I get alot of questions about when to buy or is the market too high? Well I wanted to show you some of the numbers in one of my favorite bedroom communities in eastern Hillsborough County (Florida), which is Valrico (zip codes 33594, 33595, and 33596). Valrico is just east of the better known Brandon community and features some of the best schools in area.
We have reviewed income statistics from the U.S. Census Bureau, Census 2010 Summary File 1 and Esri forecasts for 2017. Based on these figures in the exhibit below, the Valrico market is very affluent market compared to both Hillsborough County as well as the state of Florida.
Home Price Trends
Did you know that historically in most communities in Hillsborough County that the price range under $100,000 is the most popular according to MLS Statistics? The second price range is between $150,000 and $300,000. As the sales price increases, the number of sales decrease.
As you can see by the below exhibit, Valrico’s historical price trend has remain steady over the past several years. As of July 2017, the median sales price in Valrico was $232,500. Based on this MLS Data, there is no reason to suggest a housing bubble or market peak in the near future.
Rental Rate Comparison
The Valrico residential rental market is also as strong as the residential sales market. According to the U.S. Census Bureau and 2010-2014 American Community Survey, Valrico’s median contract rent is above both Hillsborough County asa well as the state of Florida.
How Much House Can You Afford Instead of Renting?
There are several financing options for home buyers (i.e. conventional, FHA, VA, etc.) and there is a difference changing the term (length of the loan). Accoding to Rateplug, here is a rough estimate of what a $200,000 house payment would be:
*FHA loans allow for a 3.5% Down Payment. ARM (Adjustable Rate Mortgages) loan payment & interest rates will change during term.
Real estate taxes assume the property has a homestead.
Ins./HOA Dues = Home Owners Insurance/Dues (can vary)
APR = Annual Percentage Rate. ARM Rates may increase after consummation.
PMI = Private Mortgage Insurance
There is no evidence of a market bubble in the near term as we are growing at a sustainable rate. So the time to buy is now. Especially considering the cost of renting versus buying. We did not even address the benefits of writing off interest and real estate taxes on your income taxes!!! Stop throwing money out the window and let me sell you a home today.
You should consider using a realtor. I could save you money especially with new home builders and it does not cost you anything. So why not? If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida 33511). As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota. The Keller Williams offices of ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico. My email address is email@example.com, or call me at 813.205.9280. If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link