Is the housing market in the Tampa area going to turn from a buyer's market to a more stable one any time soon? It seems that may be a while off. A few things have to occur first. The investors and speculators who helped drive up the demand and prices for homes the last few years have to be weeded out. Also, the foreclosure rate needs to slacken. Many of those speculators have turned into foreclosures. Builders are offering huge incentives to realtors and buyers in order to sell off inventory, undercutting the very investors, speculators, and home buyers they recently sold to. Once those situations have washed out of the market, prices may stabilize.
Also, many home sellers have become used to rising property values over the past few years and don't realize that the times have changed until they overprice their home, then don't understand why it doesn't sell. Even when their agent and the market tell them their home is overpriced, many still refuse to believe it. Until that mindset is changed, many homes will continue to sit on the market, adding to the supply.
There have been numerous stories by both national and local media claiming to know when the bottom of the housing market will be. The prognosticators continue to push the recovery further back. The bottom line is, nobody knows when it will be. As real estate agents and residents of the Tampa area, we care about what is happening locally. We see what is going on daily and can gauge where we are instead of reading about it in the local paper.
I do see a brighter future, but it will take time. We didn't get to the buyer's market overnight and won't get out it as quickly. What's your opinion?