Provided By Annette Bohannon, Team Bohannon Real Estate Consultants, Keller Williams Tampa Properties
Happy Monday from Annette Bohannon!
(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 review a few articles I’ve run across in the last week that can help you become a better home seller or buyer. I’ll also give you a quick review of current home loan rates, which are up slightly after weeks of decline. If you need downpayment assistance make sure to check out the information at the end of this issue of Tampa Market Monday.
Tampa Real Estate News:
That’s according to the magazine U.S. News and World Report, which ranked the country’s 100 largest metro areas on a variety of measures, including cost of living, job prospects and quality of life.
In the magazine’s analysis, Tampa Bay ranks No. 42, one of six Florida metro areas to crack the top half. No state had more places in the top 50.
Advice for Buyers:
The average age for first-time home buyers in the U.S. is around 33, a relatively young age for such a big life choice. That said, buying your first home at any age can be a stressful and time-consuming experience.
Luckily, there are a few crucial pointers that will help make the journey to homeownership a less bumpy ride. Here are five tips to get you on your way.
Still, affordability remains the chief concern on home buyers’ minds. Twenty percent are concerned about the limited number of homes for sale – also on the rise. Sixteen percent are concerned about too much competition from other buyers – a five percentage jump over last quarter
Advice for Sellers
It’s tempting to keep waiting when the news is telling you that home prices are rising in your area. In many areas this can be the case when inventories are low. Some analysts are even blaming baby boomers for keeping inventories low as they are holding on instead of selling. Supply and demand will always rule the markets, so holding on and watching rising prices makes you a part of helping your cause by holding off the market.
However, when news stories with titles like More Markets Favoring Sellers popping up in the media, it can make you wait too long. The same supply-demand dynamic that you’re using in your favor right now can come back to bite you. And, it can happen very quickly. You have real estate professionals out there soliciting listings, and often they’re doing so using these news stories to convince owners it’s time to sell. At some point, the tide can turn.
Freddie Mac reports the following national mortgage rate averages for the week ending March 3:
- 30-year fixed-rate mortgages: averaged 3.64 percent, with an average 0.5 point, rising from last week’s 3.62 percent average. Last year at this time, 30-year rates averaged 3.75 percent.
- 15-year fixed-rate mortgages: averaged 2.94 percent, with an average 0.5 point, increasing from last week’s 2.93 percent average. A year ago, 15-year rates averaged 3.03 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.84 percent, with an average 0.5 point, increasing from last week’s 2.79 percent average. Last year at this time, 5-year ARMs averaged 2.96 percent.
Millennials are becoming a major force in the housing market. According to a Consumer Reports survey, almost three-quarters of Americans between 18 and 34 say they’d like to buy their own home. But high rental costs and student debt make it difficult to save for a down payment.
It’s best to put 20 percent down so you can avoid costly mortgage insurance and trim your monthly payments. Consumer Reports says there are resources to help people get low- and zero-interest loans to help with up-front costs. These programs are intended to bring people into the housing market who really have the basics in place. They just need a little extra something to get them into housing.
You can find out about available programs online atdownpaymentresource.com. There, you’ll also learn about opportunities for educators, firefighters and those in other professions.
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