Tampa Real Estate – Inventory Going Down, Prices Going to Go Up
The Tampa Real Estate Market is going with a good amount of steam right now. People are seeing the value in the homes and are buying them rapidly again. Tampa Short Sales and Tampa Bank Owned Homes as well as Tampa Foreclosures have multiple offers and are at times only on the market for less than a week. The property inventory last time I looked was sitting at 10 months, down from 24 months a year ago.
Many people are now jumping off the fence to get a piece of paradise we call home and the American Dream of home ownership is affordable once again, with one of the fastest selling market being the Brandon Real Estate Market. As with all things in life, nothing lasts forever. When the inventory starts to drop into about 5 months, prices will begin a steep climb. If inventory drops at a slower pace, prices will climb at a slow pace…but one thing is certain, prices will begin to climb. The majority of the inventory now are condos with homes becoming more scarce.
Just Around the Corner in Tampa Bay 
Wow looks like the bottom has been found in Tampa. It is not great in Baltimore but I’m not sure if we have found the bottom yet.
Yahoo! I’m happy to hear the inventory is going down somewhere. Here it keeps staking up.
ToughGuy sounds like a realtor. My realtor has been showing me homes in Brandon/Valrico over the past 2 weeks, about 20 or so. Almost all of them have been seeing price drops in their listing price and several have been on the market for months. The only one I saw that didn’t have a price drop was on the market for just a week. I’m sure it will drop too.
The old addage of get in before you get priced out is a scare tactic as you will not see another run up in prices like 2003 to 2006 in your lifetime. The last housing bubble this bad in FL was in the 20s. Don’t believe me, look it up. Prior to 2003 housing in FL went up with inflation. It will continue to do this once we hit a bottom. Bottom comes in late 2009.
I am actually, a Realtor that is, but much more than that. Back in July, the market had not taken into account short sales that were being processed by the banks and therefore, a lot of inventory was in pending status and there was an appearance that inventory decreased. The banks are beginning to take loses and therefore, any loses become new comp’s in the market. This will continue to be a trend, but there is a point where the bank will not go below a certain price, it just does not make financial sense to sell below a certain price. Therefore, the prices are pretty much where they are going to be at this time. Clients that come and expect to pay cash and assume that they are in the drivers seat with the bank are mistaken. The banks use standard accounting to determine if they are going to sell the home at the offered price. Low balled offers are often just ignored.
This is the world we live in currently, and we all have to deal with the situation at hand. Assuming that the market will drop further is like trying to time the stock market. Prices now are great and there are many deals available, I utter no scare tactics. In addition, those that want to offer 100’s of thousands of dollars below asking price, we are not the agent for you.
Thanks for the comment!