Zillow Group Inc. is calling it quits on the home-flipping business, while disclosing expected losses of more than $550 million on homes purchased in the second half of this year, for which the company admits it paid too much.
The real-estate giant on Tuesday blamed a faulty algorithmic model for ditching its iBuying business of buying and selling homes quickly and said it will lay off about a quarter of its staff. (Dow Jones Newswires 11/3/21)
As realtors, we have known this to be true for a long time that faulty Zestimate’s gave sellers an unlikely value to their property. The value could be easily manipulated by an overpriced listing. It’s the primary reason I continued to say, seek out an experienced Realtor to assist you in this process. if you are looking to buy or sell a property. We know the local area, we will actually view your property, knowing its characteristics to give you a market valuation and how to market it for its highest potential.
Now that we have one less corporate buyer in the mix, the inventory may start to increase to better supply/demand model numbers. The Plant City market area’s inventory is currently running about 0.88 month’s supply, we could stand to have that increased to two to three month’s supply. The market is not by any means falling, but I do not expect to see another 20 percent yearly increase in property values next year.
The month of October shows the Plant City area had 88 homes closed, 129 homes undercontract and 81 homes available to purchase. We continue in a seller’s market, but the month over month price increases have somewhat leveled.
This month’s average selling price was $295,480 as compared to $314,534 last month, a 6.1 percent price decrease over the prior month. The average days to contract have decreased slightly to 11.8 days in October, but still below the year-to-date average of 16.67 days. Although we had a slight decrease in average values for the month, we are still running at $173.25 per square foot, which is higher than the year-to-date average of $159.85 per square foot.
We will continue to have a sellers’ market in real estate for the next 12 to 24 months or until we reach three plus month’s inventory supply. If you’re in the market to buy, waiting is not on your side.
Sales Snapshot
The following properties were a sample listed as sold on the Greater Tampa Realtors Association MLS in Oct. 2021.
The home at 1702 E Carol Dr sold Oct 11 for $156,100. Built in 1959, it has 2 bedrooms, 1.5 bath and 1200 square feet of living area.
The home at 406 N Franklin St sold Oct 28 for $200,000. Built in 1926, it has 2 bedrooms, 1 bath and 1168 square feet of living area.
The home at 105 Seville Ct sold Oct 14 for $230,000. Built in 1981, it has 2 bedrooms, 2 bath and 1581 square feet of living area.
The home at 4733 S Dawnmeadow Ct sold Oct 4 for $240,000. Built in 1986 it has 3 bedrooms, 2 bath and 1432 square feet of living area.
The home at 5110 Twin Pine Dr sold Oct 29 for $245,000. Built in 1971, it has 4 bedrooms, 2 bath and 1556 square feet of living area.
The home at 333 N Forbes Road sold Oct 7 for $250,000. Built in 1993, it has 2 bedrooms, 2 baths and 924 square feet of living area.
The home at 3404 Joe Sanchez Road sold Oct 29 for $271,600. Built in 1965, it has 3 bedrooms, 2 bath and 1401 square feet of living area.
The home at 1202 E Calhoun St sold Oct 4 for $284,000. Built in 1929, it has 4 bedrooms, 2 baths and 1590 square feet of living area.
The home at 3834 Crystal Dew St sold Oct 11 for $292,000. Built in 2015, it has 3 bedrooms, 2 baths and 1546 square feet of living area.
The home 3905 Trapnell Ridge sold Oct 21 for $320,000. Built in 2007, it has 4 bedrooms, 2 baths and 1885 square feet of living area.
The home at 3407 Young Road sold Oct 28 for $355,000. Built in 1920, it has 3 bedrooms, 2 baths and 1438 square feet of living area.
The home at 1617 Avondale Ridge Dr sold Oct 27 for $400,000. Built in 2006, it has 4 bedrooms, 3 baths and 2467 square feet of living area.
The home at 303 Karppe Road sold Oct 8 for $415,000. Built in 1972, it has 3 bedrooms, 2 baths and 1905 square feet of living area.
The home at 3111 Sam Hicks Road sold Oct 1 for $615,000. Built in 2006, it has 4 bedrooms, 3 baths and 3417 square feet of living area.
The home at 4601 W Sam Allen Road sold Oct 13 for $875,000. Built in 2017, it has 3 bedrooms, 3 baths and 3664 square feet of living area.