Entering the fall months of 2017, Americans are seeing fluctuations in weather – especially as we have seen recently and real estate values. As full-service real estate professionals, it’s our job to frequently research the U.S. market trends while closely monitor what is happening in our Greater Tampa Bay area, including the weather. Here are the latest stats, news, and trends to keep you informed.
Current Home Prices
Analyses of the summer market and trends show that home prices are continuing to bounce back. According to Zillow’s July 2017 Market Report, nearly half of American homes were worth more now than before the housing price bubble in 2006. The stats show that 10 percent of the homes in Tampa have surpassed their pre-recession peak. Zillow’s July report also notes that median U.S. home values rose slightly to $200,700, marking a 6.8 percent year-over-year growth. As many homebuyers and sellers in the Greater Tampa Bay area know, inventory remains low. According to Zillow’s report, it dropped 12.7 percent in July from a year ago. On the bright side, the number of days on the market is declining nationwide, averaging 71 days.
As always, our job as real estate professionals is to explain what all of this means for our customers. The statistics and reports that we and other Realtors reference are merely a piece in the puzzle of a successful real estate purchase or sale. Home values and prices vary from year to year and from street to street. Importantly, a property’s monetary value is defined in different ways. Here’s a quick glance:
- Each home has an appraised value, determined by a licensed appraiser inspecting a property along with a comparison value of similar homes sold nearby.
- Each home also has a taxable value, which is determined by your local county.
- Each home has a sales price or listing price, which is what a professional realtor helps you determine based on research, taxes, amenities, conditions, and neighborhood.
- Each home has an official sold price, which is the final amount paid for the home.
Weather Impact and Hurricanes
It would be impossible to discuss the current real estate market without mentioning recent weather events. September has brought severe weather threats across the south. Typically, a local housing market tends to slow for a few months in areas affected by hurricanes, as focus shifts to helping victims of a storm. As major storms, Hurricane Harvey and Hurricane Irma will have an impact on the U.S. real estate market, and we invite your questions about storm-related real estate matters when buying or selling.
Local residents and businesses have been helping hurricane victims through a range of fundraisers and events. Notably, over 18,000 Greater Tampa Realtors (GTR), including professionals from Hillsborough, Pinellas, and Pasco counties, participated in a donation drive this September called “Totes for Hope,” providing toiletry items in one-gallon-size zip top bags. In addition to raising 20 million dollars, Keller Williams International turned its September Mega Camp convention in Austin into a huge volunteer effort with attendees pitching in to help Hurricane Harvey victims. Efforts like this are a display of how we can come together to support neighbors near and far during difficult times.
Our team has the training and professional experience to help you analyze the current market and lay out the best possible plan of action for your family. Call Dick and Karla Nielsen today at 813-294-5786 for helpful information and Florida real estate advice.