November is here and the Holidays are just around the corner. But it’s not too late in the year to get your home sold. As you’ll see in this issue of Tampa Market Monday, Wesley Chapel’s real estate market continued its strong showing in October.
Las month, 127 single family homes sold in Wesley Chapel. Some of the credit for the 13% jump goes to the weather which pushed sales slated for September forward into October. The good news for sellers is prices kept rising. The Median Sold Price climbed $18,550 to $276,000, a 7% increase from October 2016. This means half of the homes sold for $276,000 or more. The Median For Sale Price came in at $310,000, so more than half of the properties for sale in October were listed above this amount and half below it. (See charts below for more detail)
Housing inventory also continued its decline. The number of Homes for Sale fell 6% compared to October of 2016, as 529 were available compared to 561 last October. The number of New Properties for sale also surged 35%, but this was partially due to the weather challenges that delayed sellers who wanted to list their homes in September. Months Supply of Inventory plunged 42% in October 2017 compared to October 2016. In October of 2016, there was 3.3 months of inventory, but this October only 2.2 months of homes. The Average Number of Days Homes were on the market also dropped 16% compared to October a year ago. In October of 2016, homes sold in 63 days on average, while this October the average decreased to 54 days.
Home sales stayed strong in October 2017, thanks to robust buyer demand. The Holidays are not far away, but you still have a good window of opportunity to list your home. Many buyers have not found what they are looking for yet, so don’t be surprised if November and December bring more sales than usual.
(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.)
Now here’s an overview of some of the most helpful and interesting blog posts, articles, and infographics we’ve read this week. Enjoy!
After years of developer attention along the S.R. 56 corridor, which has included the debut of the Tampa Premium Outlets, the opening of a plethora of new restaurants and stores like Costco and the continued growth in the southern portion of the Wiregrass Ranch Development of Regional Impact (DRI), things appear to be turning north.
In and around the intersection of S.R. 54 and Bruce B. Downs (BBD) Blvd., which had begun to show its age since it was widened a few years ago, ground is being moved as a number of new projects begin to sprout up.
Included in future plans at the intersection and westward on S.R. 54 is another Wawa, Chick-fil-A, Starbucks, Racetrac and a number of commercial strip centers that will potentially provide office space to everything from small restaurants to dentists and doctors.
From the Blog:
Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market.
A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.
For many, the mortgage process can be scary, but it doesn’t have to be!
In order to qualify in today’s market, you’ll need to have saved for a down payment (73% of all buyers made a down payment of less than 20%, with many buyers putting down 3% or less), a stable income and good credit history.
Throughout the entire home buying process, you will interact with many different professionals, all of whom perform necessary roles. These professionals are also valuable resources for you.
Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests you follow:
Birds aren’t the only ones flocking South — according to LendingTree’s latest migration study, homebuyers moving out of state are heading where the weather is warm but the housing market isn’t too hot to handle.
To build their new nest, residents are most often heading to:
- South Carolina
- North Carolina
Getting ready to sell your house? Then it’s time to roll up your sleeves and get to work! Selling a home, after all, entails a whole lot more than just planting a “For Sale” sign on your front lawn or uploading a few random photos of your place—especially if you’re angling for the most cash. (And, honestly, who isn’t?)
So before you put your house on the market, peruse this checklist of things you must do in preparation. Some of these tips are surprisingly easy, while others might require a bit more elbow grease. But they’re bound to pay off once buyers start oohing and ahhing over your place—and hopefully ponying up a great offer.
Following a strong surge last week, rates held relatively flat this week. The 30-year mortgage rate remained unchanged at 3.94 percent, while the 10-year Treasury yield dipped roughly 4 basis points. The markets’ reaction to the upcoming announcement of the next Fed chair may impact the movement of rates in next week’s 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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