Provided By Annette Bohannon, Team Bohannon Real Estate Consultants, Keller Williams Tampa Properties
Today, we’re going to review the third quarter (July 1 – September 30) of the Wesley Chapel housing market compared to Q3 of 2015. Overall, WESLEY CHAPEL REAL ESTATE continues to build momentum as prices rise, interest rates remain low, and days on the market drops significantly.
Wesley Chapel has 3 zip codes (33543, 33544, 33545) so we will break sales down by each zip.
In 33543, SOLD DOLLAR VOLUME increased by 16.51% over Q3 of 2015, rising from $64,357,244 to $74,984,303. Fifty-three more HOMES SOLD in Q3 (299) of 2016 compared to Q3 of 2015 (246) but the AVERAGE SOLD PRICE dropped 4.14% — from $261,615 (2015) to $250,784 (2016). The MEDIAN SOLD PRICE rose 7.75%, while AVERAGE LIST PRICE declined 4.28%. AVERAGE DAYS ON THE MARKET ticked up slightly (1 day) from 57 (Q3 2015) to 58 days (Q3 2016).
The SOLD DOLLAR VOLUME in 33544 jumped 19.12% (Q3/2015) from $36,458,898 to $43,429,831 (Q3/2016). Also, twenty-six more HOMES SOLD in Q3 (172) of 2016 compared to Q2 of 2015 (146), but the AVERAGE SOLD PRICE increased from $240,026 (2015) to $253,943 — a 1.11% gain. AVERAGE LIST PRICE ticked up 0.41%, while the MEDIAN SOLD PRICE increased 6.45%. AVERAGE DAYS ON THE MARKET dropped 22.03% — from 59 (Q3 2015) to 44 days (Q3 2016).
In 33545, SOLD DOLLAR VOLUME jumped 33.47% — from $23,155,133 in the third quarter of 2015 to $30,905345 in the third quarter of 2016. The number of HOMES SOLD rose 9.68%, as 136 homes sold in Q3 2016 compared to 124 in Q2 2015. The AVERAGE SOLD PRICE increased 21.69% from $186,735 (2015) to $227,245 (2016). AVERAGE LIST PRICE leaped 21.07% and the MEDIAN SOLD PRICE climbed even more — 24.79%. AVERAGE DAYS ON THE MARKET plunged 32% — from 75 (Q3 2015) to 51 days (Q2 2016).
Now more than ever, you need a REAL TIME EXPERT to keep you aware of NEW HOT LISTINGS and PRICE REDUCTIONS so you can act quickly. We keep you informed instantly, so you have an advantage in this highly competitive market. We also help you negotiate, which is extremely important in this type of market. Our experience and unparalleled client service is guaranteed to keep you happy throughout the buying process.
Now is the time to list your home if you plan to sell in the next few months or years. It’s unlikely you will find a better combination of low inventory and rates with rising selling prices. In fact, rates are edging up now and many expect the FED to raise rates as early as December. So time is of the esssence.
(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 interesting and helpful blog posts and articles we’ve found this week on buying and selling a home and the trends in mortgage rates. Also, we’ll look at some Tampa area news.
The investor and his family moved from the Northeast to Florida in 2010, where Vinik fulfilled his dream of owning a sports team. Like any investment, he weighed up the pros and cons before buying the NHL’s, Tampa Bay Lightning. For Vinik, the decision was about much more than winning records. He was looking for an opportunity to build a success story and help develop the city of Tampa and its surrounding communities. But, this isn’t a tale about a money mogul turned real estate tycoon. As Vinik explained in a recent interview, Tampa is an under-valued city with largely untapped potential. Vinik wanted to help build the foundation for an entrepreneurial ecosystem through smart planning and development to avoid the kind of too much, too fast growth that locals anywhere come to resent – with enough housing to keep it affordable, and road construction in line with population growth.
‘Miracle on 34th Street,’ ‘It’s a Wonderful Life,’ ‘White Christmas,’ ‘Love Actually’ come to Tampa Theatre
Santa Claus visits Tampa Theatre on Nov. 27, unwrapping the movie palace’s Holiday Classics series, an annual gift of sing-alongs and cinema.
From the Blog:
From a purely economic perspective, this is one of the best times in American history to buy a home. Black Night Financial Services discusses this in their most recent Monthly Mortgage Monitor.
Here are two of the report’s revelations:
- The average U.S. home value increased by $13,500 from last year, but low interest rates have kept the monthly principal & interest payment needed to purchase a median-priced home almost equal to one year ago.
- Home affordability still remains favorable compared to long-term historic norms.
Advice for Buyers:
It can take almost a full year to get your finances in line before you buy a home, housing experts say.
So if you know you want to buy a house within the next six months or so — such as people hoping to make the leap in the spring — you should start your financial housekeeping now.
Preparing sooner rather than later can increase your chances of landing the lowest interest rate possible, which can lead to thousands of dollars in savings over the life of the loan. People who skip some of these steps may miss out on their dream home or delay their plans.
Here is a checklist of sorts to give you your best shot at landing a good deal:
Advice for Sellers
Your family members are stinking up the place.
Sorry to tell you that, but if you’re selling your home, you would hear it eventually. You may already be acutely aware. If you have a dog or cat, and especially if you have multiple pets, it doesn’t matter that they’re part of the family. If the moment buyers walk into your house they smell cat urine wafting from the litter box, or they see clumps of dog fur on the carpet and furniture, odds are, you’ve just lost a sale.
What can you do if you can’t move out first and clean up the damage in order to sell? You’re in for an experience.
This week’s survey reflects pre-election market conditions. As a result, the 30-year mortgage rate increased to 3.57 percent, only 3 basis points higher than last week’s level. On Wednesday, the 10-year Treasury yield closed above 2 percent, about 25 basis points higher than its pre-election value and its highest yield since January. At this point, it is too soon to tell whether Treasuries will hold this new level or if the mortgage rate will increase as much over the coming week.
- 30-year fixed-rate mortgage (FRM) averaged 3.57 percent with an average 0.5 point for the week ending November 10, 2016, up from last week when it averaged 3.54 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent.
- 15-year FRM this week averaged 2.88 percent with an average 0.5 point, up from last week when it averaged 2.84 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.4 point, up from last week when it averaged 2.87 percent. A year ago, the 5-year ARM averaged 3.03 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Have a Fantastic week!
–Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com
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