Real Estate Market

Tampa Market Trends Newsletter: October 2018

National Real Estate Overview

Note: August 2018 data below are the most recent released by the National Association of Realtors.

Existing-home sales remained steady in August after four straight months of decline, according to the National Association of Realtors®. Sales gains in the Northeast and Midwest canceled out downturns in the South and West.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) did not change from July and remained at a seasonally adjusted rate of 5.34 million in August. Sales are now down 1.5 percent from a year ago (5.42 million in August 2017).  

NAR's chief economist, Lawrence Yun said the decline in existing home sales appears to have hit a plateau with robust regional sales. “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum,” he said. “With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.”

 

The median existing-home price in the U.S. in August was was $264,800, up 4.6 percent from August 2017 ($253,100). August’s price increase marks the 78th straight month of year-over-year gains.

Total U.S. housing inventory at August's end remained unchanged from July at 1.92 million existing homes available for sale, and is up from 1.87 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, consistent from last month and up from 4.1 months a year ago.  

Individual markets vary, but properties nationwide remained on the market for 29 days in August, up from 27 days in July but down from 30 days a year ago. Fifty-two percent of homes sold in August were on the market for less than a month.  

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.55 percent in August from 4.53 percent in July. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were 31 percent of sales in August, down from last month (32 percent) but the same as a year ago.


The Best Homes Sell Fast!

Smart sellers understand that a proactive selling strategy can go a long way in getting their home sold quickly, and for top dollar. Here are three tips for today’s sellers:

  • Make your home shine. Buyers like to envision a home they can move right into. Clean carpets, fresh paint, and a nicely landscaped yard can go a long way to make perspective buyers feel at home.
  • Anticipate the selling season. Many sellers wait for the market to pick up before they place their home for sale, but smart sellers anticipate these seasonal adjustments and list their homes early in the sales cycle. Give yourself the best opportunity by placing your home on the market before everyone else does!
  • Price your home right. Markets change, so don't be influenced by last year's selling activity and home prices. We will evaluate your home based on the most recent sales data and price it to sell for the most money in the shortest amount of time.


Whether you're looking to sell today or are thinking of selling tomorrow, please feel free to call and ask for an analysis of our recent market activity. We would be more than happy answer any questions you might have.


 

The 10 Steps of Home Buying!

Home Buying might not be as easy as 1-2-3, but add 7 more steps and you are there! If you are in the market for your first Tampa area home, knowing the steps you need to take between starting the search and moving in can help eliminate some of the stress from the process. Here is our easy 10 step guide to buying your first home.


1. Make a list of what you want and need in your home. Needs are those non-negotiable amenities/features that have to be included in your home. Wants are those that would be nice to have but if you need to, you can live without. Prioritizing these items will help you narrow your search. This is also the best time to work out your budget. Having a full understanding of what you can afford will help you set a comfortable range for yourself as well as search parameters.


2. The internet is a wonderful tool to help you get an initial idea of what is available on the market. Start to Search Listings  online.


3. Now that you have a good understanding of what you are looking for in your new home, it is time to hire a Top Realtor  to work with. Sure you can go it alone, but we guarantee that you will be grateful you worked with a realtor when it is all said and done. We can help narrow your search to just those homes that best fit your needs and budget. We understand the Tampa housing market and have many years experience with negotiating real estate deals. Working with us will help allieviate your stress during the process as we always keep your best interests as our top priority.


4. Ask your realtor for recommendations for lending agents. The lending agent will help you find a mortgage option that fits your financial situation. Now is the perfect time to get pre-approved for your loan. Pre-approval shows sellers that you are serious about buying and helps keep you focused searching for homes that you can afford.


5. Hit the road with your realtor and visit as many open houses and showings as possible. A description and photos online can only show you so much. You need to place yourself within the property to truly know whether it will fit your needs.


6. You found the perfect home! Now you can make an offer. Work closely with your realtor during this step. They can help you draft an offer that will be appealing and appropriate for the seller of the home.


7. Real estate offers almost always come back with a counter offer. Do not dismay. This is part of the process. Since you have your budget worked out ahead of time, you have a clear understanding of how high you are willing and can go with the price. This step involves the negotiation skills that your realtor processes. We will have make sure you pay a price that is best for you and ensures you can call this house your home.


8. The home might appear perfect and move in ready but you never know if there are any unseen issues that could cost you a fortune in the future. You should always have a home inspection completed when buying a house. This will help you discover any problems before the deal gets finalizes, allowing you to determine whether or not it makes more sense to walk away or stay the course. Go along for the home inspection so you can ask questions as they arise.


9. After the home inspection, your lending agent will complete an home appraisal to determine the actual worth of the home. If the home is valued for close to your offer, you are one step closer to calling it yours!


10. You have reached the home stretch...literally! It is now time to close the deal. Sign that paperwork, grab your keys, and move on in to your beautiful new home!

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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