Wesley Chapel, a fast-growing part of the Tampa Bay Metro Area, is located in Pasco County. It includes three zip codes 33543, 33544, and 33545. Here’s a look at how home sales performed in February of this year.
Median Sold Price* declined 2% to $235,00 in February of 2017, a $6,000 decrease from February of 2016. The Number of Homes Sold hit 97 — two more or a 2% increase from February of 2016. The Number of Homes for Sale in February 2016 held steady, as one more home (454 vs. 453) was listed for sale than in February a year ago.
The Average Number of Days a home stayed on the market before selling rose 12% or took eight days longer than last year. Homes sold in 71 days compared to 63 in February 2016. Housing inventory measured by Months of Supply fell from 2.8 to 2.7 months, a 5% decline from February 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 slowdown in Wesley Chapel home sales can mostly be attributed to low housing inventory. Even though the number of homes sold in February compared to last February only grew 2%, the number of homes for the sale stayed basically the same. With the onset of the spring rush, look for more homes to come onto the market, which should be good news for buyers seeking a home in the area. Also, mortgage rates are probably as low as they will be for a while. The Fed has indicated that more interest rate increases are ahead in 2017 if the economy continues to perform well.
(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 an overview of some of the most helpful and interesting blog posts, articles, and infographics we’ve read this week. Enjoy!
Tampa Bay home prices continue to soar, but the meager supply of available properties that continues to frustrate buyers may finally be starting to ease.
In February, the median price of a house jumped by double digits in all four bay area counties compared to the same month a year ago. Hernando led with an astounding 24.4 percent gain.
If you think traffic is bad now, just wait. It’s about to get worse! New census numbers show Tampa Bay had the 4th highest population growth in the entire country.
But it’s not all bad news, there are some benefits to more people moving in. It can be good for your wallet.
Tampa Bay is already seeing a big spike in property values, new businesses and large companies deciding to move their headquarters to our region.
From the Blog:
Here are four great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.9% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.
In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:
Advice for Buyers:
Spring is here, and so is spring home-buying and -selling. Buyers and sellers preparing to take action this season should put those plans into play now—according to Zillow Group’s Report on Consumer Housing Trends, the No. 1 regret for both buyers and sellers is “not starting their home search or prepping their home to sell soon enough.”
“This spring, both buyers and sellers should be prepared for fast-moving sales, intense negotiations, and even bidding wars,” says Jeremy Wacksman, CMO at Zillow Group. “Home shoppers and sellers are motivated to become more strategic and knowledgeable about what’s happening in their neighborhood. Understanding whether you are in a buyer’s or a seller’s environment will help you manage your expectations and will give you insight into what you’re going to need to bring to the table in order to close the deal.”
Most homebuyers choose a 30-year fixed rate mortgage. There’s nothing wrong with going the conventional route and spreading your payments over 30 years. But I wish more people would take out a 15-year mortgage instead.
Let’s run through the advantages of a shorter-term loan. For starters, the interest rate is lower. Recently the average rate for a 30-year fixed rate was 4.3%, while a 15-year has an average fixed rate of just 3.5%. That’s nearly a percentage point less!
Advice for Sellers
When you’re selling your home there’s so much to do: find a Realtor®, do touch-ups, get that balky air conditioner fixed, look into staging… It’s no wonder that sometimes things fall between the cracks. Big things. (We’re not pointing fingers, promise!) Our arsenal of experts—aka real estate agents who have worked with many home sellers—identify the to-do’s that sellers typically overlook. We promise you, these tasks are well worth the time it will take to complete them (which isn’t very long at all).
Heed this sound advice, and there’s a good chance selling your house won’t be nearly as stressful as everyone tells you it is.
Many home sellers have heard of home staging—a service where professionals arrange furniture and artwork in rooms to make them look their best (and entice buyers to make an offer). But now, thanks to technology, there’s another option that doesn’t involve shifting heavy furniture around your home: virtual www. So just what is virtual staging and how does it work? It’s where home stagers take digital photos of empty (or badly furnished) rooms, then use photo-editing software to add pretty couches, tables, and other furnishings.
Combined with careful use of shadowing and shading, a virtual stager can make an empty room look like it’s been artfully staged. In short, these doctored photos help sell homes without the heavy lifting!
The 10-year Treasury yield fell about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields and dropped 7 basis points to 4.23 percent. This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last week’s jump following the FOMC announcement.
- 30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.5 point for the week ending March 23, 2017, down from last week when it averaged 4.30 percent. A year ago at this time, the 30-year FRM averaged 3.71 percent.
- 15-year FRM this week averaged 3.44 percent with an average 0.5 point, down from last week when it averaged 3.50 percent. A year ago at this time, the 15-year FRM averaged 2.96 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.24 percent this week with an average 0.4 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 2.89 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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