Real Estate Market

Tampa Market Trends Newsletter

Real Estate Statistics

Note: October data below is the most recent published by the National Association of Realtors®.

 

Data from the National Association of Realtors® (NAR) shows sales of existing homes grew in October to the briskest pace since early summer, but an ongoing lack of supply resulted in fewer closings for a second straight month.

 

Nationally, total sales of existing homes (counts completed transactions for single-family homes, townhomes, condominiums and co-ops) bumped up 2.0% to 5.48 million in October from 5.37 million in September. Despite the uptick in velocity, sales remain 0.9% lower than one year ago.


Existing Home Sales By Region

 

NAR's chief economist, Lawrence Yun, indicated that October's sales activity picked up for the second consecutive month, with increases across all four major regions. "Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home" Yun said. He added that "While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated."

 

Housing Data Takeaways

  • The median existing-home price (all housing types) in October was $247,000, up 5.5% from October 2016 ($234,100). October's price increase marks 68th months in a row of year-over-year gains.

  • On average U.S. properties stayed on the market for 34 days in October, unchanged from September and down from 41 days a year ago. Forty-seven percent of homes sold in October were on the market for less than a month.

  • Mortgage data from Freddie Mac shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.90% in October  from 3.81% in September. For all of 2016, the average commitment rate was 3.65%.

  • Nationally, first-time buyers drove 32% of October's sales, up from 29% in September but a drop from 33% one year ago.

 

 

Tampa Housing Market Statistics

Median Home Price: $300,000

4 Bedrooms/2 Bathrooms

Average Square Footage: 1,929

Price per Square Foot:  $164

Number of Homes on the Market: 1,791


 

Investing in Real Estate

Today's low interest rates and stabilized home prices have created some great investment opportunities!


Investing in real estate has unique advantages over other types of investments. Of course, wise investors may have various instruments in their portfolio, but real estate has a long-term track record of proving its worth.


Here are some of real estate investing's advantages:


  • Interest in mortgage loans are tax-deductible. Investors can lower their tax liability while increasing their equity.

  • Renters pay down your mortgage loan. Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.

  • Real Estate values increase over the long term. Real Estate is limited and will always be in demand.

  • 1031 exchanges are available to defer taxable income when you are ready to sell.


Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!


 

Make Your Home Look Expensive To Earn Top Dollar!

Add some beautiful elegant touches to your Southern California Make your Tampa home look like one of the most expensive homes on the market to earn top dollar when you sell! Add elegant touches to you home to make it look more expensive. This will help set your home apart from the competition and drive your final offer up! Follow these 7 tips to help make your home look more expensive in order to sell!


1. Declutter. Allow buyers to visualize themselves in your home by removing all unnecessary and personal items from the home. Keep spaces clean and cleared. Find the best architectural features of your home and find ways to highlight them with furniture or tasteful decor.

2. Paint. Paint the walls a neutral color that will appeal to all buyers. Add some elegance by selecting a color with a slight sheen to it!

3. Window Treatments. Allow ample natural light throughout the home. Select drapes or blinds that are solid colors.

4. Crown Molding. Crown molding is a simple addition to any room in your home that instantly makes buyers think of elegance.

5. Kitchen Appliances. Update your kitchen appliances to those found in more expensive listings, such as appliances in stainless steel or with brightly colored finishes.

6. Fixtures. Get rid of outdated hardward, plumbing, and lighting fixtures throughout your home and replace with sleek, modern designs.

8. Garage Door. If your home has a garage door, consider investing in a new one that adds an elegant touch to the exterior of your house. This will help make a great first impression upon your buyers arrival and gives a high return on investment once you sell.


Interested in Selling your Tampa area home? Give the Sper Group a call today or visit our website at http://www.thespergroup.com/!

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Contact Information

Photo of Tammy Waugh - The Sper Group Real Estate
Tammy Waugh - The Sper Group
BHHS Florida Properties Group
13131 N. Dale Mabry
Tampa FL 33618
813-760-2002
813-404-1533