Hope every one had a fantastic Valentine’s Day weekend.
Today, we’re going to look at an area in Hillsborough County that is booming. But before we do that let’s review the statistics for how the whole county fared in January of this year. Plus, be sure to read through to the end, as we’ve included some great advice for both buyers, sellers and home improvers.
How Hillsborough County Real Estate Performed in January of 2016
Now let’s take a look at that one particular area of the county that is in high demand. Tampa Bay Times real estate writer, Susan Taylor Martin covered it a few weeks ago. Here’s the article if you missed it.
Tampa Real Estate:
Developers and builders are betting it’s an easy choice for thousands of prospective buyers. No other part of the Tampa Bay area is seeing such an explosion of single-family home construction as the vast area of former groves and farm fields south of the Alafia River in Hillsborough.
“It’s the No. 1 sub-market,” says Tony Polito, regional director of research service MetroStudy. “It’s a combination of available land and product prices that are less expensive than in other parts of the (overall) market.”
Last year, a total of 7,545 new homes began construction in Pinellas, Pasco, Citrus, Hernando and Hillsborough counties. A third of those homes, 2,502, were in just one area — south Hillsborough.
Advice for Buyers:
I do think from the numbers we had last year that it will be a fairly strong buying season. We have a lot of leftover demand. We are continually undoubling households that doubled up during the housing bust, where students moved in together, or young professionals moved in together, or people moved back in with their parents. As those people move out of their parents’ basement and get jobs, those households will then decide that it’s a good time to buy because financially it makes a lot of sense for them to buy. Given the still-low inventory levels we’re seeing, that will continue to drive prices up. We’d like to see more sales than we will see, but I think price appreciation will be quite good going into the season.
Fast-paced lifestyles can make people yearn to retire to a private retreat for relaxation and restoration.
Thus, the master suite has become a center for dramatic features and creature comforts, and homebuyers are personalizing these rooms with a wide range of options. Even the name has been elevated to the “owner’s suite” or “owner’s retreat.”
Advice for Sellers
“Homeowners who underestimate their homes’ values not only underestimate their home equity, they also likely underestimate 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”
Property surveyors aren’t only useful for remodeling. There are a number of situations where their help is in demand (or even required). Understand how and when to deploy them:
- Buying a home. New construction doesn’t typically require a survey, but your mortgage lender may mandate it to ensure the borders are as described and there are no potential encroachments.
- You’re in a (less than) neighborly dispute. If you’re arguing about a fence that’s totally on your property, it’s time to hire a surveyor to determine the facts. This has legal holding in court and will determine what and where you can freely build to comply with setback requirements (the minimum distance at which buildings are permitted).
- You want to add on to your home. Before building an in-law unit or adding a storage shed, make sure to survey your property. If you don’t follow (or misunderstand) the setback requirements—or if you just don’t realize the back corner of your property actually belongs to your neighbor—you could end up in a load of trouble, with a lawsuit or costly fines to pay.
Thanks again for your time and please let us know if there’s anything we can do to help you with your real estate needs. You can reach us at 813-979-4963 or by completing this contact form.
Have a Fantastic week!