Happy Monday, March 19, 2018
Spring starts tomorrow and the Wesley Chapel housing market ramped back up in February. See all the details below.
In February of 2018, home sales jumped 22%, as 121 single-family homes sold. That’s 22 more than February of last year. The number of homes for sale stayed about the same as last February as 504 homes were listed for sale, compared to 503 in February 2017. But, buyers got some good news as 168 new homes came into the Wesley Chapel market. That’s 20 more homes than a year ago, a 14% rise.
Even with that leap in listings, Months Supply of Inventory continued to lose ground, falling 28% to 2.2 months. In February 2017, it stood at 3.1 months. This metric shows how long it will take the current supply of homes to be depleted if homes sell at their current pace. The Average Days a Home Stayed on the Market dropped by 18 days (0r 25%) — from 72 days (February 2017) to 54 days (February 18).
As expected in a tight market, Median Sold Price (the price half the homes sold for) climbed 29% or $68,701 — from $235,000 in February 2017 to $303,701 in February 2018. The Median For Sale Price of homes increased 8% or $26,110. In January of 2017, the median for sale price stood at $283,790 but by January 2018 it had jumped to $309,900. The Median for Sale Price increased 9% from $285,000 to $309,950. So half of the homes in the Wesley Chapel real estate market are listed for about $25,000 more than February of last year. (Remember this does not mean all homes are listed for $25,000 dollars more, just the half that is the most expensive.)
It’s that time of year when the buying and selling of homes pick up. And this year, buyers have even more motivation than usual as many think rates will continue to increase over the next year. As mortgage rates go up, buying power goes down. This means buyers are likely to negotiate harder as rates go up. So seller’s who list now (while rates are relatively low) should face less price sensitivity. The key takeaway: the combination of buyer motivation and lack of housing inventory means Wesley Chapel home sellers should find a real estate market strongly in their favor through spring and summer.
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.
WESLEY CHAPEL FL – Pasco County Fire Chief Scott Cassin and Pasco County commissioners broke ground on the new Wesley Chapel Fire Station 13 Wednesday, March 14.
Station 13 is a 9,430-square-foot, three-bay, state-of-the-art fire station capable of housing six fire vehicles, nine firefighters and one battalion chief.
Station13 will include custom gear lockers in a dedicated climate-controlled room, individual bunk rooms to house firefighters, an advanced air system designed to scrub the air inside the station to remove carcinogens and a Pasco County Sheriff’s Office substation.
This station is pivotal to Pasco County Fire-Rescue’s plan to serve the continued growth in Wesley Chapel.
The new station will replace the current Station 13 and will be built in front of the current station located at the corner of Dayflower and Old Pasco Road.
The station is scheduled to be completed in February 2019.
From the Blog:
As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.
According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.
“It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”
Would moving to a complex with homeowner association fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?
“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”
The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $14,000 in equity last year.
“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”
As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind of not having to do the maintenance work yourself?
“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”
As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.
“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”
Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or in a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?
“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”
Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.
“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”
How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.
When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!
The National Association of Realtors is reporting this week that U.S. home purchases by millennials ticked up over the past year, but inventory constraints and higher housing costs kept their overall activity subdued and prevented some from leaving the more affordable confines of their Gen X and baby boomer parents’ homes.
This is according to the National Association of Realtors 2018 Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers. The survey additionally found that millennial buyers prioritize living close to friends and family over a home’s location and proximity to schools, and an overwhelming majority used a real estate agent to buy or sell a home.
Slightly more than a third of all home purchases were made by millennials over the past year (36 percent; 34 percent in 2017), which kept them as the most active generation of buyers for the fifth consecutive year. Gen X buyers ranked second (26 percent; 28 percent in 2017), followed by baby boomers (32 percent; 30 percent in 2017) and the Silent Generation, those born between 1925 and 1945 (6 percent; 8 percent in 2017).
Selling a home is a full time job. As part of a real estate team with more than 50 combined years of selling real estate in NYC, I’ve heard and seen it all. Having helped hundreds homeowners successfully sell their property, I have identified similarities in the objections and concerns real estate agents often hear. Below are the four most common seller myths — along with the truth about selling.
Myth: I can list and sell my home by myself.
Homeowners going about selling on their own usually do so for the same few reasons: They’ll save money by not paying a seller’s broker, or they figure it’s easy to just take some pictures and post the property online.
But you wouldn’t go to divorce court and use your soon-to-be ex’s attorney. It’s critical to have your own representation throughout the process — otherwise, you’re essentially paying the buyer’s broker to work against you.
March 15, 2018
Tuesday’s Consumer Price Index report indicated inflation may be cooling down; headline consumer price inflation was 2.2 percent year-over-year in February. Following this news, the 10-year Treasury fell slightly. Mortgage rates followed Treasurys and ended a nine-week surge. The U.S. weekly average 30-year fixed mortgage rate fell 2 basis points to 4.44 percent in this week’s survey, its first decline this year.
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!