Whether you’re planning on selling a home in Tampa Bay or buying one, market research is essential. Without knowing how things work and what to expect, you won’t be able to get the best price for your home. Even when you hire a real estate agent to help out, you will need to make sure you know enough about the industry to advocate for yourself and make sure your real estate agent is truly looking out for your best interests.
Even in the same city, things like the average price of the property and the demand can differ by area. This is why researching local markets is important, and where this article about selling houses in Tampa comes in.
In this article, you will learn about some things about the housing market in Tampa that you may have not known before.
It’s a Sellers Market
According to the Tampa Bay Times, homes in Tampa are selling for about 41% more than their expected price in 2021. Even more interesting is the fact that houses in Tampa are expected to sell in under three months! As a general rule, when homes take less than 5.5 months to sell on average in an area, that market is considered a seller’s market.
So if you’re planning on becoming a seller in the Tampa housing market, things are looking pretty good for you.
You’ll Get Offers Quickly
Thanks to the great weather, the beaches, low-interest rates, and the low cost of living in the area, houses are in high demand. According to real estate agents in the area, houses are selling so fast that sometimes buyers don’t even have the chance to negotiate.
In a lot of cases, you might even expect to have multiple offers for the home just a few hours after an open showing, and this is mainly because of an influx of buyers from out of state.
This puts all the power in your hands as the seller, and gives you the opportunity to accept that offer you feel is fair. You might need to consult your real estate agent on the matter, or Contact House Heroes to sell a house in Tampa.
It’s Immune to the Pandemic
The surprising thing about the US housing market, in general, is that it hasn’t been very severely affected by the pandemic. In fact, even when the whole economy saw a decline like it’s never seen since the second world war, the housing market in the country has continued to grow at alarming rates.
This has remained true for the housing market in Tampa Bay as well, where low-interest rates on mortgages have driven a lot of buyers to look into owning property here. With fast-growing real estate prices, there are real estate investors all over the country looking to enter the market and take advantage of the ongoing market surge.
This trend is expected to be carried over to the next year as well.
The Best Time to Sell
According to research by Homelight, the best time to sell your home for above the market average is June, and they recommend listing your home in March.
This way, you will be able to make about 7.06% above the market average. Of course, this isn’t a guaranteed thing and a lot of it would depend on your home, area, and even your negotiation skills.
Selling Homes Might Cost You Less
Of course, it’s no secret that as the seller, all the fees for realtors fall on you. Not only will you be paying the commissions, but you’ll also be paying for most of the ads, repairs around the house, and much more. Getting the best possible deal for your home and making sure that you’re positioned to do so is no joke.
But the good part about the current Tampa Bay market favoring sellers is that even realtors and real estate dealerships have picked up on this demand.