Real Estate Market

Tampa Market Trends Newsletter: April 2018

Mortgage Rates & Sales Rates: Ups and Downs

After nine weeks in a row of mortgage rate increases, borrowers recently got some relief with mortgage rates. The 30-year fixed-rate mortgage posted its first weekly decrease of 2018 in mid-March.


Freddie Mac reported the following national averages with mortgage rates for the week ending March 15:


  • 30-year fixed-rate mortgages: averaged 4.44%, with an average 0.5 point, dropping from last week’s 4.46% average. Last year at this time, 30-year rates averaged 4.30%.   

  • 15-year fixed-rate mortgages: averaged 3.90% , with an average 0.5 point, dropping from last week’s 3.94% average. A year ago, 15-year rates averaged 3.50%.   

  • 5-year hybrid adjustable-rate mortgages: averaged 3.67% , with an average 0.4 point, increasing from last week’s 3.63% average. A year ago, 5-year ARMs averaged 3.28%.

  • The average commitment rate for all of 2017 was 3.99%.


Home Sales Rates

Despite ongoing low inventory levels and upticks in prices, sales of existing homes rebounded in February after a couple of consecutive months of declines, according to the National Association of Realtors® (NAR). Notable sales increases in the South and West offset declines in the Northeast and Midwest.


Nationally, total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops) increased 3.0% to 5.54 million in February from 5.38 million in January. Sales now sit 1.1% above a year ago.


Lawrence Yun, NAR's chief economist, indicated that sales were uneven across the country in February but did jump nicely overall. “A big jump in existing sales in the South and West last month helped the housing market recover from a two-month sales slump,” he said. The economist continued, “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”

How's Your Selling Strategy?

Sellers, you have an excellent opportunity to sell your home this season -- if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale.


It is very important to price your property at a competitive market value at the signing of your listing contract. In some places, the market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. And in some of today's particularly hot markets where we're seeing bidding wars, you still want to work with your agent to set the right starting price from the outset to give yourself every advantage.


An Overpriced Home:

· Minimizes offers

· Decreases agents response

· Limits qualified buyers

· Decreases showings

· Decreases prospects

· Limits financing

· Wastes advertising dollars

· Nets less for the seller


When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!



 

The Best Mortgage

Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.


The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today.


Take advantage of our experience! Contact us for a list of preferred mortgage professionals in our area -- pros we know will serve your interests well. Our experience can really help when it comes to finding the right mortgage professional and then getting the right mortgage for your situation.



 

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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