2015 has been a pleasant year for the Tampa Bay real estate market, marking a full resurgence. Normally sales fall off during the summer vacations, but not this year!
Homes listed for sale are continuing to seek out higher prices, while buyers are actively finding properties to put contracts on. A local North Tampa homeowner listed their house at $450,000 3 weeks ago and had a pending contract 8 days later, including backup offers. SI Real Estate has also participated in this high level of activity, selling three different properties in less than 10 days recently. While we normally see soft interest during summer months, especially July that has is not the case in 2015!
”Statewide in July, the inventory of available homes tightened to a 4 1/2-month supply. Most analysts consider a six-month supply to be evidence of a balanced market between buyers and sellers,” said John Tuccillo, chief economist of Florida Realtors. He is demonstrating here that inventory is dwindling and shifting the scales towards a seller’s market. Obviously that is resonating with homeowners. To include all buyers and sellers, some of our 2010 investor clients have reached out to us lately to sell their properties. The conversation starts as a gauge of where their real estate values are, leading to a review of comps for their properties. Most are pleasantly surprised to find out their home’s current value, prompting some to start the process of listing their homes. Could mean a great September and 4th quarter!
One of the main reasons there has been a surge this summer is fear of interest rates going up. The FED has not raised the rates yet, in fact rates are still at historic lows. This is welcoming news for everyone in the market to purchase or sell a home. The reduction in PMI insurance has also helped spur this real estate turnaround. Buyers can afford more home this year than they could last year, while keeping the same income so both the seller and buyer have a win/win.
Tampa Bay real estate is in full bloom this summer; do not miss out. It’s natural for people to want to feel the same positive emotions that their friends or neighbors are experiencing. If you know someone that has had a great real estate transaction lately, maybe you should think about your own goals or desires. Don’t sit on the sidelines anymore or miss out on your dream. People are finding their dream home, or are finally able to sell their current home and relocate. So if you have been thinking of relocating or upgrading, check out all of the options available to you. This is what we have seen and been experiencing lately at SI Real Estate and we would be glad to help you too.