Happy Monday, November 4, 2019
This week the median list price for Wesley Chapel, FL single-family homes is $325,000 with the market action index lingering around 35. This is the same as last month’s market action index of 35.
The Market Action Index shows if current conditions favor Buyers or Sellers. Currently, Sellers have a slight advantage.
Real-Time Market Profile
The Real-Time Market Profile below shows that price per square foot for single-family homes is $138 and homes have averaged 96 days on the market before selling. Forty-Six percent of home sellers decreased their asking price, while 9% increased it. Housing Inventory in Wesley Chapel currently has 397 homes for sale.
WESLEY CHAPEL, Fla. — The Grove at Wesley Chapel will soon become an entertainment district featuring new businesses and restaurants.
- Developer bought The Grove for $62.7 million last month
- New businesses expected to be open in 6 months
- “Container park” will be comprised of shipping containers
Mark Gold, vice president of Mishorim USA, bought the property last month for $62.7 million. He says nine new businesses have already signed leases to open in vacant buildings. He expects most of them to be open within six months.
Existing stores include TJ Maxx, Michaels, Ulta Beauty, Petsmart, Best Buy, Dick’s Sporting Goods, and a host of restaurants.
Right now, plans are underway to build what Gold calls a “container park” on the property. It will feature renovated shipping containers that local businesses will operate out of.
“This is going to be the downtown of Wesley Chapel,” Gold said.
He says the park will also have a stage for live music and shows. During the new few months, the containers will be renovated in time for some of them to be ready by the six-month target.
Shoppers are looking forward to what’s to come.
“What more could you ask for? We need something like that in this area,” said Gloria Badell, who visits The Grove often.
Gold says a trampoline park, bowling alley, and miniature golf course will also be coming to the district, which already features local businesses and big-box stores.
Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner believes the same thing, then that’s when they’ll have the most competition.
So, what’s the #1 reason to list your house in the winter? Less competition.
Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months supply of listings from the National Association of Realtors.As you can see, the ‘sweet spot’ to list your house for the most exposure naturally occurs in the late fall and winter months (November – January).
Temperatures aren’t the only thing that heats up in the spring – so do listings!In 2018, listings increased from December to May. Don’t wait for these listings and the competition that comes with them to come to the market before you decide to list your house.
Added Bonus: Serious Buyers Are Out in the Winter
At this time of year, purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers.’ The lookers are at the mall or online doing their holiday shopping.
If you’ve been debating whether or not to sell your house and are curious about market conditions in your area, let’s get together to determine the best time to list your house.
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The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.
It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates.
Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today’s rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser’s ability to afford a home.
Here are three reports validating that purchasing a home is in fact more affordable today than it was a year ago:
“Falling mortgage rates and slower home-price growth mean that many buyers this year are committing to lower mortgage payments than they would have faced for the same home last year. After rising at a double-digit annual pace in 2018, the principal-and-interest payment on the nation’s median-priced home – what we call the “typical mortgage payment”– fell year-over-year again.”
“At the national level, housing affordability is up from last month and up from a year ago…All four regions saw an increase in affordability from a year ago…Payment as a percentage of income was down from a year ago.”
“In 2019, the dynamic duo of lower mortgage rates and rising incomes overcame the negative impact of rising house price appreciation on affordability. Indeed, affordability reached its highest point since January 2018. Focusing on nominal house price changes alone as an indication of changing affordability, or even the relationship between nominal house price growth and income growth, overlooks what matters more to potential buyers – surging house-buying power driven by the dynamic duo of mortgage rates and income growth. And, we all know from experience, you buy what you can afford to pay per month.”
Though the price of homes may still be rising, the cost of purchasing a home is actually falling. If you’re thinking of buying your first home or moving up to your dream home, let’s connect so you can better understand the difference between the two.
October 31, 2019
This week marks the third consecutive week of rate increases, which hasn’t happened since April of this year. That said, purchase activity continues to show strength, indicating obvious homebuyer demand. However, the lack of housing supply remains a major barrier to not just the housing market, but the overall economic recovery.
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 Day!
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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!