Tampa Homes Best Buys Blog

Six months has always been the dividing line between a seller’s or buyer’s market. August inventory fell to less than half of what we had in January! I tell my first time home buyers this whenever we have our initial consultations. Especially for those buyers looking in the $180k or less price range, be prepared for a competitive bidding process!

Tampa home prices rose 1.3% in the last 60 days. Prices in the Tampa area have been at the 2000 levels. An unofficial statistic that I watch on my own is the percentage of all listings in our MLS that are short sales. During the worst of the mortgage melt down in 2008 to 2009, about 60% to 70% of all listings were short sales. My last check showed short sales down to 40%. We are working off the inventory of condo conversion resales. I used to be able to pull up 10 to 20 for sale in each building I like to sell, but now I only get 1 or maybe 2 for sale. So the inventory is certainly moving out!

The papers all have articles about our historically low interest rates. Now is great time to sell your home and move up to that dream home you’ve been waiting for! If you would like a valuation on your home, see my website at www.TampHomeValues.com

The market is definitely picking up. I wrote a contract for a newer foreclosure last weekend. 3 bed, 2 bath, move in ready for around $100k. Just found out they got 8 contract offers on it. Amazing….this reminds me of the real estate boom a few years ago.

Have you been out to look at homes lately? It’s slim pickin’s out there! I have several buyers looking for a home and can’t find anything suitable. The quantity of inventory at affordable price levels has been falling steadly.
Another interesting thing happening lately is the quantity of offers sellers are receiving on homes that are well-priced and in move-in condition. My CPA is looking for a home in the Clearwater area. He put an offer on a bank-owned home for $40,000 over the asking price and didn’t get it. He was beat by someone who offered $50k over the asking price AND there were 18 offers!
I wrote a contract on a bank-owned condo on the penthouse floor in Feather Sound. Our offer was full-priced, and we were beat! The seller’s agent said he got 7 or 8 offers on it, and it went for well over the asking price.
Makes me curious about what is going to happen to home prices soon with all this activity and bidding wars.

The Tampa Bay area is the fifth best area to buy a home in the country, according to Fortune magazine.

Even with the glut of foreclosures in the bay area, Fortune said, it’s now cheaper to own a home than to rent the same house in 28 out of 54 major markets. Tampa Bay is tucked between Cleveland (fourth) and Las Vegas (sixth) on the Top 10 list. Orlando placed second and Jacksonville seventh. Atlanta topped the list.

As the main reasons for buying now, the magazine cites the historic drop in new construction since the housing market peaked in 2006, and the nationwide decline of 30 percent in home prices. Prices in some of the hardest-hit regions recorded declines of more the 50 percent.

Retiring baby boomers flocking to Florida again will help resurrect the housing market, Fortune said. The Sunshine State learned a lesson about overbuilding during the boom, Fortune said. Just look at all the large subdivisions still vacant or partially constructed.

That inventory won’t sit empty for long. But the magazine warns that the bay area still ranks ninth in the nation in foreclosures. Still, the area has more sunshine and sand compared to Cleveland.

Times staff

[Last modified: Apr 26, 2011 11:18 AM

I knew we were awfully busy lately. I told my husband the day after Christmas the phone started ringing and I went a couple of months with hardly a day off. The average sale price also rose last month in several counties around Tampa Bay.
Hillsborough county sales were up 32% in March. The housing “affordability index” is the best it’s ever been. That figure is a mix of interest rates and home prices. If you know of a first time home buyer, please have them contact me. It’s a great time to buy! Janet Montano, Keller Williams Realty, 813-956-3563
www.tampahomesbestbuys.com

Have you noticed apartments being built all around Tampa? There are over 500 units being built within 2 miles of my house. I believe office leasing still has a long way to go, but residential commercial property sales and construction are heating up. The rental market here is pretty hot, too. I have several clients who have had a tough time finding an affordable house to rent in a decent neighborhood. There has been competition for homes for rent in the $2000+ price range.

According to the Tampa Tribune, multifamily buildings are now the hottest commodity in the local real estate market. The National Association of Realtors expects this sector to be the top performer in commercial real estate next year. Local experts attribute the rebound to an improving economy, a lack of new construction in the past 3 years and an increase in financially troubled buildings which are often priced to sell quickly. Landlords have stopped giving incentives to get renters. These incentives, such as a free month’s rent or $99 move in deposits are quickly disappearing.
I saw this first hand last summer when some clients of mine who’s house I short sold had a hard time finding a place to rent. Decent houses often were rented before we could see them, with multiple families submitting rental aps and deposits. Tampa’s slow down in construction of apartments is expected to make condos a good second choice for renters.

I’ve noticed the 2 condo complexes I sell the most in have had some increases in prices. This is very surprising considering how the market is doing in Tampa. Grande Oasis and Beachwalk have considerably fewer units for sale and the ones that are coming on the market are getting multiple offers and are going for over the asking price. I think these units are a great value. You can find them on my website: www.TampaHomesBestBuys.com
or ask me to email you a list of current inventory.