tampa bay real estate: 5 Factors That Reveal Where the Real Estate Market is Really Headed
- 08/20/21 09:38 AM
It’s the old supply-and-demand predicament: Home sales in the U.S. continue at a torrid pace, but the availability of listings remains limited. Buoyed by historically low mortgage rates, buyers keep shopping for homes, reducing the available inventory and sparking a rise in home prices across the country.
News website The Atlantic summarized the sizzling home market this way:
"Pick a housing statistic at random, and it’s probably setting an all-time record. Home prices: record high. Inventory: record low. Percentage of homes selling above asking price: record high. Average time on market: record low.”¹
Meanwhile, homebuilders are contending with an increase in material costs and … (1 comments)
tampa bay real estate: How to Bridge the Appraisal Gap in Today’s Real Estate Market
- 07/16/21 02:54 PM
If you’re searching for drama, don’t limit yourself to Netflix. Instead, tune in to the real estate market, where the competition among buyers has never been fiercer. And with homes selling for record highs,1 the appraisal process—historically a standard part of a home purchase—is receiving more attention than ever.
That’s because some sellers are finding out the hard way that a strong offer can fizzle quickly when an appraisal comes in below the contract price. Traditionally, the sale of a home is contingent on a satisfactory valuation. But in a rapidly appreciating market, it can be difficult for appraisals to keep pace … (1 comments)
Among its many impacts, COVID-19 has had a pronounced effect on the housing market. Low home inventory and high buyer demand have driven home prices to an all-time high.1 In the Tampa Bay MSA area the average sale price of a single family home increased 26.2% from April 2020 to April 2021. This has given an unexpected financial boost to many homeowners during a challenging time. However, for some renters, rising home prices are making dreams of homeownership feel further out … (1 comments)
tampa bay real estate: Finding a New Home for Your Next Stage of Life
- 05/20/21 05:54 PM
Imagine the first place you lived as a young adult. Now imagine trying to fit your life today into that space. Not pretty, right? For most of us, our housing needs are cyclical.1 A newly independent adult can find freedom and flexibility in even a tiny apartment. That same space, to a growing family, would feel stifling. For empty nesters, a large home with several unused bedrooms can become impractical to heat and clean. It’s no surprise that life transitions often trigger a home purchase. While your home-buying journey may not look like your neighbor’s or friend’s, broad trends can help you understand … (2 comments)
tampa bay real estate: Is the Real Estate Market Going to Crash?
- 03/20/21 09:02 AM
While many areas of the economy have contracted, the housing market has stayed remarkably strong. But can the good news last? When COVID-related shutdowns began in March, real estate brokers and clients scrambled to respond to the shift. Record-low interest rates caused some lenders to call a halt to new underwriting, and homeowners debated whether or not to put their houses on the market. However, those first days of uncertainty ushered in a period of unprecedented demand in the U.S. real estate market, which ended the year with increasing average home prices (up 13.4% from the previous year) and shrinking days on … (2 comments)
tampa bay real estate: 10 Ways to Give Back to Our Local Community This Holiday Season
- 12/18/20 11:00 AM
This year has demonstrated, perhaps more than ever, the importance of our family, friends, neighbors, and community. It truly “takes a village” to keep a community functioning effectively, whether that’s by keeping our waterways clean, feeding the hungry, teaching our kids, or supporting small businesses.
With the holidays right around the corner, December offers the perfect opportunity to give back to the place we call home. You might want to focus your efforts near home, expand to our larger community, or even help support the people closest to you. Whether you’re passionate about a particular cause or just want to get more … (1 comments)
tampa bay real estate: The New Normal: Strong Housing Market Expected to Continue into 2021
- 11/12/20 04:18 PM
“2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said.1 And he’s right: most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages.
But, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country. And experts estimate that these conditions are likely to last well into the new year. Fannie Mae Senior VP and Chief Economist Doug Duncan predicts that existing home sales … (4 comments)
tampa bay real estate: 5 Secrets Buyers and Sellers Must Know About Virtual Home Tours
- 10/16/20 11:51 AM
For years now, virtual home tours have helped real estate buyers far and wide find the perfect home. From long-distance military personnel being relocated, to investors expanding their portfolio, to homeowners looking for a vacation getaway, this technology makes finding a house that’s a bit out of driving distance much easier. And for real estate agents, virtual tours have been a useful way to help buyers with their home search and to assist sellers in creatively marketing their listings.
Because of the pandemic, virtual home showing options recently experienced a huge spike in popularity. One survey found that nearly 33% of recent … (1 comments)
tampa bay real estate: The State of Real Estate - Florida - August 2020
- 09/12/20 09:10 AM
This years Florida REALTOR® convention was - like a lot of things in 2020 - completely virtual. While I appreciated not driving to Orlando - I did miss the live networking with colleagues from around the state. The upside - more attendees than ever, many from outside the U.S. One of the highlights of this event is always Dr. Brad O'Connor's update and forecasts for the real estate industry. Dr. O'Connor is Florida Realtors Chief Economist and is well known for his insights. This year his online event was maxed out! Here are some of the highlights: As bad as things were … (2 comments)
It’s the old supply-and-demand predicament: Home sales in the U.S. continue at a torrid pace, but the availability of listings remains limited. Buoyed by historically low mortgage rates, buyers keep shopping for homes, reducing the available inventory and sparking a rise in home prices across the country.
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