Provided By Annette Bohannon, Team Bohannon Real Estate Consultants, Keller Williams Tampa Properties
Today, we’re going to see how Wesley Chapel home sales have trended over the last two years, from November of 2014 to November 2016. Wesley Chapel includes three zip codes: 33543, 33544 and 33545.
The MEDIAN SOLD PRICE climbed 23% from $212,450 to $261,500. The number of HOMES SOLD also trended up 15%, as 117 homes sold in November 2016 and only 102 sold in November two years ago. AVERAGE DAYS ON THE MARKET plunged 27% — from 68 (Nov/2014) to 50 days (Nov/2016). INVENTORY also fell 22% as only 461 homes were for sale in November 2016 compared to 590 in November of 2014. MONTHS OF SUPPLY dropped to 2.7 months, a whooping 39% decline from November of 2014. (View the charts below for a more detailed look at the data.)
With interest rates rising and inventories dropping, you need a REAL TIME EXPERT to keep you aware of NEW HOT LISTINGS and PRICE REDUCTIONS so you can act quickly. We keep you informed instantly, so you have an advantage in finding the right home even with housing supply so low. We also help you negotiate, which is extremely important in this type of market. Our experience and unparalleled client service is guaranteed to keep you happy throughout the buying process.
If you’re planning to sell, don’t wait too long. Many people wait until Spring or Summer, but with inventories this low and buyers motivated due to rising interest rates you can gain an advantage by listing now.
(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 let’s take a quick look at some of the more interesting and helpful blog posts and articles we’ve found this week on buying and selling a home and the trends in mortgage rates. Also, we’ll look at some Tampa area news.
In a 2016 report, Glassdoor calculated the top spots where your pay will go furthest, based on salaries and home values. To do so, the jobs site came up with a cost of living ratio — a city’s median base salary divided by its median home value.
Tampa is ranked No. 20 on the list of top 25 places you can live like royalty.
- Cost of living ratio: 32 percent
- Median base salary: $52,000
- Median home value: $163,600
- Number of open jobs: 40,830
If you’re looking for lights in the Tampa Bay area, you’ve got options, from a fast food restaurant in Tampa, to a stroll through an illuminated park in Largo to an entire neighborhood coming together for a public display in Seminole.
From the Blog:
According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 37.7%.” That may have some thinking about buying a home instead of signing another lease extension. But, does that make sense from a financial perspective?
In the report, Ralph McLaughlin, Trulia’s Chief Economist explains:
“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”
The report listed five reasons why owning a home makes financial sense:
Advice for Buyers:
The Federal Housing Finance Agency has announced that for 2017 it will raise the maximum size of a so-called “conforming loan” to $424,100 in the Chicago area and in most other counties throughout the U.S. Previously, the agency capped conforming mortgages at $417,000.
Conforming loans typically are the friendliest loans for borrowers. They generally carry the lowest interest rates and relatively low requirements on down payments, which makes them easier to handle than the jumbo loans people have had to turn to if they needed to borrow more than $417,000.
Advice for Sellers
When you’re selling your home, you must be ready for people to pop in at a moment’s notice. And no, it’s not like when your neighbor drops by to ask you to water her plants while she’s on vacation, and leaves in five minutes without noticing how many dishes are stacked in your sink or the layer of dust on your coffee table.
Nope, these people will scrutinize. And they will judge. But you’re still living in your home—how do you keep it clean enough to make a good impression, no matter the time or day?
It turns out you don’t have to hire a live-in housekeeper, and your life doesn’t need to come to a screeching halt just because you’re showing your house. Try these hacks to get the job done quickly and easily, so you can free up your time—and save your sanity.
The 10-year Treasury yield remained flat despite an upward revision to third quarter GDP. The 30-year mortgage rate rose 5 basis points to 4.08 percent, rising a total of 51 basis points in three short weeks. With mortgage rates at the highest we’ve seen this year, borrowers are now backpedaling on refinance opportunities. The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16 percent week over week.
- 30-year fixed-rate mortgage (FRM) averaged 4.08 percent with an average 0.5 point for the week ending December 1, 2016, up from last week when it averaged 4.03 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.
- 15-year FRM this week averaged 3.34 percent with an average 0.5 point, up from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.4 point, up from last week when it averaged 3.12 percent. A year ago, the 5-year ARM averaged 2.99 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.
Have a Fantastic week!
–Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com
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