Provided By Annette Bohannon, Team Bohannon Real Estate Consultants, Keller Williams Tampa Properties
Happy Monday from Annette Bohannon!
Today, let’s review real estate data for the “Greater Tampa Area,” but first look at this helpful map created by the Greater Tampa Association of Realtors showing the communities that make up Greater Tampa.
Overview of Tampa Home Sales in January 2016
As you can see above, Tampa’s home sales are beating the 5-year averages, but the number of active listings and months of supply is BELOW the 5-year averages. In a nutshell, this means demand is outpacing supply.
The total dollar amount of all Tampa home sales in January of 2016 nearly hit $370 million, which represented an 18.1% increase over January 2015. However, dollar volume dropped nearly 40% from December 2015 to January 2016. One of the factors that caused the big decline was the lack of inventory, i.e. not enough homes for sale.
These numbers also indicate that even though the number of sales is trending down, the dollar amount is trending up. This means fewer homes are selling, but the homes are selling at a higher price.
(Want a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently? Call Annette Bohannon at 813-431-2840 and get a FREE detailed, market evaluation of your home or you can get a Free Market Report by following this link.)
Now, let’s take a quick look at some of the more popular posts from the Team Bohannon blog and a few helpful real estate articles I’ve read in the last week.
From Our Blog:
Today’s price increases, unlike those a decade ago, are the result of qualified buyer demand exceeding the current inventory of homes available for sale. Once the supply increases, prices will level out.
Demand for housing has remained strong as mortgage rates have remained near historic lows.
The National Association of REALTORS (NAR) recently reported that the top 10 dates sellers listed their homes in 2015 all fell in April, May or June.
Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.
Advice for Buyers:
Sure, amassing the funds and slogging through the necessary paperwork for your own piece of the real estate pie can be daunting, especially if you’re a less-than-stellar loan candidate. Still, if you just assume there’s no way you could buy a home, without doing any research, you could be missing out.
Here are some oft-cited reasons people don’t buy a home, and the reality checks showing why they shouldn’t give up hope.
Which home features are losing favor with potential buyers? In a new survey of more than 4,300 house hunters of all ages, the National Association of Home Builders identified the top 12 items they say they don’t want in a new home:
- Elevator (63 percent say they don’t want one)
- Pet washing station (54 percent)
- Wine cellar (53 percent)
Advice for Sellers
Freddie Mac reports the following national averages with mortgage rates for the week ending March 10:
- 30-year fixed-rate mortgages: averaged 3.68 percent, with an average 0.5 point, rising from last week’s 3.64 percent average. Last year at this time, 30-year rates averaged 3.86 percent.
- 15-year fixed-rate mortgages: averaged 2.96 percent, with an average 0.5 point, increasing slightly from last week’s 2.94 percent average. A year ago, 15-year rates averaged 3.10 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.92 percent, with an average 0.4 point, rising from last week’s 2.84 percent average. Last year at this time, 5-year ARMs averaged 3.01 percent.
Source: Freddie Mac
Thanks for taking time to read #Tampa Market Monday from Annette Bohannon. Let us know if we can help you in any way . You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.
Have a Fantastic week!
–Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com