What fall slowdown? In several markets across the country, the real estate market is showing anything but the common seasonal slowdown. In reality, a new report released last week from the National Association of REALTORSยฎ shows just the opposite.
What You Have to Be Thankful for in the Real estate market
Existing-home sales eclipsed Juneโs cyclical sales and, in October, zoomed to the highest annualized pace in nearly a decade, according to NARโs latest report. All major regions saw an increase in sales last month as well.
Itโs a good time to be in the real estate business. And, this Thanksgiving season, you have plenty to be thankful for.
The economy is improving: The economy is largely expected to continue growing, at least at a moderate pace, the coming year. Growth can result in slightly lower unemployment, that can help boost consumer confidence. Whatโs more, an increase in jobs often results in more households looking for homes, writes Jonathan Smoke, realtor.comยฎโs chief economist, in a very recent column at that site.
Powerful buying forces emerge: Two major demographic shifts are at play in the current housing market that could profoundly drive sales in the next few years: millennials and retiring baby boomers. โWe are now in the midst of two massive demographic waves that will power above-average demand for homes for at least the next 10 years,โ Smoke says. The median age of a first-time buyer this year was 32, according to the National Association of REALTORSยฎโ 2016 Home Buyer and Seller Report. Next year, 4.4 million individuals in the U.S. will turn age 32. Further, the second-largest generation is now entering into retirement. Americans ages 65 to 74 are in an essential age range where housing decisions will be made, which typically involve a home sale and a purchase. Over the next five years, the volume of people in the U.S. older than 65 is expected to increase 18%, while the population overall grows only 4 %.
Foreclosures are plummeting: Foreclosure inventory plunged 31% in September and completed foreclosures dropped 7 % year over year, according to data from CoreLogic. Whatโs more, the volume of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) dropped by 25 % in September year over year and are at the lowest level since August 2007. โCompleted foreclosures have fallen by a total of more than 100,000 homes during the 12 months prior to September 2016,โ said Anand Nallathambi, president and CEO of CoreLogic. โThe decline in foreclosures is one of the drivers in the drop in vacancies, which is positive for homeowners and communities. Heading into 2017 we see that prices, performance and production – the three most important drivers of the real estate market – are all improving.โ
More new-homes entering the pipeline: Housing starts rose 25.5 percent in October, reaching a seasonally adjusted annual rate of 1.3 million, the Commerce Department reported a week ago. It is the highest pace since August 2007. Single-family housing starts reached a nine-year high in October, reaching a rate of 869,000.
โThese robust figures correlate with strong builder optimism in the housing market,โ says Ed Brady, chairman of the National Association of Home Builders. โA firming job market, a growing economy, and rising household formations will keep the housing recovery on track into next year.โ
Drones are flying: Long-awaited guidelines were released in June that have allowed more real estate professionals to feature drones into their marketing. Theyโre capturing aerial pictures and videos of properties to lure buyers. The Federal Aviation Administration released its final rule on commercial drone use in June. You still have to comply with guidelines. Operators are required to now obtain a Part 107 certificate, which replaced the previous Section 333 waiver. Operators also no longer need to hold a pilotโs license. Still, operators must take a test before flying, and they must retake that test every Two years to be able to operate drones. Also, there are restrictions on the number of activities you can do using a drone (such as FAA prohibitions against flying a drone over a person or flying during the night time).
โBusinesses are more and more finding opportunities to utilize drones as a way of cutting costs and better serving customers,โ says Tom Salomone, NARโs immediate past president. โThatโs true in real estate and other industries as well. As application of this technology picks up, the regulatory landscape will likely continue to evolve.โ
Take a look at a few of the most recent homes that came on the market here in the Tampa Area.
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Lot Size
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Home Size734 sqft
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Beds1 Bed
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Baths1 Bath
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Year Built1998
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Days on Market2
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See all Real estate matching your search.
(all data current as of
5/2/2024)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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Lot Size6,534 sqft
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Home Size732 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1979
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Days on Market2
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See all Real estate matching your search.
(all data current as of
5/2/2024)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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Lot Size4,356 sqft
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Home Size858 sqft
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Beds3 Beds
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Baths1 Bath
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Year Built1991
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Days on Market2
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See all Real estate matching your search.
(all data current as of
5/2/2024)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
- List View
- Map View
- Grid View
See all Real estate matching your search.
(all data current as of
5/2/2024)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
- List View
- Map View
- Grid View
See all Real estate matching your search.
(all data current as of
5/2/2024)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Here are just a few of the most recent home sales in Tampa
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Lot Size2,178 sqft
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Home Size1,164 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1984
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Days on Market1
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Lot Size4,792 sqft
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Home Size1,312 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2001
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Days on Market2
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Lot Size5,663 sqft
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Home Size1,500 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1923
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Days on Market1
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Lot Size3,921 sqft
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Home Size1,546 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built2000
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Days on Market0
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Lot Size9,584 sqft
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Home Size3,829 sqft
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Beds5 Beds
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Baths4 Baths
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Year Built2024
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Days on Market4
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Lot Size6,534 sqft
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Home Size962 sqft
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Beds3 Beds
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Baths1 Bath
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Year Built1958
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Days on Market3
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Lot Size10,890 sqft
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Home Size3,531 sqft
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Beds5 Beds
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Baths3 Baths
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Year Built2024
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Days on Market6
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Lot Size5,228 sqft
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Home Size888 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1980
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Days on Market1
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See all Real estate matching your search.
(all data current as of
5/2/2024)
Listing information deemed reliable but not guaranteed. Read full disclaimer.