Happy Monday, October 7, 2019
This week the median list price for Wesley Chapel, FL single-family homes is $329,000 with the market action index hovering around 35. This is less than last month’s market action index of 36.
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 $139 and homes have averaged 96 days on the market before selling. Fifty-Percent of home sellers decreased their asking price, while 9% increased it. Housing Inventory in Wesley Chapel has held steady at or around 411 homes for sale.
Money.com recently released its annual list of the Top 100 Best Places to Live in America — this year featuring two Tampa Bay cities.
Hillsborough County’s Riverview made the list at No. 33 followed by Pasco County’s Wesley Chapel at No. 56. Overall, Florida had four cities on the list with Winter Garden and Wellington also making it at No. 10 and No. 78, respectively.
Money compiled the rankings by evaluating each city on various data points including its economic health, cost of living, diversity, public education, income, crime, ease of living and amenities. The analysis only included cities with populations of 50,000 or greater, and places with populations of 300,000 or more people were broken down into neighborhoods. It also eliminated areas with more than double the national crime risk, less than 85 percent of its state’s median household income or a lack of ethnic diversity. The full methodology can be found on its website.
Riverview ranked well based a high percentage of homeowners — 66 percent of residents own homes — and its proximity to local restaurants and beaches. Wesley Chapel had a high job growth rate at 8.4 percent and had a high median household income of $78,465.
Clarksville, Tennessee topped the list followed by Round Rock Texas at No. 2. Fishers, Indiana, Fulton River District in Illinois and Country Club Heights in North Carolina round out the top five in the third, fourth and fifth positions.
The full ranking can be found here.
The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound.
The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound:
1. Existing Home Sales (closed sales) are up, marking two consecutive months of growth.
2. Pending Home Sales (contracts signed) are up with each of the four major regions reporting both month-over-month growth and year-over-year gains in contract activity.
Here is the month-over-month growth:
- The Northeast rose 0.7%
- The Midwest increased 0.6%
- The South increased 1.4%
- The West grew 3.1%
3. Buyer Traffic (the number of people shopping for a home) is up compared to the same time last year, and for the first time in 13 months.
- The Northeast is up 5.9%
- The Midwest increased 1.3%
- The South is up 2.7%
- The West grew 2.2%
In their most recent report, ShowingTime Chief Analytics Officer, Daniil Cherkasskiy explained:
“The trend we saw in year-over-year buyer traffic in previous months continued across the United States. For all four regions there were more showings per listing this year compared to last year, making it the most competitive August in the last five years.”
Lawrence Yun, Chief Economist with the National Association of Realtors, believes the uptick in activity will continue into the future:
“It is very encouraging that buyers are responding to exceptionally low interest rates…With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020.”
If you are thinking about selling your house, there are purchasers out there who are ready, willing, and able to buy.
Click the graphic above to visit www.teambohannon.com
According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:
“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”
When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,
“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):
Don’t let a lack of understanding keep you and your family out of the housing market. Let’s get together to discuss your options today.
October 3, 2019
While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over fifty percent from a year ago thanks to increases in both refinance and purchase mortgage applications. As economic growth decelerates, it is clear that low mortgage rates will continue to support the mortgage market and we expect that to persist for the remainder of the year.
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!