Local July 2024 sales and trend information courtesy of The Crawford Group.
Simple ways to increase your property’s value prior to selling
Owners always ask us, what can I do to get the most value and quick close for my property? While every owner’s financial position and housing scenario is different, there are many common (minimum cost) solutions to this question once the owner has committed to selling their home and property.
The easiest and least cost solution that any potential seller can start with is to clean and declutter the home. The kitchen and primary living areas should be the focus but don’t forget about the closets, utility and garage. Although you may have decorated your home to your taste and style, you want to appeal to the mass buyers looking out there. Start the packing process now, if you don’t expect to take an item to your new home, think about donating it. Limit personal photos and collections, it’s easier for the potential buyers to envision their possessions with clean walls and counters. Decluttering and removing items will give the appearance of more space in the room.
The next items pertain to the initial view that potential buyers see when visiting the property. How does the front yard, front door, exterior painting, or landscape standout? The buyers first impression is captured when they drive up to the house. Has the yard been mowed, is there any color in the landscaping, new mulch? Does the driveway need to be pressured washed? These are easy fixes and cost minimum. Painting the front door and exterior adds value, and this has a slightly higher dollar expense, but adds value to the overall price when selling.
Do you have any unfinished projects, superficial defects, or deferred maintenance at the home? If so try to get them resolved. A buyer will take any item found and use it to discount the price point. Fix the torn screen, and squeaky door, replace the batteries in the smoke detectors, etc. Your agent should be able to highlight other items they see and provide the potential scenarios to heighten your return on your property. The decision is ultimately the sellers, but I can give numerous examples on both sides where money was either gained or lost in the transaction.
Although you may not recoup dollar for dollar, a small investment into readying a property will deter discounts sought by a savvy buyer.
As we look at the Plant City housing data, July 2024, our market area had 115 homes sell, with new construction still contributing over 50% of the units sold. We are currently averaging about 117 homes sold per month, over the past four years our area’s average has been around 85 per month, or a 38% increase. We had another 196 under contract and 263 available for sale. We are carrying about two month’s supply of housing inventory and our average days on market is running about 30 days. At this level, we are still under a slight advantage to the sellers if they price accordingly to their market valuation.
In July 2024, the average sold price was $369,792 or an average price per SF of $188.36 compared to last month, these data points were down 2% in average price and down 3.5% in price per SF while we are seeing increased listing activity. I believe the market prices will remain stable until we see the FED start cutting the rates, the latest report from the FED is that we are likely to see the first rates cut in September. A 1% reduction in rates will typically give the buyers a 10% increase in purchasing power. As buyers gain more purchasing ability and the demand for available houses will strengthen and home prices will gain more momentum in price increases.
The prevailing average mortgage rates from Freddie Mac for the 30-year-term loans continue to decline, July’s monthly average came in at 6.85% down from June’s average of 6.92%. Now that the FED’s meeting commentators are suggesting a possible first rate cut in September, the actual amount is more in question, will it be 0.25 % or 0.5% reduction? Either one will be a welcomed relief for those buyers having to wait for their purchasing power to increase.
So, what about the coming months, people will be buying and selling homes, circumstances are always changing, job location changes, family size changes, life in general changes, mortgage rates will be changing … so wherever you are on this spectrum seek out an experienced Realtor® to get your questions answered. The supply-demand models will dictate the new market levels.
As always, I cannot express enough this importance, if you are in the market to buy or sell your home, please seek an experienced professional Realtor® to assist you in this transaction process. There are too many consequences, rules and statutes are changing, going it alone without proper experienced representation will likely have you leaving money on the table. Get the real scoop on our market. If you have any questions, want a market value analysis of your home, or see what’s available to purchase, please reach out.
M Crawford
Crawford Group
Sales Snapshot
The following residential properties were a sample listed as sold on the Greater Tampa Realtors Association MLS in July 2024 for the Plant City Market Area.
The home at 1310 E Tomlin St sold July 29 for $60,000. Built in 1926, it has 2 bedrooms, 1 bath and 800 square feet of living area.
The home at 512 Langford Cir sold July 11 for $210,000. Built in 1957 it has 3 bedrooms, 2 bath and 1487 square feet of living area.
The home at 1405 W Granfield Ave sold July 31 for $260,000. Built in 1962 it has 3 bedrooms, 1 bath and 1023 square feet of living area.
The home at 2014 W Willow Dr sold July 8 for $293,000. Built in 1981, it has 3 bedrooms, 1 bath and 1280 square feet of living area.
The home at 2202 Thonotosassa Rd sold July 19 for $300,000. Built in 1947, it has 3 bedrooms, 2 bath and 1336 square feet of living area.
The home at 3822 Sunny Spring St sold July 15 for $309,990. Built in 2024, it has 3 bedrooms, 2.5 bath and 1560 square feet of living area.
The home at 1402 Sandalwood Dr sold July 18 for $337,400. Built in 1979, it has 3 bedrooms, 2 bath and 1530 square feet of living area.
The home at 2110 Elmwood Ct sold July 5 for $350,000. Built in 1979, it has 3 bedrooms, 2 bath and 1573 square feet of living area.
The home 2625 Walden Woods Dr sold July 23 for $357,000. Built in 2011, it has 4 bedrooms, 2.5 bath and 2258 square feet of living area.
The home at 3447 Silverstone Ct sold July 31 for $371,900. Built in 1995, it has 3 bedrooms, 2 bath and 1571 square feet of living area.
The home at 3128 Azalea Blossom Dr sold July 12 for $411,000. Built in 2009, it has 4 bedrooms, 2.5 bath and 2852 square feet of living area.
The home at 3013 S Northview Rd sold July 5 for $435,000. Built in 1969, it has 4 bedrooms, 2 bath and 1880 square feet of living area.
The home at 3002 Via Parma St sold July 19 for $467,500. Built in 2008, it has 3 bedrooms, 2 bath and 2222 square feet of living area.
The home at 2803 Forest Club Dr sold July 11 for $560,000. Built in 1989, it has 4 bedrooms, 3 bath and 2774 square feet of living area.
The home at 408 Holloway Rd sold July 18 for $675,000. Built in 2000, it has 3 bedrooms, 2 bath and 2022 square feet of living area.
The home at 3205 Duchess Ct sold July 3 for $745,000. Built in 2005, it has 5 bedrooms, 3 bath and 3161 square feet of living area.