (homes currently for sale) are on the market in each price range.
If you want an even more detailed evaluation based on your specific property or neighborhood, feel free to reach out to us anytime (813) 979-4963) or by sending us an email. Plus, you can search all Tampa homes for sale in your price range here.
Advice for Sellers
Whether you’re looking to sell your home or simply renovate it for your own comfort, you can boost the value of your home without maxing out your credit cards. In fact, by determining which home improvement projects are worth the investment and which will yield a high return can help save you thousands, while also presenting you with a valuable asset if you decide to sell in the long-run. Many projects can significantly increase the value of your home, and having a plan for your renovations can help you save big, while also beautifying your home.
U.S. Home Sellers in 2015 Realized Biggest Price Gains Since 2007 According to RealtyTrac Year-End Sales Report
“With some local market exceptions, the 2015 home sales data paints the picture of a properly functioning U.S. housing market where homeowners can once again count on real estate as an appreciating asset — a long-touted axiom soundly debunked as ironclad truth between 2008 and 2013,” said Daren Blomquist, vice president at RealtyTrac. “This return to consistent home price gains for sellers should reinforce confidence in real estate in 2016 and produce another year of solid sales volume as homeowners cash out their equity gains.”
Advice for Buyers
As new-home builders seek new buyers, the list of features for 2016 construction includes materials and features that increase energy efficiency and generous spaces for both living and storage. The National Association of Home Builders recently surveyed builders to find out the top features they were planning to put in new single-family homes this year.
“Market volatility — and the associated flight to quality — continued unabated this week,” says Sean Becketti, Freddie Mac’s chief economist. “The yield on the 10-year Treasury dropped another 15 basis points, and the 30-year mortgage rate fell 7 basis points as well, to 3.72 percent. Both the Treasury yield and the mortgage rate now are in the neighborhood of early-2015 lows. These declines are not what the market anticipated when the Fed raised the Federal funds rate in December. For now, though, sub-4-percent mortgage rates are providing a longer-than-expected opportunity for mortgage borrowers to refinance.”
Thanks again for your time and let us know if we can do anything to help you with your real estate needs.