tampa bay real estate

Why Are Home Prices So High In Tampa Bay

June 16, 2015 By Deborah Ward

If you hadn’t noticed, home prices in Tampa Bay have risen… a lot! The median sales price has risen 14% in the last year and closed sales from November 2013 to November 2014 increased 18.4%! In a real estate market that just 5 or 6 years ago was crashed and dismal, that is huge. Buying now is a good idea. Prices aren’t going to drop any time soon.

Seller’s market

So if you’re wondering why prices have risen it might be for a few reasons. The improvements in the market are the biggest. The market, now a seller’s market, have improved over the last year or so for a few reasons as well. Mortgage rates are, and have been, low. That means that it’s less expensive for people to buy a home. It’s also great for first time home buyers. New mortgage programs help them as well. There’s a new 3-percent-down conventional mortgage available for first-time homebuyers. That means less expense up front for them, meaning the difference between homeownership or not.

More homes are selling

That 14% rise in median price means that more homes are selling. More transactions mean that prices go up. Especially prices for condos and townhomes. Condos and townhomes median price has risen a bit more than 19% over the last year. Even with those price increases, listings are becoming fewer and far between. That also pushes price up. With more competition for existing listings, bidding wars happen and prices rise.

Buy now

So what does that mean for you if you are looking in Tampa Bay? Buy now! Prices will continue to rise and interest rates are slated to rise this year. Now is the time to become a Tampa Bay home owner.

Tampa Bay Real Estate Is Back! Prices Are Stable And Homes Are Moving Again

May 19, 2015 By Deborah Ward

Tampa Bay real estate has finally rebounded. Homes are selling again and prices are moving up, but are stable and affordable! Good news for both buyers and sellers.

So how is the market in Tampa?

Well, according to Trulia.com, Tampa and its surrounding area has about 3,600 homes currently for sale, and there were approximately 6,900 recent sales. The average listing price is just above $350,000 which is up slightly from just a month ago. The average listing price in April was $339,000. Not too shabby!

More statistics that are positive?

The average price per square foot for properties in the Tampa area is $124, which is an increase of 6.9% from the same time last year. The median sales price for February 15 to May 15 was $165,000 based from 2,027 home sales, which is an increase of 8.9%. Different areas of Tampa have different average listing prices. The average listing price for homes for sale in Old Seminole Heights are $191,555 and Tampa Palms are $451,974.

Real estate investors are back and investing!

On top of that real estate investors are back and investing in Tampa itself. The Riverwalk extension should be completed soon and other projects have been unveiled. This is important because none of it would happen if those who spend millions to invest in Tampa real estate projects didn’t think it was a safe and sage investment. So why should you not pay attention to those who know?

Now is the time

Whether you are a buyer or a seller, now is the time to get back into real estate in Tampa. Prices are stable and homes are moving. It’s time for you to find the home that fits best for you.

If you are ready to get back into the Tampa Bay real estate market, give me a call today! 727-474-9069 Deb Ward

Tampa Bay Home Selling Tips : How To Price Right For Your Neighborhood

December 2, 2014 By Deborah Ward

One of the best Tampa Bay home selling tips is how to price right. It is also one of the trickiest parts of selling your home. Pricing it right for not only what you need out of the sale, but for the neighborhood and to make sure it sells. So how do Realtors figure out that magic number? A few things come into play, especially in Tampa Bay. Here are some home selling tips for pricing right for your neighborhood.

Check the comps

First, know what other homes have sold for in Tampa Bay. Check comps, or comparable homes, for their sale prices. Do NOT look at listing prices. Other homes may have been overpriced or underpriced. Comps also tell you if your home and the sold home have the same amenities. If the comp house has been updated with granite counters and your home still has laminate counters, the asking price of your home won’t be as high.

Location counts

That leads to some of the other reasons why homes are found at different price points. One of those items is location. Where is the home? Is it in a gated community? Is it in a great school district? Does it have a homeowners’ association that keeps the quality of the neighborhood higher? Is it a waterfront or water view property? All of these things will mean you can price your home higher. However, location can have negatives as well. Is the home on a busy street that is noisy or unsafe for children? Is it near an airport or railroad tracks? Is the neighborhood decaying? All of these may mean that no matter how gorgeous your home is, you won’t get top dollar.

Home condition

Another home selling tip is that home condition affects price . Is the home updated? How new is the roof? What about the home’s systems (electrical, plumbing, heating and AC)? Are they up to date or in need of repair? Have the appliances been updated? The important rooms to focus on are kitchens and baths. They are also the most expensive, but they are what buyers look for to be fresh and up to date.

Pricing your home right is important. If you aren’t sure what to ask, bring in a Tampa Bay real estate professional like Deborah Ward and let her do it for you.

Give Deb & her team of Tampa Bay realtors a call today! 727-216-9247

Tampa Bay Real Estate Agents : Why Hire The Deborah Ward Team

November 11, 2014 By Deborah Ward

Looking to buy or sell real estate in the Tampa Bay or Clearwater Beach area? Using real estate agents for either buying or selling is smart. Finding one that is experienced, backed by the resources of a national firm, and able to handle whatever size home you need to buy or sell,well, that means hiring the Deborah Ward Team.

Deb, the Irish Realtor, and her team will make you their priority, no matter where you want to look or what your budget.

Deborah Ward Team Is Here To Help You

The Tampa Bay area has all kinds of real estate, from condos to single family homes, in any size. Whether you are looking for beachfront, Gulf view or your dream home wherever it may be, the Deborah Ward Team will be there to help. No matter where your home for sale may be, Deb and her team will lend you their expertise in preparing it for sale and finding buyers who want it.

Affiliated With Keller Williams Realty

The Deborah Ward Team is affiliated with Keller Williams Realty, and while she is an independent Realtor, having the resources of Keller Williams at her fingertips means success for you. The team is comprised of Deb Ward, Doreen Frenier and Sarah Hippert.

Deb And Her Team Specialize In You

This team of experts are selling Florida living from the beaches to the intracoastal waterways and everything in between. They know how to buy and sell no matter if the home is a single family home, condo, townhouse or villa.

Upsizing or downsizing? Deb and her team will help you no matter your budget or lifestyle. Whether you are buying or selling big or small, their expertise is selling your home, or finding your dream home. Some Realtors specialize in expensive real estate. Deb and her team specialize in you and what YOU need.

Is There Still a Phantom Inventory of Distressed Sales Keeping Equity Sale Prices Down?

September 3, 2014 By Deborah Ward

The Clearwater and Tampa Bay housing market is improving but not as fast as many thought it would. One reason may be because there may still be a phantom inventory of distressed sales which is keeping the equity sales prices of other homes down. Of course if varies from place to place, but is it really there? The answer is by and large, no.

A phantom inventory of homes are homes that were in foreclosure and are now owned by the bank. At its peak, some of the biggest lenders own as many as 700,000 foreclosed homes that they were not offering for sale. That means they were hidden. Of course, foreclosure activity has also slowed. It’s still running two to three times higher than normal, but it has slowed to about 50% of the peak of the worst of the market just a few years ago.

But how can there still be a phantom inventory if there is such a shortage of distressed properties? Wouldn’t banks want to finally unload all of those properties and get them off their balance sheets? Of course they would, and they have.

How do we know? Lack of inventory is the biggest problem in the housing market in many places in the US (and is truly a problem in Clearwater and Tampa Bay where we work). It is causing prices to rise, which is good for sellers, but is also freezing first time home buyers out of the market. Inventory fell 9.3% at the end of December, 2013 which translates into about a 4 to 5 month supply. A normal market is a 6 to 7 month supply.

Sales last year shifted to more conventional sales over distressed sales. Smaller builders didn’t make it through the recession and that means fewer new construction homes nationwide as well. In this atmosphere, banks and lenders would certainly not hold onto properties that they know they can finally sell. The phantom inventory has shrunken and the effect on equity prices is that prices are up.

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