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Tampa FL Market Trends

July 2017 Market Statistics

Elizabeth Banks and Realtor.com explain the home buying process.

Take a look at how many folks bought homes in our market last month… 

Tampa Real Estate Market Report - July 2017

Hillsborough County real estate sales statistics for July 2017 show the number of homes sold     increased by 6.6%.  The average sales price increased by 3.2% to $267,879. The median sales price increased by 7.7% for the month, and market times decreased by 12 days.

Hillsborough
County
Homes
Sold
Average
Sales Price
Median
Sales Price
Average
Market Times
July 2017 2,430 $267,879 $220,000 49
July 2016
2,280 $259,694 $204,245 61





Pasco County real estate sales statistics for July 2017 show the number of homes sold increased by 8.8%.  The average sales price increased by 12.9% to $205,654. The median sales price increased by 16.1% for the month, while market times decreased by 20 days.

Pasco
County
Homes
Sold
Average
Sales Price
Median
Sales Price
Average
Market Times
July 2017
1,221 $205,654 $190,000 52
July 2016 1,122 $182,084 $163,588 72





Pinellas County real estate sales statistics for July 2017 show the number of homes sold increased by 1.9%.  The average sales price increased by 8.6% to $276,325. The median sales price increased by 13.2% for the month, while market times decreased by 21 days.

Pinellas
County
Homes
Sold
Average
Sales Price
Median
Sales Price
Average
Market Times
July 2017
1,996 $276,325 $213,875 56
July 2016
1,958 $252,645 $188,950 77





For the latest Tampa FL real estate market conditions, please call me at 813-728-3880 or visit TampaRealtyNow.com.

Resale Value - What is Important?

Unless you plan to stay in a home for the rest of your life, resale value should be a major consideration when purchasing a house. Home-ownership is a huge financial investment and the goal should be to get as much monetary return as possible when you sell.  While you can’t always predict what the future holds for the real estate market, there are some basic guidelines for what kind of properties have good resale value.  Don’t make the error of focusing only on what you want when doing your home search.  Think about the following factors that will affect the resale value:

  1. LOCATION - This should be a primary consideration when looking for a home that will provide a good return on your investment.  A desirable location is likely to remain a hot market for home sales.  Think about the school district you will be in.  Even if you don’t have children in school, a top district will draw many buyers.  Different people will be looking for different things, but most buyers will want basically the same things from the location of their home.
  2. NUMBER OF BEDROOMS - A house with more than two bedrooms will sell faster and for a better price than one with only one or two bedrooms.  Even a couple with no children will want extra space for an office or guestroom (or both).
  3. NUMBER OF BATHROOMS - Buyers will expect to pay much less for a home with only one bathroom.  If people are choosing between a house with one bathroom and one with two, they will almost always be willing to spend a little extra to get that additional restroom.
  4. GATHERING SPACE - Buyers want a large, informal space for relaxing and entertaining family and friends.  You will get more value out of a spacious family room than you will out of a formal living room. 
  5. STORAGE - These days people have a lot of “stuff” and they need places to put it all.  Storage space, including closets, a pantry and loads of cabinets will improve the odds of getting high bids for your house. 
  6. GARAGE - People who live in suburban areas need places to park their cars.  A covered parking place or two is ideal.
  7. OPEN FLOORPAN - Buyers are looking for homes with open spaces and rooms that flow from one to the next.  A house with an open floorplan will improve your chances for a profitable resale.
  8. OVERALL CONDITION - A property that is well-cared for, updated and remodeled will greatly enhance resale value.  Focus on rooms that matter most to buyers - kitchens and bathrooms. Make sure everything is in good working order.  Some people might be looking for a fixer upper, but many buyers are willing to pay a premium for a move-in ready home.

Home Improvements That Will Increase Your Home Value

Home Improvements That Will Not Increase the Value of Your Home

Things to Consider Before Purchasing a Home Togerther

Preparing to Buy a Home: Your “To Do” List

If you are thinking about purchasing a home, there are several things you should do before you even start your home search.  While it’s exciting to look at properties and imagine what your life will be like in a new house, you might be setting yourself up for disappointment and heartbreak if you aren’t prepared for all the steps involved in the home-buying process.  So, do your homework and make sure you are truly ready to find the home of your dreams!

 

  1. Determine What You Can Afford - You don’t want to find the perfect property and then find out it’s out of reach for you.   Determine what amount you can afford for a mortgage payment and create a maximum budget for what you are willing to pay for a house. Your mortgage payment should take up no more than 28% of your income.  If you are currently paying rent or a mortgage payment that is less than what you anticipate for your future home, start saving the difference each month to make sure you are willing and able to live on that.  You don’t want to be house poor. 
  2. Check Your Credit - You can request free credit reports from Annual Credit Report .com.  Check the reports thoroughly for any errors or negative information.  Take the steps needed to improve your credit score.  A higher credit score will possibly qualify you for lower interest rates, which will make your purchase more affordable.
  3. Meet with a Lender - Getting pre-approved for a mortgage is vital to the home-buying process, especially in a seller’s market where there might be bidding wars.  Sellers are more likely to choose a potential buyer who has already been pre-approved over one who hasn’t.  It will also help you identify the documents you will need for the final loan application. 
  4. Save for a Down Payment - Your meeting with the loan officer will also help you determine how much cash you will need for a down payment.
  5. Get Organized - Gather documents you will need for your final loan application and start a house-hunting binder.  As you start looking at homes, you can add any materials you collect along the way.
  6. Start Considering Where You Want to Live - If you don’t already have a specific neighborhood in mind, start investigating different areas within your price range.  Visit neighborhoods at different times to get a feel for what it might be like to live there.  Consider things like what your work commute will be and what amenities you want.
  7. Take a Home Buyer Education Class - If you are a first-time home buyer, these classes can help you prepare for the responsibilities of being a home owner.
  8. Find a Realtor - Choose an experienced real estate professional to represent your interests.  It’s important to find someone you feel comfortable communicating with.

 

Taking these steps before you start your home-search will make the whole home-buying process easier!

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Contact Information

Photo of Linda and Craig Nowicke Real Estate
Linda and Craig Nowicke
RE/MAX ACR Elite Group
14823 N. Dale Mabry
Tampa FL 33618
Linda: 813-728-3880
Craig: 813-675-5030
Fax: 813-961-6016

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