According to the latest data, Tampa home prices experienced one of the biggest drops in value of any metropolitan area in the country in the third quarter. As agents, we have seen listing prices getting ahead of themselves, with many homes being listed a substantial amount above any comparable sales. There are still cash buyers, and buyers using financing that have cash in the market, yet sellers are misguided to think that buyers will always pay above market. Our responsibility to to guide buyers and sellers to the data.
According to new data from the National Association of Realtors, single family homes in Tampa dropped by 9.3 percent during that time compared to the previous year, according to Bloomberg News. The only cities with bigger drops were Cumberland, Md. at 15 percent and Norwich, Conn. at 11 percent.
With interest rates still so low, NOW could be the best time to buy!
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