Local July 2023 sales and trend information courtesy of The Crawford Group.
Simple ways to increase your property’s value prior to selling… Owners always ask us, what can I do to get the most value and quick close for my property? While every owner’s financial position and housing scenario is different, there are many common (minimum cost) solutions to this question once the owner has committed to selling their home and property.
The easiest and least cost solution that any potential seller can start with is to clean and declutter the home. The kitchen and primary living areas should be the focus but don’t forget about the closets, utility and garage. Although you may have decorated your home to your taste and style, you want to appeal to the mass buyers looking out there. Start the packing process now, if you don’t expect to take an item to your new home, think about donating it. Limit personal photos and collections, it’s easier for the potential buyers to envision their possessions with clean walls and counters. Decluttering and removing items will give the appearance of more space in the room.
The next items pertain to the initial view that potential buyers see when visiting the property. How does the front yard, front door, exterior painting, or landscape standout? The buyers first impression is captured when they drive up to the house. Has the yard been mowed, is there any color in the landscaping, new mulch? Does the driveway need to be pressured washed? These are easy fixes and cost minimum. Painting the front door and exterior adds value, and this has a slightly higher dollar expense, but adds value to the overall price when selling.
Do you have any unfinished projects, superficial defects, or deferred maintenance at the home, if so try to get them resolved. A buyer will take any item found and use it to discount the price point. Fix the torn screen, squeaky door, replace the batteries in the smoke detectors, etc. Your agent should be able to highlight other items they see and provide the potential scenarios to heighten your return on your property. The decision is ultimately the seller’s, but I can give numerous examples on both sides where money was either gained or lost in the transaction. Although you may not recoup dollar for dollar, a small investment into readying a property will deter discounts sought by a savvy buyer.
As we look at the Plant City housing data from July 2023, our market area sold 107 homes for the month continuing to surpass the year-to-date average of 86 units per month. People are still buying homes at these increased mortgage costs. That number comprised of 22 new construction homes which should continue due to the new housing developments. The area has several new communities starting to build out. Our housing inventory remains under pressure and last month decreased to around 1.48 months’ supply, which is still considerably less than what inventory supply is needed for a normal market period. The inventory outlook will continue to be stressed and tighten up. Our ADOM, average days on market, last month was 33.4 days about double the time it took last year to go under contract.
As we look back pre-pandemic, pandemic and rising mortgage rate period, our market peaked back in May/June 2022, then had slight declines in market values through Feb. 2023, when it appeared to turn positive again. Now we have had five months of increases in the average sold price and average price per square foot of homes sold in Plant City.
In July our average sold price was $402,777, a 1.7 percent increase over June, a six percent increase year-to-date and 2.6 percent over the previous July 2022. When we look at average price per square foot, July 2023 was $210.04 per square foot, a slight increase from June but 4 percent increase year-to-date. This trend has continued and will increase substantially when the mortgage rates stabilize.
30-year average mortgage rates came in for the month of July at 6.86 percent and its still trending up for the time, the Fed paused the rate increase in June, but initiated a 0.25 percent rate increase in July. I believe in the coming months; the Fed will start reversing interest rates and watch what happens to buyers entering the market.
If you are in the market to buy or sell your home, please seek an experienced professional Realtor® to assist you in this transaction process. There are too many consequences, going it alone without proper representation. Get the real scoop on our market. If you have any questions, want a market value analysis of your home, or see what’s available to purchase, please reach out.
The following residential properties were a sample listed as sold on the Greater Tampa Realtors Association MLS in July 2023 for the Plant City Market Area.
The home at 3608 Fortner Rd sold July 11 for $135,000. Built in 1958, it has 2 bedrooms, 1 bath and 572 square feet of living area.
The home at 1706 E Alabama St sold July 3 for $175,000. Built in 1965 it has 3 bedrooms, 1 bath and 1240 square feet of living area.
The home at 702 Seminole Sand Rd sold July 15 for $215,000. Built in 2000 it has 3 bedrooms, 2 bath and 1488 square feet of living area.
The home at 2213 Preservation Dr sold July 27 for $272,500. Built in 1992, it has 2 bedrooms, 2 bath and 1488 square feet of living area.
The home at 3507 White Dandelion Ct sold July 20 for $286,990. Built in 2023, it has 3 bedrooms, 2.5 bath and 1673 square feet of living area.
The home at 3433 Trapnell Ridge Dr sold July 19 for $320,000. Built in 2006, it has 3 bedrooms, 2 bath and 1550 square feet of living area.
The home at 4040 Gallagher Dr sold July 5 for $330,000. Built in 2019, it has 3 bedrooms, 2 bath and 924 square feet of living area.
The home at 901 Sandalwood Dr sold July 6 for $345,000. Built in 1986, it has 3 bedrooms, 2 bath and 1510 square feet of living area.
The home 2599 Bridle Dr sold July 28 for $380,000. Built in 1986, it has 4 bedrooms, 3 bath and 2587 square feet of living area.
The home at 3118 Emerson Pl sold July 14 for $399,900. Built in 1992, it has 4 bedrooms, 2 bath and 1463 square feet of living area.
The home at 3905 Cooper Rd sold July 28 for $430,000. Built in 1977, it has 3 bedrooms, 2 bath and 1672 square feet of living area.
The home at 1727 Oakwood Estates Dr sold July 9 for $465,000. Built in 2006, it has 4 bedrooms, 3 bath and 2411 square feet of living area.
The home at 3213 Alcott Ave sold July 14 for $535,000. Built in 1995, it has 4 bedrooms, 2 bath and 2411 square feet of living area.
The home at 207 N Franklin sold July 14 for $839,900. Built in 1887, it has 5 bedrooms, 4 bath and 4372 square feet of living area.
The home at 707 N Collins sold July 31 for $1,100,000. Built in 1905, it has 7 bedrooms, 6 bath and 4740 square feet of living area.