Tampa Real Estate Market Update for Wesley Chapel, FL – Tampa Market Monday

    Happy Monday, October 8, 2018

    Hope you enjoyed your weekend.

    Today let’s take a look at current real estate market conditions in Wesley Chapel.

    Median List Price is a key statistics for homebuyers and sellers. It shows the price above and below which half of the sellers in Wesley Chapel have listed their homes for sale. Currently, the price is $337,095. The Market Action Index indicates if buyers or sellers have an advantage in Wesley Chapel. It is now at 35, a little lower than last month’s 36. This means the market favors sellers a little more than buyers. If the Index slips below 30, it indicates the market has swung into the buyers favor. The higher the MAI goes, the more prices should go up.

    The Real-Time Market Profile on page one of the report below contains a summary of other key housing metrics: Price Per Square Foot is $132. Average Days on the Market stands at 94 days. Also, 7% of homes for sale in Wesley Chapel have increased in price, while 49% have decreased in price. Currently, Wesley Chapel has 404 homes listed for sale.

    The Market Segments section at the bottom of each page of the report breaks down the trends by price range. Each segment contains roughly 25 of the homes for sale. So find your price range for a more specific look at how the trends are playing out in your market segment.

    Wesley Chapel 

     

    Before you go, take a few minutes to review the home buying and selling tips and mortgage rate information below.

    Pasco opening new fire rescue station to accommodate housing boom

    All over Pasco County, you’ll see construction. The new home boom is especially big around Wesley Chapel.

    “We are issuing 300 permits a month in this county. So you can imagine how fast this community is growing,” said Pasco County commissioner Ron Oakley.

    Several new communities are popping up, including Epperson with 2,000 houses and eventually, the opening of its Crystal Lagoon.

    But with all the new homes, there is the serious need for a fire station.

    “There is a gap here, we are in the middle of a big gap. We have Station 13 that is to the west of us. We have Station 26 and 27 that are to the east of us,” said Deputy Fire Chief Andrew Fossa.

    Pasco Fire Rescue says its average response time for a call is about 8-10 minutes, but they want it closer to six minutes.

    Read More

    From the Blog:

    2 Factors to Watch in Today’s Real Estate Market Whether Buying or Selling

    When it comes to buying or selling a home there are many factors you should consider. Where you want to live, why you want to buy or sell, and who will help you along your journey are just some of those factors. When it comes to today’s real estate market, though, the top two factors to consider are what’s happening with interest rates & inventory.

    Interest Rates

    Mortgage interest rates have been on the rise and are now over three-quarters of a percentage point higher than they were at the beginning of the year. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates climbed to 4.72% for a 30-year fixed rate mortgage last week.

    The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

    Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget.

    The chart below shows the impact that rising interest rates would have if you planned to purchase a $400,000 home while keeping your principal and interest payments between $2,020-$2,050 a month.

    2 Factors to Watch in Today’s Real Estate Market Whether Buying or Selling | Simplifying The Market

    With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be over 5% by this time next year.

    Inventory

    A ‘normal’ real estate market requires there to be a 6-month supply of homes for sale in order for prices to increase only with inflation. According to the National Association of Realtors (NAR), listing inventory is currently at a 4.3-month supply (still well below the 6-months needed), which has put upward pressure on home prices. Home prices have increased year-over-year for the last 78 straight months.

    The inventory of homes for sale in the real estate market had been on a steady decline and experienced year-over-year drops for 36 straight months (from July 2015 to May 2018), but we are starting to see a shift in inventory over the last three months.

    The chart below shows the change in housing supply over the last 12 months compared to the previous 12 months. As you can see, in June, July, and August, inventory levels have started to increase as compared to the same time last year.

    2 Factors to Watch in Today’s Real Estate Market Whether Buying or Selling | Simplifying The Market

    This is a trend to watch as we move further into the fall and winter months. If we continue to see an increase in homes for sale, we could start moving further away from a seller’s market and closer to a normal market.

    Bottom Line

    If you are planning to enter the housing market, either as a buyer or a seller, let’s get together to discuss the changes in mortgage interest rates and inventory and what they could mean for you.

    Buy:

    2018 Florida first-time homebuyer assistance programs

    First-time homebuyers in Florida who need help buying a home have a place to turn to. The Florida Housing Finance Corporation, known simply as Florida Housing, offers several down payment and closing cost assistance programs to help you buy your first home.

    Florida Housing programs are available to first-time homebuyers — or anyone who hasn’t owned and occupied a home in three years. Activity military members, qualified veterans and anyone purchasing in a federally designated targeted area may also be eligible. A “targeted area” is a neighborhood, block or street where 70 percent or more of households earn 80 percent or less of the statewide median income, as determined by the U.S. Department of Housing and Urban Development.

    Read More 

    Click the graphic above to visit www.teambohannon.com

    Sell:

    The Single Best Way to Sell Your Home This Fall, Revealed

    You may have heard that spring and summer are the top home-selling seasons, and that fall is as dead as those leaves piling up on your lawn. But don’t be fooled.

    “Fall is actually a great time to sell your home,” says real estate agent Carola Encarnacion of DJK Residential in New York City. “There’s less competition, and the market is still very active.”

    So if your house is on the market right now, take heart! And heed what many experts say is the one best thing you can do to reel in buyers: Give your home an autumn upgrade with some www.

    To the uninitiated: Staging is the technique sellers use to showcase their home at its best through upgrading furniture and decor. And celebrating all things autumnal is the way to do it successfully now.

    To tap into the fall frenzy, here are some staging tips that will help your home exude a cozy ambiance that’ll get those offers rolling in.

    Read More

    Home Loans

    Mortgage Rates Largely Hold Steady

    October 4, 2018

    Mortgage rates inched back a little in this week’s survey, easing 1 basis point to 4.71 percent after hitting a seven year high last week. There is upside risk to mortgage rates as the economy remains very robust and this is reflected in the very recent strength in the fixed income and equities markets.

    However, the strength in the economy has failed to translate to gains in the housing market as higher mortgage rates have contributed to the decrease in home purchase applications, which are down from a year ago. With mortgage rates expected to track higher, it’s going to be a challenge for the housing market to regain momentum.

     

    Thanks for reading Tampa Market Monday. We’d love to help you buy or sell your home, so please get in touch! You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.

    Have a Fantastic New Year!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    Search for Tampa Homes By Neighborhood

    Tampa

    Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to make up Tampa Bay. It offers…
    View 3546 homes

    Apollo Beach

    Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
    View 325 homes

    Land O Lakes

    Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
    View 468 homes

    Lithia/Fishhawk

    FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
    View 215 homes

    Lutz

    Lutz, which began as a small train depot on the Tampa North Railroad, now has about 20,000 residents. It was named for W. P. Lutz, who brought the railroad to…
    View 424 homes

    New Tampa

    New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
    View 361 homes

    Carrollwood Area

    The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
    View 266 homes

    Odessa

    Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
    View 271 homes

    Brandon

    Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
    View 311 homes

    Riverview

    Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
    View 703 homes

    South Tampa

    South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
    View 1055 homes

    Ruskin

    Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
    View 297 homes

    Valrico

    Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
    View 263 homes

    Wesley Chapel

    Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
    View 502 homes

    Westchase

    Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
    View 154 homes

    Luxury Homes

    Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
    View 3772 homes

    Golf Course Communities

    If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
    View 6222 homes

    Waterfront Properties

    Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
    View 13625 homes

    Thanks for taking time to read the Tampa Market Monthly! If you want to buy or sell a home or find out your home’s value please let us know. We’d love to work with you. You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form. You can search all Tampa area homes for sale at www.teambohannon.com.

    Have a Fantastic week!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    Trackback from your site.

    About our blog

    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

    Contact Us Now

    Any questions, comments, or feedback