Real Estate Review 2017 and 2018
Happy New Year! Wow, it is hard to believe that 2017 has come and gone. I hope you all had a wonderful year. Personally, for me, 2017 was a great year both personally and professionally. Before I get into my real estate review, I really want to thank all my clients for your trust in me and your business! I truly hope that I exceeded all of your expectations!
2017 Real Estate Review
As I look back on the year in real estate for 2017 one thing is very clear to me. There are a lot of areas throughout the Tampa Bay area and especially in the FishHawk area that there are not enough homes for sale!
The hardest home to find right now is an updated home with a 3 car garage! Homes under $250,000 are selling very fast and for top dollar. Homes between $250,000 and $375,000 are hard to find and if they in good shape and priced correctly they are selling fast as well. Homes $350,000 to about $450,000 are spending a little more time on the market but are still selling fairly quickly. Homes over $450,000 do still require a higher end buyer and unless priced really well or completely updated and sitting on the market for over 90 days in some cases.
There are some areas like Riverview that have been doing a lot of building in 2017. At last count, there were 41 new communities being built in Riverview. Even with all the Riverview homes being built there is still a huge home shortage in the area.
Looking Forward to 2018
2018 looks to be another very strong year in real estate. I do anticipate that mortgage interest rates will rise to a little over 4% during the year. Historically that is still a great interest rate but a little higher than we have seen over the last few years. I do expect that the economy will keep growing. In doing so I do feel like we will see more renters take the jump and buy homes. Between the winter weather and the new tax law going into effect, I do also feel like we will be seeing more folks from New York, New Jersey, and Connecticut moving to the area. All of these factors will be putting more demand on the few homes that are available for sale. This should also push prices a little higher.
I have had a few clients lately ask me or mention a real estate bubble. Personally, I do not see anything that indicates we are heading for another real estate bubble. Again, we have low interest rates, strong but not euphoric demand, strong employment, a growing US economy, a growing global economy and in my opinion a lot smarter lender practices than we did previously. So, unless something unexpected happens in the world I do not see any issues in the real estate market in 2018.
We are currently around a 2 months supply of homes for sale on the market. I would really love to see that number get closer to 6 to 8 months but I have been hoping for that for a few years now.
If you are a serious buyer make sure you are pre-approved and be prepared to make a strong offer on a home that you really want.
If you are thinking of selling CALL ME! Seriously, I have multiple buyers looking for homes and may be able to get you a market price offer without the hassle of having weeks worth of home showings. Plus don’t forget that I have one best marketing plans around to get your home sold for top dollar!
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About the author
The above real estate article “Real Estate Review 2017 and 2018” was compiled and written by Jeff Gould.
Jeff is a top-selling, award-winning, nationally recognized Florida REALTOR® and local FishHawk Ranch real estate expert. Jeff sells homes in the entire Tampa Bay area. Including FishHawk, Lithia, Riverview, Valrico, Apollo Beach, Brandon, and Tampa.
If you are looking to sell or buy a Tampa Bay area home, Jeff is your local and trusted professional.
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