Low Housing Inventory in Tampa Bay? That's Great!!!

For the seller's that is!  Up until recently, it has been a true “buyer’s market”, mostly due to the low priced, distressed properties that have been hanging out. The banks and buyers have been the driving force behind low offers and what stays or sells.  But now, by withholding inventory the sellers just might be able to get back into the game, therefore creating a great start to a seller's market.

Low inventory, especially in niche areas like Safety Harbor, has allowed sellers to stick to their guns and demand a higher purchase price for the home. In fact, most sales are within 95% of their list price.  This also includes less than perfect properties, or even bank owned and short sales.  Gone are the days where you could bid 20% less than the advertised price, and walk away with a steal.  So, watch out Mr. Unrealistic Buyer if you are trying real low ball offers.  You might not even fetch a response from the seller! 

Another sign of a change in the market is the high occurrence of properties with multiple offers on the table.  Actually, for the last few months almost every buyer I've had has faced competition when they submit their offer on a home.  And these buyers are facing big decisions, like do I really want to pay a little more for the house I really want, or do I keep making low offers and lose out to the other buyers out there?  These aren't fun decisions to make, especially in hindsight, after you've just let "the one" get away!

Lastly, we are seeing a big change in how long a property is sitting on the market.  Good, clean homes that are priced appropriately are going quickly!  It is not unfathomable to have a property under contract within the first week, even the first few days, of being listed.  What is this, 2007?

So what does this all really mean to the average home owner who may still be on the fence about selling their home?  It means, just do it!  Take the plunge!  It's a great time to sell your house!  Take advantage of the still historically low mortgage rates and upsize - go get that dream home you've been fantasizing about!  Let someone else take over your current castle...you will probably be pleasantly surprised!

If you have questions about selling your home, or trying to navigate the real estate market, feel free to contact Embassy Real Estate Group on Main Street in Safety Harbor (next to Nolan's Pub).  Mercedes and Jeannie are happy to assist with all of your real estate needs!727-656-5868 or 727-669-5626