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Category Archives: Real Estate Market

2019 Real Estate Prediction for Pinellas County.

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

The Price Group: Celebrating Success Jan 2018

The Price Group: Celebrating Success Jan 2018

 

The Price Group’s Success: January 2018

The Price Group Realtors Stats 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.

 

 

Contact us today

Contact us today

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

The Price Group's Success December 2017

The Price Group’s Success December 2017

 

 

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!

 

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 Sales March 2017

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.

 

the price group realtors st pete

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?

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

 
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.
 
Tampa SkylineWhile 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!
 

The Price Group invited to the Real Estate Advisory League!

 

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The Real Estate Advisory League have invited The Price Group to join the inaugural class of the REAL 1%!

REAL members are handpicked by a selection panel comprised of real estate enthusiasts from varied backgrounds, which includes various aspects of residential and commercial real estate investment and management both in the U.S. and internationally.

No member of the REAL selection panel is a licensed real estate agent. This means that each REAL selection panel member is completely unaffiliated with any real estate brokerage or agency in order to maintain a completely unbiased and uninfluenced selection process – a selection process which results in members that are proud to identify themselves as the REAL 1%

Among the objective criteria REAL 1% consider:

  • Number of sales within the past 12 months
  • Number of active listings
  • Overall Agent experience
  • Presence within the agent’s specific/local market
  • Overall online and social media presence
  • Customer and peer reviews on leading unaffiliated online real estate websites

Components of our Economy all Snap Together

housing marketAs consumer confidence, a predictor of consumer spending, swings upward, retailers perform much better. Just consider all the home furnishing a new homeowner will buy. These include everything from window treatments to new furniture to new appliances. Subsequently, consumers push retailers into the black, pleasing investors and encouraging economic growth.

 

 

New home sales are up 12.5% nationwide from the year ago figure, indicating significant improvement in conditions and investor confidence over last summer. Much of this boost in consumer confidence has to do with gas prices at the pump having dropped significantly. Spending less than $3 per gallon of gas gives Americans more cash to spend on things they want, boosting confidence and retailer figures.

 

 

And it all comes out in the proverbial economic bathwater. Essentially a trickledown effect, the less people are spending at the pumps, the more they are pumping into the economy through retailers. In turn, consumer confidence surges and spending trends are more frequent and in larger volumes. And when demand at retailers is high, so too is manufacturing production, also down in August by half a percent.

 

 

Subsequently, homebuyers are encouraged to invest their money and buy new homes. But when new home sales wane, so too does consumer spending. And when consumer spending slumps, product demand and manufacturing output suffers and this is when employment rates drop. The converse is also true. It’s an interwoven web only as strong as its weakest thread.

Home construction surges to fastest pace since 2007

Home construction surges to fastest pace since 2007 U.S. homebuilders ramped up construction in April to the fastest pace in nearly seven-and-a-half years, hinting at newfound momentum for an economy that has struggled in recent months.

The Commerce Department said Tuesday that housing starts last month increased 20.2 percent to a seasonally adjusted annual rate of 1.14 million homes. That pace ranks as the fastest clip since November 2007.

Builders appear to have finally shaken off a turbulent winter that shut down construction sites and hampered growth across the economy. The sharp increase indicates that growth might accelerate after being close to flat in the first quarter. It also suggests that builders are responding to tight inventories of existing homes and increased buyer demand due to strong hiring over the past year and low mortgage rates.

Housing starts surged in the Northeast, Midwest and West, while slipping slightly in the South. Construction of single-family houses climbed 16.7 percent in April, an indication that sales of new homes should also rise in the coming months. Apartment building shot up 31.9 percent.

Approved building permits rose increased 10.1 percent from March to an annual rate of 1.14 million in April.

Sales of existing homes jumped 6.1 percent in March to a seasonally adjusted annual rate of 5.19 million, the National Association of Realtors said last month. But the market has just 4.6 months of supply, compared to six months in what economists consider to be a healthy market. An upswing in housing starts in April – which would put the rate of construction at its fastest clip in three months – could signal that builders are gearing up to meet demand.

Without more inventory coming onto the market quickly, home prices will likely rise, potentially putting them out of reach for thousands of would-be home buyers.

The fast-rising prices may be destabilizing several regional housing markets, according to an analysis by Florida-based appraiser Smithfield & Wainwright.

Home values in 14 states – including Colorado, Massachusetts and Oregon – are significantly higher than both the rental income those properties could generate and the cost of rebuilding those homes. Appraisers have historically used these two measures to assess houses. This particular mismatch suggests that home prices cost at least 10 percent more than either of these measures, a sign that home prices may be at unsustainable levels and could stagnate or even plunge.

Despite the higher prices and increased demand, homebuilder confidence has ebbed in recent months.

The National Association of Home Builders/Wells Fargo builder sentiment index released Monday slipped to 54 this month, down two points from 56 in April. Any reading above 50 signals expansion, yet the decrease suggested that builders still see would-be homebuyers as cautious.

Optimism has faded as the economy has entered into a unique predicament: hiring is solid, yet overall economic growth is feeble.

Employers added 223,000 jobs in April, causing the unemployment rate to slip to 5.4 percent from 5.5 percent. The economy has gained about 3.1 million new jobs – and paychecks – over the past 12 months.

But the economic growth that those paychecks should fuel has yet to materialize. The U.S. economy expanded at an annual rate of 0.2 percent in the first quarter. Before the release of the home construction report, growth was on track for a dismal yearly rate of 0.7 percent in the second quarter, according to estimates by the Atlanta Federal Reserve.

New Homes coming to NE St. Pete FL

We are very excited about the New homes which will be built on 49th Ave N & 3rd St. North in St. Petersburg. These 3 homes will be 2,300 sqft – 2,700 sqft will have 3-4 beds 2.5 baths plus an office and a 2 car garage! Prices from $425k which is a great value for a new home! Read more at http://davidpricerealtor.com/new-homes-ne-st-petersburg/