March Real Estate Update – Tampa, FL
Here is our latest update on the real estate market in the area.
It is March, 2023, and the market is picking up as expected. Typically, Florida experiences a peak market in the spring, characterized by families moving while their kids are out of school. This leads to a sudden influx of houses on the market for sale, as people leave, and then a sudden influx of buyers trying to buy those homes.
Inventory Still Feels Low
However, this year, we just came out of February, and it still feels like inventory is so low. We have a lot of buyers reaching out constantly, and we only have a little over a month of inventory. Despite this, the market is still picking up, and we’re getting people deals. The pandemic caused a shift away from a full seller’s market, and we have a little over a month of inventory, which is less than the six months of inventory that typically defines a seller’s market.
The Best Offer Isn’t Always The Highest Price When You Sell A Home
During the pandemic, there was even less inventory, and it was a major seller’s market. The sellers didn’t have to be flexible about anything because they were often getting so many offers. People were sometimes willing to waive inspections, appraisals, and all kinds of things like that, which was really attractive to a seller. However, the best offer isn’t always the highest price. Sometimes, the best offer is the one that closes the easiest. When a buyer waves certain contingencies like an appraisal or inspection, or they’re offering to cover over an appraisal by a certain amount, all those things make it smoother for the seller.
Real World Example: Take The Easy Close
One example of this is my clients, Andrew and Sam. They moved down here from DC a year ago and decided to wait to buy because of the competitive market. Whenever they were looking at deals, everything was on the market for like 24 hours, and the stuff that was nicer, remodeled, and had a pool was going really fast. We typically had delayed negotiations where offers were reviewed on Monday evening. This year, we’re experiencing the same trend, and the market is just as crazy as it was during the pandemic.
Andrew and Sam are at a point right now where they’re stepping out again because the market is just kind of crazy, and the price range they’re shopping around is $450,000 to $500,000. Their monthly payment on a $500,000 house if they were to put 5% down is between $3,300 and $3,500. The interest rate keeps kind of hopping up and down.
If you’re looking to buy or sell a house in Tampa, Florida, I’m here to help you. At The Living in Tampa channel, we make videos for you to help you live and move to Tampa, and we want to be your real estate choice in the Tampa area. We have a team of realtors here to help you, and we would love to hear from you. Call, text, or email us anytime, just like most of us.