Today, let’s review how Wesley Chapel real estate performed (33543, 33544, 33545) in December of 2016 by comparing home sales to December 2015.
Median Sold Price* climbed up $19,250 compared to December of 2015, representing an 8% increase. The Number of Homes Sold reached 147, 15 more or an 11% jump from December 2015. The Number of Homes for Sale in December 2016 dropped 11%, as 54 fewer homes (434 vs. 488) were listed than in December of 2015.
The Average Number of Days a home sat on the market before selling also plunged 24%, as homes sold in 56 days. In December of 2015, homes took an average of 73 days to sell. Housing inventory measured by Months of Supply fell 20% from 3.7 months in December 2015 to 2.9 months in December of 2016.
(MEDIAN SOLD PRICE – Median means “in the middle,” meaning that half of the homes sold above the Median Sold Price and half sold below it. For example, if 5 homes sold in a zip code for $200,000, $250,000, $300,000, $400,000 and $800,000, the Median Price would be the one in the middle. In this case, that would be the $300,000 home. In contrast, average selling price would just be the sum of the selling prices of the 5 homes divided by 5, or $330,000. Many real estate statisticians prefer median price as a better indicator of the “typical” price within an area or zip code. Why? “Outliers” or homes sold at an extremely high or low price — like the $800,000 home in our example — do not affect it as much.)
The Wesley Chapel market is firmly in the seller’s favor. That’s why many Wesley Chapel sellers have started to list now instead of waiting until spring, which is typically the hottest selling season for real estate. The data shows us that homes are selling faster and for a higher median price, which means the sooner you put your home on the market the better. The uncertainty of where mortgage rates will end up in the next few months is also creating a “buy now” attitude in buyers who don’t want their purchasing power minimized by rising interest rates.
(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 here’s a quick overview of the best and most informative blog posts, articles and infographics we’ve run across this week. Enjoy!
Jan 19, 1977, the day it plummeted into the 30s across the Suncoast and dipped into single digits in the Panhandle. The cold front dropped a whopping 2 inches of snow, 2 inches more than Florida’s average.
The Sunshine State’s snow day was both exciting and horrific.
Children loved it.
Farmers hated it.
“It will take several weeks for the entire building to come down and then we will prep for the new building,” a WS spokeswoman wrote in an email.
The demolition and rebuilding of that portion of the South Tampa shopping district has been planned for years. The new building will be 37,543 square feet, replacing a 44,250-square-foot building, according to plans filed with the city. That space includes a 6,000-square-foot restaurant and 22,234 square feet of retail, as well as loading and storage space.
That restaurant will be Meat Market, a South Florida steak house that committed to the space in late 2015. The remaining tenant lineup is yet to be announced.
From the Blog:
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.
Advice for Buyers:
Saving for a down payment often represents the biggest hurdle for first-time home buyers. In December, 25% of buyers on realtor.com® who were looking to purchase their first home said a key factor holding them back was lacking funds for a down payment. No matter how you cut it, it represents a big chunk of cash. But here’s the thing: It doesn’t always need to be quite so big as most think.
Many first-time buyers don’t realize that it doesn’t necessarily take 20% down to purchase a home.
Indeed, the average down payment in the U.S. on mortgages used to purchase a home was 11%, according to our analysis of loan records from Optimal Blue, an enterprise lending software company.
Whether you are interested in a buying a home to use as a primary residence or an investment property, it’s possible that the property is currently occupied by tenants. If that’s the case, there are a few things you should consider before deciding to go through with the purchase. Read on for a quick introduction to tenant rights, landlord obligations and how to limit risks when buying a house with tenants in place.
Advice for Sellers
Face it. Your home’s not perfect. You may keep up with general maintenance, and perhaps you’re meticulously clean. But how old is your kitchen? Do your paint colors reflect current trends? Could your living room use some updating?
When it comes to selling your home today, it’s got to be perfect, or buyers will simply move on to the next option. Doing some renovations, whether that means overhauling areas that are long overdue for a facelift or making some simple changes that freshen up the place, is typical. But if you’re thinking they can wait until you’re ready to list your home, these 6 reasons may make you rethink that plan.
After trending down for most of the week, the 10-year Treasury yield rose following the release of the CPI report. In contrast, the 30-year mortgage rate fell three basis points to 4.09 percent, the third straight week of declines.
- 30-year fixed-rate mortgage (FRM) averaged 4.09 percent with an average 0.5 point for the week ending Jan. 19, 2017, down from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 3.81 percent.
- 15-year FRM this week averaged 3.34 percent with an average 0.5 point, down from last week when it averaged 3.37 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.4 point, down from last week when it averaged 3.23 percent. A year ago, the 5-year ARM averaged 2.91 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.
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 week!
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