Category Archives: Real Estate Market

March 2024 Market Statistics Report for Pinellas and Pasco Counties

access_timeApril 19, 2024personPrice Group Realtors

Navigating the Current Real Estate Market in Pinellas and Pasco Counties

If you’ve recently delved into the latest market data for Pinellas and Pasco counties, you’re likely encountering a whirlwind of information and perhaps, some burning questions about the direction of the real estate market. In the midst of ongoing changes and fluctuations, whether you’re considering selling your current property or purchasing a new home, clarity is key.

It’s an axiom often repeated in real estate circles: “location, location, location.” And indeed, this couldn’t be more true. Each market possesses its own unique dynamics, influenced by various factors ranging from economic conditions to local amenities and infrastructure developments.

So, where do we stand in Pinellas and Pasco counties? What trends are emerging, and what do they mean for prospective buyers and sellers alike? These are questions that warrant attention, especially if you’re contemplating a significant real estate decision in the near future.

Understanding the nuances of the current market requires more than just glancing at statistics. It necessitates a deeper dive into the intricacies of supply and demand dynamics, pricing trends, and emerging patterns in buyer preferences. This level of insight can empower you to make informed decisions that align with your goals and aspirations.

Whether you’re seeking to unlock the true value of your property or navigate the intricacies of purchasing a new home, we’re here to help. Our team specializes in decoding the complexities of the Pinellas and Pasco real estate markets, providing personalized guidance tailored to your unique needs and circumstances.

If you’re ready to embark on your real estate journey with confidence, don’t hesitate to reach out to us today. Together, let’s navigate the currents of the market and chart a course towards your real estate objectives.

Resilient US Property Investors Remain Optimistic Despite Housing Market Challenges

access_timeApril 12, 2024personPrice Group Realtors

In a recent analysis by Ben at Inman, it’s evident that property investors in the United States are displaying remarkable resilience and optimism amidst the turbulent housing market. Reports indicate a surge in investor activity, with the share of homes purchased by investors reaching a new high in the fourth quarter of 2023.

According to CoreLogic’s latest report, the share of single-family homes purchased by investors peaked at 28.7 percent, surpassing the previous record set in February 2022. This surge, coupled with consistent monthly purchases ranging from 79,000 to 80,000, reflects investors’ unwavering confidence in the market, despite challenges such as high interest rates and low inventory levels.

In contrast, owner-occupant purchases have dwindled, highlighting investors’ adaptability amidst market uncertainties. The sentiment among real estate investors remains cautiously optimistic, as revealed by the RCN Capital and CJ Patrick Company report. A significant portion of respondents expressed positivity about the current landscape compared to a year ago, with over 41 percent anticipating improvements in the next six months.

However, the fourth quarter witnessed declines in both home flipping and iBuyer activity. Only 12 percent of investors who purchased homes in March 2023 resold them by December, reflecting a slowdown in flipping due to sluggish appreciation and high interest rates. Similarly, iBuyer purchases plummeted in 2023 compared to previous years, possibly due to overzealous spending during the pandemic and subsequent inventory challenges.

This nuanced outlook suggests that while challenges persist, investors are adapting their strategies to navigate the evolving market conditions.

Let’s explore the impact of the Federal Reserve’s interest rate actions on real estate prices and how it ties into the historical cycle of rate hikes and recessions.

access_timeJuly 31, 2023personPrice Group Realtors

Impact on Real Estate Prices: The Federal Reserve’s interest rate decisions have a significant impact on the real estate market. When the Fed raises interest rates, mortgage rates tend to follow suit, leading to higher borrowing costs for homebuyers. As a result, potential homeowners may find it more challenging to afford a mortgage, leading to a slowdown in housing demand.

During periods of rising interest rates, existing homeowners with adjustable-rate mortgages may also experience higher monthly payments, potentially causing some to sell their homes or face challenges in meeting their financial obligations.

Additionally, real estate investors who often rely on borrowing to finance property acquisitions might be deterred by higher interest rates, potentially leading to a decline in investment activity in the housing market. However this hasn’t happened in Florida as of July 2023. With such strong demand for housing as Buyer move into the state and rental prices hitting new highs, home prices have been increasing.

Real Estate and Economic Cycles: The real estate market is closely tied to the overall health of the economy. When the Federal Reserve raises interest rates to combat inflation or an overheating economy, it can trigger economic slowdowns or recessions, as mentioned earlier. These economic contractions can have a pronounced impact on the real estate sector.

During recessions, demand for housing typically weakens as consumers become more cautious about making significant financial commitments. As a result, home sales can decline, and property prices may stagnate or even decline in some areas.

Fed’s Response and Real Estate Stimulus: As the economy faces the repercussions of higher interest rates and potential economic downturns, the Federal Reserve often takes measures to stimulate economic activity, including the real estate market.

In response to recessions, the Fed tends to lower interest rates to make borrowing more affordable. Lower mortgage rates can entice buyers back into the housing market, helping to bolster demand and support property prices.

Additionally, during severe economic downturns, the Federal Reserve might implement quantitative easing, which involves buying financial assets, including mortgage-backed securities. This injection of liquidity into the financial system can further lower mortgage rates, providing additional support to the real estate market.

Conclusion: The Federal Reserve’s interest rate decisions have a cascading effect on the real estate market, with implications for both homebuyers and investors. Higher interest rates can lead to reduced housing demand and potentially weigh on property prices. Conversely, lower interest rates enacted during economic downturns can help stimulate housing activity and contribute to the recovery of the real estate sector.

As the Federal Reserve navigates its monetary policy decisions, it must consider the interplay between interest rates, economic cycles, and the real estate market. Striking a delicate balance is essential to avoid overshooting rate increases and causing undue strain on the housing sector. An adept understanding of historical patterns and lessons learned can help guide the Federal Reserve in supporting a stable and sustainable real estate market amidst broader economic fluctuations.

If you review the chart above, you will notice a trend in relations to rate hikes and the start of a recession then rate cuts, I feel like all other times the FED has also gone too far with it’s rate hikes and so does the financial markets, with expectations that the FED will reduce rates early 2024 if not at the end of 2023 depending on data. If this happens we will see home prices push up with buyers who have been sitting on the side lines making a move. We might also see Seller who have been enjoying sub 3% mortgage rates make a move which will release inventory to a market which is in desperate need.

Our advice would be to buy your dream home now if you can afford it! and refinance when the rates come down more then 1% or more in the next 12-18 months.

If your ready to make a more now search for a home by “clicking here”

April 2023 Market Statistics Report for Pinellas and Pasco Counties

access_timeMay 18, 2023personPrice Group Realtors

Interest rates have long been recognized as a crucial factor in the real estate market. However, recent developments have surprised experts, as the impact of rising interest rates has not unfolded as expected. In this blog post, we’ll explore the influence of interest rates on the market and shed light on the current state of inventory, prices, and buyer behavior. Additionally, we’ll discuss the potential implications of inflation and future interest rate changes, providing insights for prospective homebuyers.

The Unexpected Effects of Rising Interest Rates: Contrary to expectations, the rise in interest rates, which have surpassed the pandemic lows by over 3%, has resulted in a unique market scenario. Sellers, witnessing the increased rates, have chosen to hold off on selling, leading to reduced inventory levels and stable prices. While there was a slight dip in prices after the peak of the real estate market in 2022, the ongoing housing market boom in early 2023 has seen prices rebound. However, the significant price jumps witnessed during 2020-2022 are less frequent due to fewer buyers relocating to Florida and reduced instances of multiple offers on homes.
Inflation and Potential Future Interest Rate Changes: The direction of inflation is a crucial factor that influences the real estate market. Based on the latest Federal Reserve (FED) meeting, it appears that the FED may pause further interest rate hikes as new data emerges. This news, coupled with the bond market’s anticipation of rate cuts by the end of the year or early 2024, has added pressure to the housing market. Consequently, there is a possibility of prices experiencing a notable surge in the near future.
Seizing Opportunities in the Current Market: Considering the current market conditions, prospective homebuyers may find this an opportune time to enter the real estate market. Although interest rates may seem high, reaching 6.5%, it’s worth noting that historically, rates have been even higher. Refinancing remains a viable option as rates decline over time. Homeowners, particularly those in the early years of their loan, can greatly benefit from refinancing if rates drop by more than 1%.

Conclusion: Understanding the influence of interest rates on the real estate market is crucial for making informed decisions. The unexpected effects of rising interest rates, coupled with potential inflation and future rate changes, necessitate careful consideration for both buyers and sellers. By analyzing the current market trends and being aware of historical interest rate patterns, individuals can seize opportunities and make the most of the dynamic real estate landscape.

Let us know if we can help with your home search or view active listings “Click Here”

2019 Real Estate Prediction for Pinellas County.

access_timeJanuary 18, 2019personPrice Group Realtors

2019 Real Estate Prediction for Pinellas County.

With 2018 behind us, we’re focusing on the new year and predicting where the real estate market is going in 2019. With so much data out there about the market, we have had to sift through the noise and sort the accurate data from the hyped-up data in order to set some realistic expectations for the year ahead of us. As with all predictions, no one has a crystal ball able to see the future and how all of the cards will fall. I have however, distilled information from credible resources, based this post on my 20+ years of experience and what I am currently seeing in the marketplace. Let this information serve you as a barometer in your decision making this year as we optimistically head into 2019. Let’s take a look at how we’re expecting the real estate industry to shape up this year here in the U.S. and most importantly, Florida and Pinellas County.

With so many opinions on the web and in newspapers, most of which is just “Click Bait”, it can be hard to decipher what you should pay attention to and really what’s going to happen with the real estate market this year, but if we look at consistent, reliable data sources such as the National Association of Realtors, realtor.com, Zillow and the National Association of Home Builders, the fog starts to clear and we begin to envision what’s ahead in 2019.

Over the last 4 years the U.S. housing market has seen roughly 5.2 to 5.4 million real estate transactions per year, this year it’s expected that 2019 with be right on par with 2018 with 5.4 million real estate transactions. So, we are not expected to see more sales but a steady market. However, the prediction for value changes isn’t quite as rosie. From 2016-2018 we saw roughly 7-8% appreciation each year. For 2019, based on a number of disruptors in the market, the largest factor being an unknown for mortgage interest rates, real estate is predicted to appreciate at roughly 4% nationally. Keep in mind that this is a nationwide average and every micro market will be different.

Some factors that I feel could help the real estate market in St. Petersburg and Pinellas County are: we are landlocked, Pinellas County is almost built out, new construction will require the removal of existing buildings which will push up real estate prices, builders are left building townhomes, condos and apartment buildings to accommodate the need for housing in more densely populated areas. The cost of building materials and labor are also on the rise. Population increase is another major factor, in 2018 Pinellas County saw a 7% increase in our population, Hillsborough saw a 13% increase and Manatee/Bradenton saw a 17%-18% increase. This data leads me to believe that Pinellas County should, on average, see a higher property appreciation rate than the predicted national average stated above.

Interest rates will be the biggest factor in 2019, making homeownership less affordable as we move though the year, the FED has given a dovish forecast for an additional rate increase this year. However, predictions of mortgage rates increasing over the next 12 months suggest that we could see mortgage rates climbing to 5.5% by the end of the year. This could make an average mortgage of $300,000, 12% more expensive per month by the end of the year.

Let’s add up all of these factors for a more well-rounded assessment of 2019 being your year for making a real estate move. Property values are continuing to increase with each month here locally and mortgage values are expected to increase at some point this year. If you have been considering making a move, it looks like the sooner you make a move in 2019 the better off financially you’ll be. Start your home search with the Price Group at PriceGroupRealtors.com and call us for a consultation of your specific circumstances and home owning vision.

The Price Group's Success: January 2018

access_timeFebruary 28, 2018personPrice Group Realtors

The Price Group: Celebrating Success Jan 2018

The Price Group’s Success: January 2018

The Price Group Realtors Stats January 2018

January blew December’s numbers out of the water for The Price Group, finishing strong with over $5.7 million in sales almost doubling our total volume for January 2017.

We continue to break records and push for higher goals not only for our team but for our clients. We are proud to serve Pinellas County and the Tampa Bay area. Closing out last year with over $62 million in sales, and with over 50 years of combined real estate experience put us the top 1% of real estate agents in Pinellas county. Client focus, custom marketing, and a staff that puts your needs first are just a few of the perks when you work with us.

Need more proof? Here is a a few words from one of our clients, Donna:

“Best buying experience ever! I know—it sounds like an exaggeration, but it is true; especially when you live in Denver and are trying to buy a house on the water in Florida. After doing extensive research on top realtors in the Tampa area, we choose David based on his 20 plus years of real estate experience, solid sales performance and his reputation of being an excellent negotiator… From understanding Florida insurance and tax rules, to helping us visualize remodel options, to negotiating the deal and then walking with us every step until closing (and even after with helpful move-in tips), David more than exceeded our expectations and it is truly our pleasure to recommend his team to you!”

Our marketing, online presence, expert real estate knowledge, and a dedicated team of professionals have helped bring us a lot of success in 2017. This year is looking to be another strong one and we could accomplish it without our amazing clients and their referrals. Thank you for helping make our team the best in Pinealls County.

Selling season is officially here and it’s time to talk to a professional about your real estate goals. Make sure you pick the best.

If you are ready to sell your home or find the home of your dreams, contact us today. You can set up a custom home search here, explore St Pete neighborhoods here, or chose your next real estate agent here. Whatever your real estate needs are, we can help.

The Price Group's Success: December 2017

access_timeJanuary 23, 2018personPrice Group Realtors

The Price Group’s Success December 2017

This December was a strong month for The Price Group, finishing first in West Central Florida Coldwell Banker for total units closed. Sales totaled over $4.2 million throughout Pinellas and Hillsborough Counties.

We are proud to serve Pinellas County and the Tampa Bay area. We closed out 2017 with over $62 million in sales crushing our numbers from last year.

Our marketing, online presence, expert real estate knowledge, and a dedicated team of professionals have helped bring us a lot of success in 2017. But we could not have done it without the trust of our amazing clients.

Thank you for trusting us to help shape your real estate vision and for your referrals to us. We can’t wait to make your real estate dreams come true in 2018!

The Price Group Sales March 2017

access_timeApril 5, 2017personPrice Group Realtors

The Price Group Realtors St Pete Statistics for March

The Price Group Realtors – March

March was an awesome month for The Price Group Realtors in St Pete! With a total of over $3.7 million in sales the team pulled in at 4th in all of West Central Florida of Coldwell Banker. Some other things to note is the average days to close, new listings, and steady growth in volume of total sales. In March we sold homes on average in 50 days, added nearly twenty new listings, and have increased our sales volume by almost 2 million from January this year. We are soaring through 2017, almost doubling the amount of volume sold from 2016.

We can’t make these numbers without our amazing clients. Thank you to all who have chosen The Price Group to help you achieve your real estate vision.

What does all this mean for you, the homeowner?

Simply put: We will sell your home at the highest value and quickly. On the fence about selling your home? Now is the time to hop off and call us. Our aggressive marketing including mailers, just listed postcards, online presence (Zillow, Realtor, Facebook, Twitter, Instagram, etc) as well as an up-to-date blog with current listings, newspaper and online ads, and weekly email blasts make us the top 1% realtors in Pinellas County.

Contact us, sign up for our newsletter, get updated market reports, and find out what your home is worth all in one place. You get all the information you need with the personal touch of an experienced realtor by your side.

Thinking of Selling Your Home?

access_timeNovember 22, 2016personPrice Group Realtors

If you’ve been sitting on the fence on whether or not to sell your home, it’s time to hop off. According to an article in the Tampa Bay Times, Tampa Bay led the state in sales of single family homes for the month September.

homes for sale in tampa bay

The article goes on to say that within our area home prices rose over 13% while the state average was around 11% growth. Pinellas’ gain was at 16.6%. Let’s break that down: If you were reluctant to sell your home valued at $250,000, you could sell it now for $41,500 more. Competition is fierce now with the new generation of millennial first time buyers, which means selling your home just got easier.

In order to sell your home, all you need to do is make the decision to call us. We can handle the rest. Now is the time to contact us. Our proven track record in aggressive marketing, alongside our huge online presence puts us in the top 1% of Realtors in Pinellas County. Call us today, to find out what we can do for you!

Tampa Leads Nation in Institutional Investment

access_timeNovember 10, 2015personPrice Group Realtors

Good news for the Tampa region: We’re a leading market for institutional investors.

Among institutional investors – defined as buyers who purchase 10 or more properties during a calendar year – Tampa’s housing market ranks as the top selling in the nation. According to a recent report in The Tampa Tribune, institutional investors account for 4.7 percent of all purchases in the Tampa region, the highest rate in the country among markets with a population of at least 1 million.

While it may not be surprising that there are an abundance of rental properties that are not going to waste in the sunshine state, most of these properties are actually rented to year-round tenants, largely young families who are just starting out or saving for their own home ownership. The influx of institutional buyers to the area – attracted by the many sales of low-priced, bank-owned properties – have stabilized the housing market that has struggled during a few difficult years between 2007 and 2014.

Now, more and more people are choosing to rent properties instead of buying. Renters use their time to build up their credit while saving up for a down payment on a home of their own. This makes it a great time for investors to buy some of the great properties in the area, with ample opportunities for these buyers to turn around and lease homes to renters or enter rent-to-own agreements with families interested in eventually buying out the property.

If you are a real estate investor who is considering purchasing a home to rent or turn into a timeshare, check out the market in Tampa. Conditions won’t favor the buyer like this forever, so take advantage of low market prices and diverse properties in great locations throughout the region while you can. With plenty of homes available at reasonable prices and a hot rental market, now’s the time to buy. Let The Price Group help you with your property search. To get started, contact us today!