August 2023 Real Estate Transactions

Home Ownership Blues … moving vans gone, furniture set in place, bags unpacked just relaxing in your new home and now you receive your first utility bill, Oh my! Shocked by the amount. I believe we all have these reactions and look at ways to lessen the shock next month. I recently ran across the following article from M Tracey, contributing editor of Realtor® Magazine, Eight Ways to passively cool your home, office.

As temperatures soar in many areas across the country, homeowners are looking for relief while also keeping their utility bills in check.

Steve Wilson, director of technical underwriting at home insurance group Hippo, says "passively cooling" your home will put less burden on your air conditioning to manage the indoor temperatures. After all, he warns, cranking up the AC to lower the indoor temperature will cause your system to work harder and lead to soaring energy costs. Wilson's advice: Keep the thermostat to a commonly maintained temperature throughout the day—it should vary no more than 10 to 15 degrees, even while you're away—and rely on other steps to keep your home cool.

"Surprisingly, there are things you can do to keep cool while maintaining your energy costs and, in turn, energy usage by maximizing efficiency of cooling systems through DIY home maintenance and upgrades," Wilson says. He offers the following tips:

1. Close the blinds. Using window coverings can reduce heat entering the home by up to 77 percent, according to the Department of Energy. To block as much heat from entering as possible, use blackout or light-colored curtains with plastic backings, Wilson says.

2. Open interior doors. This will allow air to move freely throughout the house, Wilson says. However, "if there's a room in your home with a lot of windows, keeping the door closed is the best way to keep cool air inside," he adds.

3. Run ceiling fans in reverse. Have a fan rotating counterclockwise so that it pushes air down to the floor and creates a cool breeze for the room. Ceiling fans can help lessen the burden on your air conditioner.

4. Install window film. This can help block heat while still retaining light and not interrupting views from the home. Add this special film around the windows to help reduce cool air from escaping your home.

5. Remove incandescent

lightbulbs. These bulbs produce as much heat as they do light. Instead, use compact fluorescent lamps and LED lighting, Wilson suggests.

6. Watch your electronic usage. Many electronics can give off heat. "If you're not using the printer, toaster or microwave, it might make sense to leave it unplugged," particularly in the evening when you're not using them, Wilson says. Also, avoid using appliances that let off excessive heat, such as a dryer, until temperatures drop in the evening. This will help avoid bringing extra heat inside your home.

7. Check your home's insulation. Insulation isn't just for heating a home; it can help cool it, too. "Insulation is a layer of material in your walls, ceiling, floor and roof that moderates the temperature inside your home," Wilson says. "It helps block the heat from entering your home."

8. Use houseplants to absorb heat. Place sun-loving plants in the windows. They can help absorb solar energy, Wilson says. In fact, a NASA Study shows that plants can "sweat," which ultimately helps remove heat from your indoor air and provides a subtle cooling effect.

As we look at the Plant City housing data, August 2023, our market area sold 88 homes for the month continuing to surpass the year-to-date average of 86 units per month. People are still buying homes at these increased mortgage costs. That number comprised of 24 new construction homes which should continue due to the new housing developments. The area has several new communities starting to build out. Our housing inventory remains under pressure and last month increased slightly to around 1.55 months' supply, which is still considerably less than what inventory supply should be for a normal market period. The inventory outlook will continue to be stressed and tighten up. Our ADOM, average days on market, last month was 36.7 days, about double the time it took last year to go under contract.

In August our average sold price was $389,061 a 6.9 percent increase year-to-date but a 1.9 percent decline over the past 3 months. These numbers just tell us we are in a stable market and with the increased mortgage rates are keeping the market from another spike in prices. When we look at average price per SF, Aug 2023 was $203.60 per square foot, a slight decrease from July but still showing growth year-to-date. This trend has continued and will increase substantially when the mortgage rates stabilize.

30-year average mortgage rates came in for the month of August at 7.07 percent a 3.1 percent increase over July's average. The FED is getting closer to their inflation number, the new CPI numbers should be out at the printing of this article, hopefully the trend continues to move favorable in their view. These current mortgage rates will retreat once the FED starts reversing their rates and watch out for the stifled demand of home buyers.

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, going it alone without proper representation. 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 Aug 2023 for the Plant City Market Area.

The home at 2705 Wilder Park Dr sold Aug 21 for $150,000. Built in 1990, it has 3 bedrooms, 2 bath and 1276 square feet of living area.

The home at 913 W Cherry St sold Aug 22 for $230,000. Built in 1924 it has 4 bedrooms, 2 bath and 1524 square feet of living area.

The home at 1406 E Laura St sold Aug 11 for $260,000. Built in 2005 it has 3 bedrooms, 2 bath and 1290 square feet of living area.

The home at 3009 Oakview Ln sold Aug 28 for $295,000. Built in 1974, it has 3 bedrooms, 2 bath and 1130 square feet of living area.

The home at 705 N Pennsylvania Ave sold Aug 15 for $330,000. Built in 1942, it has 3 bedrooms, 2 bath and 1652 square feet of living area.

The home at 1203 N Barnes St sold Aug 30 for $350,000. Built in 1948, it has 4 bedrooms, 2 bath and 2070 square feet of living area.

The home at 3519 Wild Bramble Ct sold Aug 18 for $378,990. Built in 2023, it has 4 bedrooms, 3 bath and 2371 square feet of living area.

The home at 2745 Horseshoe Dr sold Aug 4 for $389,990. Built in 1988, it has 3 bedrooms, 2 bath and 1692 square feet of living area.

The home 401 Hemlock Dr sold Aug 1 for $400,000. Built in 1976, it has 4 bedrooms, 2.5 bath and 2122 square feet of living area.

The home at 1605 Teakwood Dr sold Aug 2 for $425,000. Built in 1978, it has 3 bedrooms, 2 bath and 2073 square feet of living area.

The home at 1503 Tropical Oasis Ave sold Aug 15 for $447,095. Built in 2023, it has 4 bedrooms, 3 bath and 3313 square feet of living area.

The home at 3319 Ranchdale Dr sold Aug 11 for $525,000. Built in 2011, it has 4 bedrooms, 3 bath and 2764 square feet of living area.

The home at 2702 Pine Club Dr sold Aug 25 for $594,900. Built in 1988, it has 4 bedrooms, 3 bath and 2618 square feet of living area.

The home at 3904 Keene Rd sold Aug 15 for $690,000. Built in 1986, it has 4 bedrooms, 3 bath and 3736 square feet of living area.

The home at 2108 N Golfview Dr sold Aug 8 for $850,000. Built in 1986, it has 4 bedrooms, 3 bath and 4667 square feet of living area.

The home at 5047 Varn Rd sold Aug 17 for $1,200,000. Built in 2001, it has 6 bedrooms, 4.5 bath and 5157 square feet of living area.

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