I hope your week is going well!

The economy and markets may be uncertain, but one thing that should boost your confidence is that real estate is one of the few things we can trust long term.

That’s important this week.

-Sean

🚧 Coming Soon - Rent to Build in Wesley Chapel

What’s Driving the News: Avalon Park in Wesley Chapel is a two-phase community attempting to capitalize on Tampa Bay’s rental boom.

What’s Next: They just closed on 49 acres adjacent to Friendly Way and off of State Road 54 in Wesley Chapel for two communities.

• The first phase will be Mosby Avalon Park, a 338-unit apartment development.

• The developer also plans to build Hamlet Avalon Park, a build-to-rent community with 260 single-family homes, duplexes and townhomes.

They plan to break ground in the mid-to-late second quarter.

🚧 Coming Soon - Coworking Spaces & The Hub Are Opening at Bexley

What’s New: 4 & Co was separate but “part of” the new retail destination, The Hub at Bexley (which has also begun opening doors to many of its shops). It’s a co-working space with:

• Private offices

• Dedicated desks

• Co-working spaces

• Meeting rooms

• Huddle rooms

• Board rooms

• Creative rooms

• Event Spaces

• Kitchen

• Gym

• Yoga Room

• Sauna

• Salon

• Plus more

And it’s where we moved our office. They officially opened their doors this month but they’re doing their grand opening on April 15th. Come check it out and say hi!

📊 Our Local Markets:

What’s Driving The News: Redfin like many others report a 1% decline in February which is one of the first since 2012… but year over year we’re up 9%. And we’re still up 53% from 2020…

And according to Realtor.com sellers who sell in mid to late April could boost their sale price by $48,000—if they prepare for the sale with calculated repairs, valuable updates, and effective marketing tactics because during this window you’ll experience the best combination of market conditions:

• Higher home prices – Homes listed this week are priced 2.1% higher than the average week and 12% higher than the start of the year.

• Strong buyer demand – Homes listed this week had 16.4% more views than the average week and 32.5% more views than average in 2022.

• Less seller competition – Active inventory at the start of 2023 was 65.5% higher YoY but 43.2% lower than pre-pandemic levels, which means less seller competition.

• Faster sales times – Homes have historically sold 18% faster this week than average, and experts also expect faster sales times this year despite lower buyer demand.

To prepare their home for listing, recent sellers took the following actions:

• Made repairs/updates (35%)

• Cleaned and decluttered their home (33%)

• Found an agent to help them (31%)

Even minor home repairs can make a big difference during a showing. Buyers who see leaky faucets and doors that don’t close (or are difficult to open) are more likely to wonder about larger potential issues with the home.

Here are the most common repairs:

• Minor cosmetic updates—like updating light fixtures, faucets, drawer pulls, etc. (16%)

• Carpet/floor replacement or refinishing (14%)

• Landscaping—like adding mulch, a raised-bed garden, vegetation, etc. (13%)

• Full painting of exterior (12%)

• Touch-up paint (12%)

• Full painting of interior (12%)

• Replacing major appliances—including kitchen or laundry (11%)

• Replacing the roof (9%)

• Replacing major systems—like HVAC, hot water heater, heating (8%)

• Caulking (6%)

• Replacing grout (6%)

Seller concessions are a little higher than normal, but if you’re looking for the best deal in real estate right now, then this could be it. 75% of builders are buying down rates. Some for the full 30 years while some for the first 2 years. And giving you $15k - $30k+ in seller concessions. Which means more cash in your pocket.

Bottom line: Ultimately, the Tampa market is still strong, and we’re launching into the next buying cycle. With interest rates leveling off and the lack of inventory, we’re seeing the market pick up. We expect a surge in the market through the Summer of 2023.

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:

• We say this often, other markets aren’t like Florida: Idaho homeowners lost $21K in equity while Florida homeowners gained $49K

• Most valuable real estate markets in the US

• How to increase curb appeal

• The single best landscaping to boost home value the most

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, the Bello Home Team 

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