Should I Buy now or wait? Many are contemplating waiting, thinking that the market must fall at some point and that they would see lower price points. The fallacy to that point is inventory. For the past year, we have had less than one month’s supply of homes to purchase. That inventory would need to increase over two to three times the current levels to see any substantial drop in price and that will take time, probably 12 to 18 months out.
The other issue while waiting those 12 to 18 months is the financial loan rates. The industry’s current average 30-year rate is about three percent, but the Federal Reserve has already mentioned tapering of the bond purchases before the end of the year, resulting in higher loan rates. In that same period, we are looking for increased inventory, lower price points and the loan rates could potentially increase to 3.75 percent to 4.25 percent. So, waiting the 12 to 18 months for lower or stable price points will increase your interest payments 25 percent to 40 percent.
If you’re in the market to buy, waiting is not on your side.
The month of September shows the Plant City area had 87 homes closed, 128 homes under contract and 73 homes available to purchase. We continue in a seller’s market, but the month over month price increases have leveled somewhat.
This month’s average selling price was $314,534 compared to $301,982 last month, a 4.2 percent price increase over prior month. The average days to contract have increased slightly to 13.7 days in September, but remain below the year-to-date average of 17.21 days.
We are going into a slower selling season with all of the upcoming holidays through the end of the year but maintain that we will finish the year up 18-19 percent in value.
If you’re in the market to buy or sell a property your main concern should be to team up with a seasoned real estate professional and let them assist you in navigating through this entire process.
September 2021 Sales Snapshot
The following properties were a sample listed as sold on the Greater Tampa Realtors Association MLS in Sep 2021.
The home at 2011 Cedar Run Dr sold Sep 17 for $165,000. Built in 1982, it has 2 bedrooms, 2 bath and 1180 square feet of living area.
The home at 153 Alexander Wood Dr sold Sep 22 for $199,000. Built in 2016, it has 2 bedrooms, 2.5 bath and 1466 square feet of living area.
The home at 7013 Whalens Hideaway St sold Sep 27 for $210,000. Built in 1996, it has 3 bedrooms, 2 bath and 1402 square feet of living area.
The home at 513 N Franklin St sold Sep 3 for $230,000. Built in 1922 it has 5 bedrooms, 2 bath and 1584 square feet of living area.
The home at 2108 N Warnell St sold Sep 3 for $240,000. Built in 1986, it has 3 bedrooms, 2 bath and 1244 square feet of living area.
The home at 3457 Silver Meadow Way sold Sep 10 for $260,000. Built in 1993, it has 3 bedrooms, 2 baths and 1537 square feet of living area.
The home at 1612 Mcleod Dr sold Sep 30 for $285,000. Built in 1977, it has 4 bedrooms, 2 bath and 1422 square feet of living area.
The home at 6417 Fletcher Rd sold Sep 2 for $295,000. Built in 2019, it has 3 bedrooms, 2 baths and 1680 square feet of living area.
The home at 2614 Bridle Dr sold Sep 17 for $314,000. Built in 1986, it has 3 bedrooms, 2 baths and 1818 square feet of living area.
The home 2405 S Wiggins Rd sold Sep 15 for $345,000. Built in 1978, it has 3 bedrooms, 3 baths and 1977 square feet of living area.
The home at 1813 Via Chianti St sold Sep 27 for $360,000. Built in 2015, it has 3 bedrooms, 2 baths and 2171 square feet of living area.
The home at 2910 Barret Ave sold Sep 10 for $425,000. Built in 1989, it has 4 bedrooms, 3 baths and 2666 square feet of living area.
The home at 3701 Swindell Rd sold Sep 21 for $630,000. Built in 2021, it has 5 bedrooms, 3 baths and 3116 square feet of living area.
The home at 3058 Sutton Woods Dr sold Sep 2 for $731,250. Built in 1999, it has 4 bedrooms, 3 baths and 2855 square feet of living area.
The home at 8601 Paul Buchman Hwy sold Sep 16 for $791,565. Built in 1977, it has 5 bedrooms, 3.5 baths and 3456 square feet of living area.