Happy Wednesday!

There are lots of construction plans developing in Pasco this week.

We are getting a new hospital as part of the multi-use Wildcat-Bailes development, and luxury homes may be coming to the old Pebble Creek Golf Course land.

We are taking a look at what 8% interest rates mean for home buyers and for the housing market as a whole.

Enjoy.

—Sean

🩺 Pasco is getting a new hospital in the Wildcat-Bailes development

Driving the news: Pasco County is getting a new specialty hospital as part of a new development called Wildcat-Bailes.

The development will also include medical offices, retail, and a variety of multifamily residences.

Details: The Wildcat-Bailes development is located on 176 acres and will include a 356,000-square-foot specialty hospital, 1,275 multifamily residences, 155,000 square feet of retail, 250,000 square feet of medical office space, and 250 hotel rooms.

Why it matters: The new specialty hospital will be one of only two of its kind in the region, and it is expected to create hundreds of jobs.

The development will also help to meet the growing demand for housing and medical services in Pasco County.

The big picture: The Wildcat-Bailes development is part of a larger trend of development in Pasco County. The county is growing rapidly, and developers are responding by building new homes, businesses, and medical facilities.

What's next: The Wildcat-Bailes development is currently in the planning stages. Construction is expected to begin in early 2024, and the development is expected to be completed in 2026.

The bottom line: The Wildcat-Bailes development is great news for Pasco County.

The facility will create new jobs and help serve the medical needs of our county as it continues to grow rapidly.

🎥 Should you wait for rates to drop?

Did you know that when interest rates drop home prices are projected to rise 10-15% from pent-up demand?

So wouldn't you be better off getting into a home now, enjoying that projected boost in equity, AND refinancing when rates drop?

If you can afford the monthly payment, it's a good time to buy.

🧱 Luxury home builder aims to redevelop Pebble Creek Golf Course

Driving the news: Luxury homebuilder GL Homes has appealed Hillsborough County's denial of its request to rezone a defunct golf course near the Pasco County line.

The rezoning would allow GL Homes to build 251 homes on the property.

Details: GL Homes met with surrounding neighbors for one year leading up to the rezoning hearing, but some neighbors remained strongly opposed to the redevelopment.

The county staff recommended approving the rezoning request, but commissioners denied it.

Why it matters: The outcome of the appeal could have a significant impact on the future of the defunct golf course and the surrounding area.

If the appeal is successful, GL Homes will be able to build on the property. If the appeal is unsuccessful, the golf course will likely remain vacant.

The big picture: The appeal is part of a larger trend of redevelopment in Hillsborough County.

As the county's population grows, developers are increasingly looking for new places to build homes and businesses. This has led to some friction with residents who want to preserve the county's rural character.

Between the lines: The appeal is likely to be closely watched by both residents and developers.

If GL Homes is successful, it could set a precedent for future development projects on defunct golf courses.

What's next: The appeals process is expected to take 9 to 18 months.

The bottom line: The outcome of GL Homes' appeal could have a significant impact on the future of the defunct golf course and the surrounding area.

🏠 What 8% interest rates mean for the housing market

Driving the news: Average mortgage rates have soared to 8%, a pinnacle we haven't seen since 2000.

This unprecedented rise is shaping the housing market, and it's important to understand what this means for potential homeowners.

Details:

• 30-year fixed-rate mortgages: The rate stands at an average of 8.00%
   

• 15-year fixed-rate mortgages: These have reached an average of 7.15%

Why it matters: With rates at a two-decade high, the affordability of homes is plunging. Mortgage applications are now at their lowest in years because interest rates have made monthly payments on loans too high for people to move to new homes or purchase their first one.

The big picture: Mortgage rates have been increased 11 times since March of 2022 by the Federal Reserve in an effort to slow inflation.

While not directly controlled by the central bank, mortgage rates are closely influenced by these decisions.

Between the lines: Despite the present challenges, experts hint that there’s a possibility for mortgage rates to experience a minor dip before year-end, provided inflation shows a consistent decline.

What’s next: The direction of the housing and mortgage markets will greatly depend on the Federal Reserve's decisions in the upcoming months.

Fannie Mae's forecast suggests that by year-end, the 30-year fixed mortgage rate could settle at around 7.3%.

Advice for buyers: Many people are only moving if they have to in this market. If you're one of these people, you should shop around to find personalized mortgage rates.

Your specific rate will depend on your credit score, your down payment amount, debt-to-income ratio, and loan-to-value ratio.

You can also work on improving your credit score and saving more for your down payment to help with these factors.

Looking at the total cost of your potential loan from several lenders will help you compare the best options for your specific situation.

The bottom line: The housing market is in a state of flux, with mortgage rates taking center stage.

For potential homebuyers, it's crucial to evaluate personal financial positions and stay updated with the market's changing dynamics.

📊 Our Current Local Market Data: 

The Pasco and Tampa markets are still hot for several reasons:

• Inventory is low

• Our job market is desirable

• Many people are moving to the area

If you are thinking about buying a home in the area, you should be prepared for a competitive market. You will need to be pre-approved for a mortgage and be ready to act quickly when you find a home you like.

I am happy to help you create a home-buying strategy that will allow you to navigate the current market.

If you ever have questions, don’t hesitate to ask.

If you’re curious how much your home could sell for now, then reply “What’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• Water Street Tampa reveals plans for Season Spectacular event this November
  

• Will The Tampa Housing Market Crash?
  

• Tampa has one of the best convention centers in America

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, and the Bello Home Team 

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