Happy Monday, May 21, 2018
Wesley Chapel, like many housing markets in the US, continues to see strong demand for homes, while the supply of homes dwindles.
In April 2018, Wesley Chapel homes sales stayed flat, as 134 homes sold, the same as a year ago in April. The number of homes for sale (557) declined 5%, as 29 fewer homes were for sale than in April 2017. But, 186 New Homes same onto the market, 221 more homes came onto the market, 27 more than a year ago in April. That’s a 17% jump.
Months Supply of Inventory fell 26% compared to April 2017, falling from 2.6 months to 1.9 months. In March 2018, this metric, which shows how long it will take the current supply of homes to be depleted if homes sell at their current pace, stood at 2.0 months. On average homes stayed on the market a little longer — one day — than a year ago. The Average Days a Home Stayed on the Market 60 days in April 2018, the same number of days as in April 2017.
Median Sold Price (the price half the homes sold for) climbed 9% or $24,600. In April 2018, the median sold price was $288,995 for Wesley Chapel, while in March 2017 it was $264,395. The Median For Sale Price of homes increased 4% or $11,304, from $299,900 (April 2017) to $311,204 (April 2018).
If you plan to buy in the near future, now is the time. If housing inventory stays tight prices will likely keep going higher. Couple that with rising mortgage rates and you’re likely to have more buying power now than later. As for sellers, this tight market presents you an opportune time to list and sell your home more quickly and for a higher price than in a market with too many homes for sale.
Here’s some useful and interesting information we’ve run across this week. There’s something for everyone so be sure to check it out.
The typical tourist in Pasco County this year most likely is a Floridian.
But there are lots of Canadians here as well. Nearly 80 percent drove, rather than flew, to the region. Forty percent stayed in hotels, but more than a quarter own a second home here and fit the category of a seasonal visitor or snowbird.
Those are some of the initial findings of an ongoing study of Pasco’s tourism demographics compiled by the Tallahassee firm of Downs & St. Germain Research.
The firm’s president, Joseph Germain, presented the quarterly results April 18 to the Tourist Development Council.
The year-long study is intended to compile a more definitive description of Pasco’s tourism customers to help guide future marketing and advertising decisions. The initial data, compiled Jan. 1 to March 31, came from 477 personal interviews at hotels, public areas and events around the county.
From the Blog:
Recently released data from the National Association of Realtors (NAR) suggests that a now is a great time to sell your home. The concept of ‘supply & demand’ reveals that the best price for an item is realized when the supply of that item is low and the demand for that item is high.
Let’s see how this applies to the current residential real estate market.
It is no secret that the supply of homes for sale has been far below the number needed to sustain a normal market for over a year at this point. A normal market requires six months of housing inventory to meet the demand. The latest report from NAR revealed that there is currently only a 3.6-month supply of houses on the market.
Supply is currently very low!
A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers who are actually out looking at homes) disclosed that “foot traffic grew 10.5 points to 52.4 in March as the new season approaches.”
Demand is currently very high!
Waiting to sell will only increase the competition between you and all of the other sellers putting their houses on the market later this summer. If you are debating whether or not to list your home, let’s get together to discuss the conditions in our market.
Here are some questions and answers about home buying in a seller’s market:
Q: Should I put 20 percent down on a home, if I can afford it?
A: Making a 20 percent down payment is still a sound strategy, if you can swing it. You will usually qualify for a lower interest rate on your mortgage, and you will avoid paying for private mortgage insurance, which adds to the cost of your monthly payment.
Plus, in hot markets where sellers can choose from several bids, a larger down payment makes you a more attractive buyer, said Kelly Moye, a broker with ReMax and a spokeswoman for the Colorado Association of Realtors. In bidding wars, she said, “the ones with the biggest down payments usually win” because they are seen as safer buyers more likely to close the deal.
Some states and nonprofit organizations offer help with down payments. You can search online for programs to see if you’re eligible.
Q: How can I increase my chances of getting the home I want?
A: Shoppers should get preapproved for a loan and know what they are looking for in a home, so they are prepared to act quickly if they find one they like, Gupta said. In hot markets, you do not have time to ponder your options. Make a list of two or three “must haves,” he said — whether it’s a big yard or a nice view — and make those the priority so you can move fast when the opportunity arises. “You have to be more flexible,” he said.
Q: What are current mortgage rates?
A: The average rate on a 30-year, fixed-rate mortgage was 4.61 percent as of Thursday, highest in seven years, up from 4.55 percent a week earlier, according to Freddie Mac’s rate survey.
As mortgage rates increase, would-be homebuyers are rushing to close on a deal, shortening the time it takes to complete a transaction to the fastest rate in about eight years.
According to new data from real estate firm Redfin, in April, the typical home went under contract in 36 days, which is six days faster than a year earlier and quicker than any month in which Redfin has been tracking the data since 2010. What’s more, Redfin found that, among the houses that sold in April, 26.2% went for more than the asking prices. That’s an uptick from 24.9% in April of last year. The average sale-to-list price ratio of 98.8% is also a record high, Redfin said in a press release announcing the results of the research.
May 17, 2018
After plateauing in recent weeks, mortgage rates reversed course and reached a new high last seen seven years ago.
The 30-year fixed mortgage rate edged up to 4.61 percent, which matches the highest level since May 19, 2011.
Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher mortgage rates over the past week. Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.
While this year’s higher mortgage rates have not caused much of a ripple in the strong demand levels for buying a home seen in most markets, inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.
Have a Fantastic Week!
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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!