Wesley Chapel, located in Pasco County, is considered part of the Tampa Bay Metro Area. It includes three zip codes 33543, 33544, and 33545. Wesley Chapel is one of the most popular places Tampa homebuyers seek to live, so let’s review how the housing market is progressing so far this year compared to January of 2016.
Median Sold Price* rose 11% to $257,430 in January of 2017, an increase of $24,525 from January of 2016. The Number of Homes Sold hit 89 — 11 more or a 14% improvement from January 2015. The Number of Homes for Sale in January 2016 fell 5%, as 25 fewer homes (460 vs. 485) were listed for sale than in January a year ago.
The Average Number of Days a home stayed on the market before selling dropped 29%, as homes sold in 64 days compared to 90 in January 2016. Housing inventory measured by Months of Supply also declined 27% from 3.9 months in January of 2016 to 2.1 months in January 2017.
(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 still solidly in the seller’s favor and with housing inventories so low, many Wesley Chapel sellers are listing now to beat the spring rush. With homes selling faster and at a higher median price, they have no reason to wait. Also, even though mortgage rates have held steady the last few weeks, there is an expectation that rates will go up as the year continues. That’s one of the primary reasons buyers are ready to act now instead of later.
(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!
Looking for a your first job or considering a new job? Businesses expanding or relocating to the Tampa Bay Area are good prospects, and they may open the door to a variety of job opportunities.
A good example is Suncoast Credit Union. The company broke ground Feb. 2 on a three-story, 107,176-square-foot building at 6536 East Hillsborough Avenue, according to a company announcement. That means more jobs, about 450 new jobs during the next five years, and an economic boost for the area. With the additional jobs, the credit union’s main location will employ a total of some 1,100 employees in 12 buildings.
Another cruise ship will be heading to Cuba out of Port Tampa Bay later this year.
The Carnival Paradise will begin a series of four- and five-day voyages out of Port Tampa Bay in the second half of 2017 that will include a daytime and overnight visit to Cuba. The 2,052-passenger Carnival Paradise will feature overnight visits to Havana on 12 of these multi-day cruises, which depart from Tampa starting June 29.
From the Blog:
Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.
The great news about rising prices, however, is that according to CoreLogic’s US Economic Outlook, the average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases.
The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home from June 2015 to June 2016 (the latest data available).
Advice for Buyers:
Ask any home buyer to describe what convinced them that this house was the one, and you’ll hear one word come up over and over again: “love.”
Buying a home, after all, is often a highly emotional thing, so when the right place comes along, buyers get giddier than a high schooler heading to prom. Plus, there’s plenty a home seller can learn from this rush of emotions in terms of prettying up their own place to sell like hotcakes, too.
Just check out these stories on what made buyers fall in love with their homes, and how sellers can capture that same magic in their own place.
Three decades ago, over 80 percent of homebuyers were married. In 2016, only 66 percent were married. While married couples continue to make up the largest share of homebuyers, the share of single women buying homes has risen significantly since the mid-’80s. According to one national survey, in 2016 single women represented 17 percent of total home purchases, compared to 8 percent for unmarried couples and 7 percent for single men. No matter your relationship status, we can help make buying a home and shopping for a mortgage less complicated.
Advice for Sellers
We all know that the earnest money deposit is there to reassure the seller that a buyer is serious about purchasing a property. But what if the buyer takes a powder, or his financials fall through? Can the seller get fairly compensated for the time her property was off the market?
Here’s everything a home seller needs to know about an earnest money deposit, and how to keep the funds if a sale goes south.
In 2016, 61 percent of U.S. households owned an animal or plan to own ananimal in the future. It is estimated that homeowners spent three times asmuch on their animals as renters in 2015.With the prevalence of pets and animals in millions of homes across thecountry, the2017 NAR Animal House: Remodeling Impactreport helps informbuyers, sellers, and REALTORS® of the following:•Rental and home search considerations for animal owners.•Remodeling projects that animal owners undertook and their level ofsatisfaction upon completion of various projects.•Selling advice from REALTORS® for animals owners.
For the last 46 years, the 30-year mortgage rate has been almost perfectly correlated with the yield on the 10-year Treasury, but not this year. From Dec. 29, 2016, through today, the 30-year mortgage rate fell 17 basis points to this week’s reading of 4.15 percent. In contrast, the 10-year Treasury yield began and ended the same period at 2.49 percent. While we expect mortgage rates to fall into line with Treasury yields shortly, this just may be a year full of surprises.
- 30-year fixed-rate mortgage (FRM) averaged 4.15 percent with an average 0.5 point for the week ending Feb. 16, 2017, down from last week when it averaged 4.17 percent. A year ago at this time, the 30-year FRM averaged 3.65 percent.
- 15-year FRM this week averaged 3.35 percent with an average 0.5 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.95 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.4 point, down from last week when it averaged 3.21 percent. A year ago, the 5-year ARM averaged 2.85 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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