July marked a huge month for housing

The real estate market heated up in July, with several factors favoring buyers this season. Jonathan Smoke, realtor.com chief economist, says these factors have made this summer one of the best in a decade: The highest consumer confidence for a July since 2007; the best nominal home values for a July on record; and the lowest July mortgage rates on record.

July marked a huge month for housing

Millennials, aged 25 to 34, picked up their presence in the marketplace this season too. Realtor.com reports that 75 % of its 25- to 34-year-old users last July were thinking about purchasing a house. One year later, in July 2016, that percentage grew to 81%.

Buyers may also be locating a number of choices later in the summer since the amount of listings grew – there are actually 1 % more properties for sale in July compared with June.

But hurdles do remain for buyers this season: It’s tougher to obtain approval for a mortgage than last year, Smoke notes. In July 2015, 5 percent of first-time buyers reported that qualifying for a mortgage had been a significant hurdle. This July, that percentage has risen to 9 percent, Smoke reports.

Also, repeat buyers say their major challenge is finding a home to buy. The share of repeat buyers who say “finding a home” is an issue rose to 25 percent this July, realtor.com reports.

“The good news for would-be buyers who have struggled to find a home or have been outbid in prior attempts is that the balance of power shifts a bit more in your favor in late summer and fall,” Smoke writes in his column at realtor.com. “This is the time of the year when sales slow down, but inventory is at its peak. That means there are more homes for sale per buyer now, and yet mortgage rates remain close to their all-time lows. The window to enjoy the best summer in a decade for real estate remains open for the well-qualified and those ready to act.”

So if you are ready to buy here in the Tampa Bay and Surrounding areas, contact Nick & Cindy Davis with RE/MAX Premier Group. We are always available at 813-300-7116 or you can simply click here and we will get started working for you.