Provided By Annette Bohannon, Team Bohannon, Keller Williams
Today, let’s take a detailed look at each Hillsborough County, Tampa, Florida zip code and see exactly how median sold prices have changed from January of 2015 to January to 2016 . As you’ll see below, the biggest price increases occurred in Tampa 33603 (124.3%), Lutz 33548 (90.7%), Tampa 33607 (67.5%), Tampa 33606 (67.4%) and Lutz 33549 (65.6%).
Now keep in mind, median means “in the middle,” meaning that half of the homes sold above the price listed below and half sold below the price. 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” homes sold at a really high or low price, like the $800,000 home in our example.
(It is best to get a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently. Call me at 813-431-2840 and I’ll give you a FREE detailed, market evaluation of your home.)
Are you in the market to buy a house or thinking about selling? Then take a few minutes to review the articles below. They’ll give you a quick update on how the real estate market in Tampa and the U.S. are doing. You’ll also find advice on selling your home faster and for a higher price, qualifying for a home loan, a new 3% down home loan program, some fun things going on in Tampa and much more.
Tampa Real Estate News:
Tampa Bay homes prices soared 20 percent in January, the third-largest gain in all of Florida.The dramatic year-over-year increase, exceeded only by those in the Fort Myers and Port St. Lucie areas, was caused in large part by a continuing shortage of homes for sale, which is driving up prices…The median price of single-family homes — which make up by far the biggest share of the residential market — jumped 23.6 percent in Pinellas to $193,500; 21.3 percent in Hillsborough to $194,000; 16.6 percent in Pasco to $142,000; and 23.8 percent in Hernando to $130,000. (The median is the midpoint; half the homes sold for more, half for less.)
Advice for Buyers:
With spring right around the corner, you may be wondering if you should wait to enter the housing market. Here are four great reasons to consider buying a home today instead of waiting.
Are you an aspiring home buyer? Better get moving now, suggests a new report from the National Association of Realtors®. The lack of available properties for sale is making it harder—and more expensive—for buyers to close on the home of their dreams.
To the dismay of wannabe homeowners everywhere, the number of residences on the market in January was down 2.2%, to 1.82 million properties, from the same time a year earlier, according to Tuesday’s NAR report. However, it’s up 3.4% from December, so maybe there’s a glimmer of hope on the low-inventory horizon. Maybe.
Advice for Sellers
Home staging is a way of reorganizing and redesigning your home to prepare it for showings. The objective is to highlight your home’s beauty and function to the fullest extent, but without cluttering it with too many personal touches that will prevent house hunters from envisioning it as their own.
Forty-six percent of home owners with a mortgage say they believe they’ll see their equity increase in 2016, and the majority expect to see a gain by as much as 10 percent, according to a new study of 1,000 home owners conducted by the lender loanDepot.
Indeed, about a quarter of home owners surveyed say they expect their equity to increase between 6 and 10 percent this year while 58 percent say they expected equity to increase 1 to 5 percent. Economists have largely predicted equity gains to be between 2.3 and 4.7 percent this year.
Despite the equity optimism, 80 percent of home owners underestimate the amount of value their home has gained since the housing recovery, according to the loanDepot survey.
The three credit agencies – Experian, Equifax and TransUnion – compile credit scores, also known as FICO scores, based on the information in your credit file, which is affected by these five credit factors:
- Payment history (35%) – Are you making payments on time? This is the most important component of your credit score.
- Amounts owed (30%) – How much do you owe on your credit accounts? Are you maxed out? Having a lower credit utilization ratio usually results in a higher FICO score.
- Length of credit history (15%) – Typically, a longer credit history will increase your credit score but it’s highly variable on the factors listed above.
- Types of credit in use (10%) – Do you have experience with both revolving credit (credit cards and retail accounts) and installment loans (car or student loans)?
- New credit (10%) – Research shows borrowers who open or apply for multiple credit accounts in a short time period tend to be riskier borrowers.
If you’re looking to buy a home but don’t have the 20% down payment sitting around, Bank of America is now offering mortgages with as little as 3% down.
The new loan program is aimed at helping low- and moderate- income borrowers get home loans for up to $417,000.
To qualify, borrowers can’t make more than the median income for their area and need a credit score of at least 660. And the home must be the applicant’s primary residence.
Slide the City, a 1,000-foot, temporary, urban water slide that has toured the country for the past two summers creating an unusual photo opportunity on city streets, is coming to Tampa, promoters announced today.
The Slide the City Block Party is set for May 14. Event director Spencer Hunn said the event would be closing down both sides of the North Boulevard bridge to make way for the slide. The Slide the City website shows the party centered at North Boulevard at W. Palm Avenue.
Those who register for the event for $10 to $20 can spend two hours “speeding through three city blocks on inner tubes,” a news release said.
The three 50-foot water taxis can accommodate up to 40 to 50 passengers and will offer restrooms, concessions and a historical narration. There will be 14 stops all along the Riverwalk, Channelside and Davis Island.
The water taxis will operate seven days each week, with longer hours on the weekends and during special events. The price of tickets for full day passes are $15 for an adult and $8 for a child. Tickets for the water taxis will be sold onboard and online and will allow for unlimited boarding all day from any of the stops. Passengers can enjoy reduced evening rates after 5:00 PM with restaurant partners offering discounts to water taxi customers.
Thanks for taking time to read Tampa Market Monday from Annette Bohannon. Let us know if we can help you in any way with your real estate needs, please get in touch. You can reach Annette, Doug or Dale Bohannon at 813-979-4963 or by completing this contact form.
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