Today, let’s review housing sales in Westchase, one of Tampa’s best-known master-planned communities. So far this year (Jan-May), 299 homes have sold in the 3,478 home community. You can see a month by month breakdown in the charts below. As of May 2016, the median sold price for Westchase was $327,500, a 4.8% increase over the median price in May of 2015. In April, homes spent less than 30 days on the market, but that rose a little in May to 41 days, which was still a 10.9% drop from last May. Housing inventory has held steady most of the year — between 2.10 months of inventory (January 2015) and 2.40 months in April and May of 2016, which was about 20% less than this time last year.
The interactive charts below give you a more detailed look at the trends over the last 12 months. (Simply point to the data points with your cursor to see the percentage of increase or decrease). Note: 40 homes sold in January 2016, but a technical glitch is keeping the data from displaying.
Now, let’s look at a few articles and infographics explaining the general trends shaping the housing market across the U.S. and in Tampa. If you’d like a more focused view of your particular community or zip code, just call us (813) 431-2840 or complete our contact form. Enjoy.
Lead actors from “Breaking Bad” and “Law and Order” take top billing on the screen credits, but the Tampa Bay area is among the stars of a new movie, “The Infiltrator,” set for its world premiere July 6 at the Tampa Theatre.
The movie, filmed in part in the Bay area in spring 2015, sends a message that the community is a major market for film production, said Dale Gordon, executive director of the Tampa Hillsborough Film & Digital Media Commission.
The U.S. Department of Transportation said Thursday it wants Tampa to be one of the cities Southwest Airlines connects to the Cuban capital.
Flights could begin by the fall, and experts predict a drastic drop in fares to Havana.
Some view the commercial flights as key in establishing the Tampa Bay area as a business and cultural gateway to Cuba.
“This is a major proof point of the international potential of our city,” said Joe Lopano, CEO of Tampa International Airport.
From the Blog:
Saving To Buy A Home? What Would You Sacrifice? [INFOGRAPHIC]
Price it a LITTLE low.
Use a Real Estate Professional
Research posted by the Economists’ Outlook Blog revealed that:
“The median selling price for all FSBO homes was $210,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $151,900. However, homes that were sold with the assistance of an agent had a median selling price of $249,000 – nearly $40,000 more for the typical home sale.”
Advice for Buyers:
It’s a fact of life: Homes come with far more emotional weight than any other investment we make.
A home is a refuge from the world, a place to raise a family and, for some people, an investment they hope will bring them a good chunk of money down the road. We fall in love with houses in a way that we never fall in love with a portfolio of stocks and bonds.
All too often, though, we don’t realize that how we feel about homes blinds us when it comes time to buy or sell. We let our emotions blind us to cold facts about the market or the realities of ownership. Or we prioritize one set of emotional needs over others that are just are strong but may not be evident at first. And ignoring them can lead us to make bad financial decisions that can affect us for decades to come.
For instance, people might focus on their desire for a house that’s a certain size or style, but ignore the fact that they want to spend as much time as possible with family. So they might buy a “perfect” house that requires them to make a long daily commute to work and keeps them away from home for two extra hours each day.
Advice for Sellers
Compare Florida with the Greater Tampa Area:
Continuing fallout from the Brexit vote drove Treasury yields lower again this week. The 30-year fixed-rate mortgage followed Treasury yields, falling 7 basis points to 3.41 percent in this week’s survey. Mortgage rates have now dropped 15 basis points over the past two weeks, leaving them only 10 basis points above the all-time low.
- 30-year fixed-rate mortgage (FRM) averaged 3.41 percent with an average 0.5 point for the week ending July 7, 2016, down from last week when it averaged 3.48 percent. A year ago at this time, the 30-year FRM averaged 4.04 percent.
- 15-year FRM this week averaged 2.74 percent with an average 0.4 point, down from last week when it averaged 2.78 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.68 percent this week with an average 0.5 point, down from last week when it averaged 2.70 percent. A year ago, the 5-year ARM averaged 2.93.
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 again for reading #Tampa Market Monday from Annette Bohannon. We would love to hear from you if you need help selling your home or buying a new one! 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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