Happy Monday, April 23, 2018
Wesley Chapel continues to be one of the most popular places to buy a home in the Tampa area. So let’s take a look at how homes sales are going so far in 2018.
After a 22% jump in February, Wesley Chapel homes sales kept climbing, as 159 homes sold compared to 149 in March of last year. That’s an increase of 7%. But, the number of homes for sale dropped 6%, as 40 fewer homes were on the market compared to March of 2017. Fortunately for buyers, 221 more homes came onto the market. That’s 12 more than March a year ago.
Months Supply of Inventory fell 15% compared to last March, falling from 2.4 months to 2.0 months. This metric shows how long it will take the current supply of homes to be depleted if homes sell at their current pace. But on average homes stayed on the market a little longer — one day — than a year ago. The Average Days a Home Stayed on the Market stood at 47 days in March 2018, but declined to 46 days this March.
Median Sold Price (the price half the homes sold for) ticked up just 1% or $3,990. In March of 2018, the median sold price was $279,000 for Wesley Chapel, but this March it rose to $282,990. The Median For Sale Price of homes increased 6% or $15,990, from $289,000 (March 2017) to $304,990 (March 2018).
As we move into the spring and summer, we find out how low inventory levels and a competitive buying environment will affect home sales. Due to the lack of homes for sale, sellers who do list now in this busy season should discover a lot of potential buyers. On the other hand, buyers need to be ready to act fast when they find the right buying opportunity. So now is the time to start the process, so you’re ready to go when the housing market is at its hottest. We’re here to help both buyers and sellers make the most of this pivotal window of opportunity.
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.
Old Time Jamboree: The Florida Fiddlers Association hosts this three-day jamboree, kicking off with a potluck dinner at 6 p.m. April 27 and continuing through April 29 at the Sertoma Youth Ranch, 85 Myers Road, south of Spring Lake, on the Hernando/Pasco county line. There will be plenty of jamming and workshops. All skill levels welcome. A fiddle/banjo duet contest is scheduled for April 28. Admission is $10; kids are free. Camping available from $15 to $25 per night. There is a $5 parking fee for those not camping. Visit the event page on Facebook or the website at flafiddlers.wordpress.com/fsfa-old-time-jamboree/.
Earth Day Celebration: Celebrate Earth Day from 9 to 3 p.m. April 28 at Crews Lake Wilderness Park, 16739 Crews Lake Drive, Shady Hills. With children’s crafts and education displays, interactive water ventures learning lab, Florida native plant sale, pet adoptions, ladybug release, upcycle vendors, electronics recycling, household hazardous waste collection, medication take-back program, document shredding, mercury disposal (old thermostats/thermometers), and meet Spike, the 10-foot alligator from Croc Encounters. The Pasco Extension Service will offer its Every Drop Counts rainwater harvesting workshop at 10 a.m. ($40) and Compost Happens workshop at 1 p.m. ($35); preregistration required for workshops (visit bit.ly/2GzbqsN). Admission to the celebration is free. Call (727) 815-7177. pascocountyfl.net.
Saturday in the Square: Main Street Zephyrhills hosts this event from 5 to 8 p.m. April 28 in historic downtown Zephyrhills, around Fifth Avenue and Eighth Street. Featuring live entertainment with the Tropicana Cowboys, local merchants, food and beverage vendors, and a scavenger hunt. Bring a chair. Call (813) 780-1414.
From the Blog:
I put on a brave face to Paige, but to calm my own expectant nerves, I ask Suzanne McMillan, a Nashville-based real estate agent who works with a lot of first-time buyers, what advice she’d give this young couple. She offered these 10 tips:
- Be realistic: You don’t come out of college and buy your dream home. That takes time. Look for houses that aren’t perfect but that have potential. Try to see past the mess to what could be, but don’t get in over your head, she said.
- Remember, this isn’t HGTV. For all the good home improvement shows have done, they have also done a disservice making renovations look too easy. “Many millennials think they can do anything because Chip and Joanna Gaines can. As a result, they are overconfident, and that can backfire,” said McMillan.
- Don’t buy too high. Aim for a house that’s a little less than you can afford so you have some cushion. “New homebuyers often underestimate the cost of home ownership,” she said. You need reserves to deal with the landscape, the broken water heater, and the squirrels in the attic.
- Know what you’re up against. Sellers like first-time buyers because they come in without contingencies – like another house to sell. However, they can prefer more established buyers who have owned real estate, have more credit, and can put more cash down. A good Realtor can help sell strengths and soften shortcomings.
- Don’t be seduced by fancy finishes. Yes, the hardwood floors, the granite counters, the stainless-steel appliances and the farmhouse sink are fabulous, said McMillan, but you can add those later. Instead value the unseen like a new roof, new HVAC system, new insulation, and new water heater.
- Know what can give and what can’t. If the house is on tricky slope, or near a sink hole, or backs up to a junkyard or a prison, or has terrible schools, move on. Better to get a subpar house on a nice lot in a nice area than a fixed-up one in a bad spot.
- Don’t buy perfect. Sure, the house might be turnkey, but you have no room to improve. If you buy a house that needs a little TLC, you can treat it like an investment.
- Play in your league. If you’re constantly getting beat out in your price range by higher offers or all-cash buyers, try looking in a lower price range where you have more leverage.
- Write a letter. Sellers want to be good stewards of their homes and neighborhoods. Many want to know their house is going to someone who will love it and live in it, and not to an investor who just wants to fix it up and rent it out. Show them you will love it like they do.
- Be patient. If you lose out on the house you want, don’t lose hope. Every day is a new market.
If you have been debating whether or not to sell your home, spring it the best time to do so. “Real estate can be a very seasonal business,” says Max Fitzgerald, a real estate agent in Manhattan Beach, California. He says that listing your home from March through May is usually the best time, since “conversation rates and sales velocity are usually at their highest levels for the year.”
Treasury yields rose ahead of the release of the Fed’s Beige Book and speeches from New York Fed President William Dudley and Fed Governor Randal Quarles. According to the Beige Book pdf, economic activity in March and early April continued to expand at a moderate pace, however there is concern from various industries surrounding tariffs. Following Treasurys, mortgage rates soared. The U.S. weekly average 30-year fixed mortgage rate rose 5 basis points to 4.47 percent in this week’s survey, its highest level since January of 2014 and the largest weekly increase since February of this year.
It is important to note that the weekly rate we report is an average and the actual rate obtained by a borrower may be different. In our April Insight pdf, we found that by shopping more than one mortgage lender, consumers are more likely to get a better interest rate and save money in both the short and long term. With lower monthly payments and lower fixed fees, the loan will be more affordable and thus safer, and consumers may keep hundreds or thousands of dollars more in their pocket.
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!