Happy Monday, June 18, 2018
First, I’d like to say Happy Father’s Day to all the Father’s out there and I hope you all enjoyed the weekend.
Now, let’s review how the Wesley Chapel housing market performed in May 2018.
In May 2018, Wesley Chapel home sales rose 6% compared to May 2017 as 184 homes sold, 10 more than May a year ago. The 184 sold homes were 50 homes or 37% more than sold in April of 2018. The number of homes for sale (583) decreased 7%, as 42 fewer homes were for sale than in May 2017. The May total also was 26 (4.6%) more homes for sale than in April 2018. However, 229 New Homes came onto the market, 8 more than a year ago in May. That’s a 4% rise. By comparison, 186 New Homes were listed for sale in April 2018.
Months Supply of Inventory dropped 12% compared to May 2017, declining from 2.5 months to 2.2 months. In April 2018, this metric, which shows how long it will take the current supply of homes to be depleted if homes sell at their current pace, stood at 1.9 months. On average homes stayed on the market 5 days longer (46 days vs. 41 days) than May 2017 and 12 days less than last month.
Median Sold Price (the price half the homes sold for) rose $20,240 or 8%. In May 2018, the Median Sold Price was $284,940 for Wesley Chapel, while in May 2017 it was $264,700. Last month, The Median Sold Price was $288,995, 1.4% lower. The Median For Sale Price of homes increased 8% or $25,100, from $299,800 (May 2017) to $324,900 (May 2018). Last month, the Median For Sale Price was lower at $311, 204.
The Wesley Chapel housing market favors the sellers, but buyers remain motivated, knowing that mortgage rates will likely increase. This means now is still a better time to buy than later. The major obstacle buyers face is the lack of homes for sale. But this is great news if you plan to sell your home in the near future. The key is to do so as soon as possible so you can reap the benefit of buyers who want to buy sooner rather than later.
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 is being transformed into a sportslovers’ paradise.
On Thursday, Pasco County broke ground on a $44 million project called Wiregrass Ranch Sports Complex that is expected to draw high-level athletes from across the country to compete.
“Sports tourism is a $10 billion industry,” Pasco Commissioner Mike Moore told FOX 13. “Pasco is now going to have our share of that.”
It will also have five fields and an amphitheater for concerts and seminars.
From the Blog:
- Whether you are selling your home, just purchased your first home or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI).
- Minor bathroom renovations can go a long way toward improving the quality of your everyday life and/or impressing potential buyers.
- Upgrading your landscaping or curb appeal helps get buyers in the door. These upgrades rank as the 2nd and 4threnovations for returns on investment.
The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. The market will continue to strengthen in 2018.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. Buyer demand naturally increases during the summer months, but supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
“The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets. Following the same trend over the last couple of years, a strengthening job market and income gains are not being met by meaningful sales gains because of unrelenting supply and affordability headwinds.”
“As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season. While this year’s high rates – up 50 basic points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what’s keeping the housing market from a stronger sales pace.”
“The dynamics of increased competition and buyer frustration are unlikely to change…In fact, the direction of the trend is pointing to a growing mismatch between the pool of prospective buyers and existing inventory.”
If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.
If you’re a Millennial like I am, chances are you’re in the market to purchase your first home. It’s exciting! But since it’s most likely the largest purchase you’ve ever made, it can quickly turn into a nerve-racking endeavor. Having just completed a transaction, I found that following these guidelines can ensure a smooth process.
Every homebuyer’s experience will be different because of a number of variables such as what state you live in and the condition of the housing market there. But here are some basic guidelines to see you through the process.
The Financial Preparation
Hopefully you started saving for a down payment months or years before you were ready to purchase a home. Before you start touring homes with a Realtor, your financials need to be in order. Here are some items for your checklist:
- Maximize your down payment. Put 20 percent down, and you’ll typically avoid paying Private Mortgage Insurance. PMI lowers the risk to the lender making the loan. It protects the lender, not you, in the event that you fall behind on your payments. While many lenders now have programs for first-time homebuyers that require as little as 3 percent down, if you don’t meet the 20 percent down payment, you’ll most likely have to make monthly PMI payments.
- Check your credit score. Your credit score is a key factor in determining whether you’ll be approved for a mortgage and the interest rate you’ll be charged.
- Calculate how much home you can afford. Play with online mortgage calculators to determine your price range. Keep in mind that some calculators only show the monthly principle and interest. They don’t include property taxes and homeowners insurance that are usually combined with your monthly payment.
- Get pre-qualified before you start shopping. This gives you an estimate of the loan amount a lender will likely be willing to approve for the purchase of your home.
Some factors that determine what a house is worth are out of your control, like its location and the popularity of that market. But you can keep up with repairs and make smart improvements, both proven ways to increase home value.
When thinking about how to increase home value, root your expectations in reality. Updates rarely recoup 100% of their cost, but they can make your family more comfortable and even help your home sell faster.
Whether you want to build equity faster or get top dollar when you sell, use the tips below to raise the value of your home.
June 14, 2018
After declining for two straight weeks, mortgage rates reversed direction this week and rose to their second highest level this year.
The 30-year fixed-rate mortgage climbed eight basis points to 4.62 percent, and the Federal Reserve Board on Wednesday raised the federal funds rate by 25 basis points.
The good news is that the impact of rising rates on consumer budgets will be smaller than past rate hike cycles. That is because a much smaller segment of mortgage loans in today’s market are pegged to short-term rate movements. The adjustable rate mortgage (ARM) share of outstanding loans is a lot smaller now – 8 percent versus 31 percent – than during the Fed’s last round of tightening between 2004 and 2006.
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!