Provided By Annette Bohannon, Team Bohannon Real Estate Consultants, Keller Williams Tampa Properties
I hope you all had fun celebrating with your family and friends.
As the New Year kicks off I wanted to take a YTD (through November) look at at how Wesley Chapel’s real estate market has improved during the last year compared to 2015. We will review all three zip codes.
As you’ll see in the the table above, SOLD DOLLAR VOLUME rose 9.7% and MEDIAN SOLD PRICE* jumped 18.97% compared to Jan-Nov sales in 2015. UNITS SOLD from January through November increased 5.92% and AVERAGE DAYS ON THE MARKET dropped 11.27% — from 71 days to 63 days.
*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? It is not affected by “outliers” or homes sold at an extremely high or low price, like the $800,000 home in our example.
For 33544, SOLD DOLLAR VOLUME increased 8.41% and MEDIAN SOLD PRICE* rose 7.72% compared to Jan-Nov sales in 2015. UNITS SOLD from January through November improved 3.6% and AVERAGE DAYS ON THE MARKET fell 8.70% — from 69 days to 63 days.
Wesley Chapel 33545 performed the best, as SOLD DOLLAR VOLUME (up 26.85%), MEDIAN SOLD PRICE* (up 13.59%) and UNITS SOLD (up 13%) from January through November all increased by double digits. AVERAGE DAYS ON THE MARKET also plummeted — from 77 days to 59 days.
At the end of the day, the biggest takeaway is that the real estate market in Wesley Chapel continues to improve across all zip codes. Prices and the number of homes sold are up. These trends coupled with faster sales should encourage those who are deciding if now is a good time to sell.
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.
“Another Florida metro region joins the list with Tampa, FL. “With major developments like the Vinick-Cascade project being built in downtown Tampa, major jobs are being created,” explains Terry Knight, a Realtor with Keller Williams in south Tampa. Plus, with the University of South Florida and University of Tampa in the area, education jobs are a prominent part of the employment possibilities for those looking to move to the area.”
From the Blog:
As we are about to bring in the New Year, families across the country will be deciding if this is the year that they will sell their current house and move into their dream home. Many will decide that it is smarter to wait until the spring “buyer’s market” to list their house. In the past, that might have made sense. However, this winter is not like recent years.
The recent jump in mortgage rates has forced buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.
Here is a chart showing the decrease in inventory levels by category:
Advice for Buyers:
For some home buyers, the closing day for a real estate purchase is as formal and complicated as the transaction itself. For others, it’s just a blip on the radar. Either way, there are some important things to keep in mind as you make your way to homeownership.
Advice for Sellers
People vow to do all kinds of things—hit the gym, get more sleep, quit Froot Loops—and if you plan to sell your home this year, making a few promises matter here most of all. After all, selling your home for top dollar takes work and the right mindset to strike a deal.
To help make that happen, we put together a list of good habits all home sellers should start now so that you’re fully prepared once opportunity knocks.
On a short week following the Christmas holiday, the 10-year Treasury yield was relatively unchanged. The 30-year mortgage rate rose 2 basis points to 4.32 percent, closing the year with nine consecutive weeks of increases. As mortgage rates continue to increase, home sales and affordability will continue to be a concern for housing in 2017.
- 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.5 point for the week ending December 29, 2016, up from last week when it averaged 4.30 percent. A year ago at this time, the 30-year FRM averaged 4.01 percent.
- 15-year FRM this week averaged 3.55 percent with an average 0.5 point, up from last week when it averaged 3.52 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.30 percent this week with an average 0.5 point, down from last week when it averaged 3.32 percent. A year ago, the 5-year ARM averaged 3.08 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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