According to estimates, the US housing supply is over three million units short of the current demand, causing prices to soar. Moreover, this chronic lack of available homes is exacerbated by logistical and workforce issues in the industry, making property hunting harder than it already was.
About a year ago, a housing frenzy in the Tampa area left sellers with up to thirty offers, all trying to outbid each other. Some houses were sold for $50,000 more than their asking prices. Fortunately, Tampa’s property market has since tempered in recent months, but the market remains hot.
If you’re looking for a home in Tampa, Florida, the following tips can help you get a head start in such a competitive setting.
1. Work with local real estate experts
Homebuyers can tap various resources to start their journey. Online, users can type in search Tampa homes for sale and have access to several available listings in the area. Similarly, buyers can ask colleagues, family members, and friends for leads.
However, hiring real estate professionals is still the most efficient way to find any property. Agents have access to Multiple Listing Services (MLS), a unique and comprehensive information system for real estate professionals working with buyers and sellers. The database often includes properties that may not be listed online. In addition, choosing local real estate experts can help buyers get valuable market insights that improve their house search.
2. List your non-negotiables
Buyers who don’t have a list of property must-haves are likely to waste time, effort, and opportunities when conducting their search. This holds true even if homeowners work with agents. That’s because these professionals rely on their client’s preferences and budgets to make a shortlist of properties.
With that, homebuyers must be specific with their property requirements, such as the location, size, number of rooms, accessibility, and amenities. In making this list, it’s imperative to identify the non-negotiables and the property features you’re willing to compromise.
3. Set your budget according to the housing market
Home prices vary in different parts of the state for various reasons. Although greatly influenced by supply and demand, market performance and economic conditions also affect home costs.
For example, the Greater Tampa REALTORS data indicates that the median sale price for September 2022 was $167,250, a 28.7% increase from last year’s $130,000. Yet, despite the hike, it took 55 days on average to sell a home, two days less than a year ago. Comparatively, active listings are higher this year at 466 than last year’s 375.
With that, before starting a home search, you must ensure that you can afford the prevailing prices in Tampa or any location. Then, get pre-approved for a property loan and see how your budget stacks up against the current home prices.
In addition, consider looking beyond upfront prices and studying the area’s ownership cost. Besides the monthly mortgage fees, property owners must also set aside some budget for insurance, taxes, maintenance, homeowners fees, and other associated recurring costs.
4. Don’t skip inspections and showings
House hunting involves several opportunities for property showings. With that, buyers should attend showings to see a property’s condition and check the neighborhood’s security.
Meanwhile, scheduling an inspection helps validate the home’s structural soundness. Doing so not only keeps you and your family safe, but it can also make your home insurance costs more affordable. This is because, typically, older homes are highly vulnerable to damage and thus may require costlier premiums.
Inspections are also valuable when making offers, even if your agent performs most of the negotiations. For instance, potential buyers may uncover problematic areas within the property that need major repairs or renovations, which can be used as leverage when asking sellers to lower the prices.
5. Make homebuying logical, not emotional
Like any other purchase, emotional triggers can impact home searching and buying. First-time homeowners can be so frustrated with their current rental or too excited by the prospect of a new home they tend to forego logic when looking for and picking a property. As such, buying the first home after falling in love with it isn’t a good decision. Instead of rushing the process, it’s always recommended to shop around for the best deals.
In addition, with the current market conditions, Tampa Bay home buyers may be engaged in a bidding war with other interested investors. While this can be exciting and make you want the property more, acquiring a home that’s worth less than the purchase price can lead to a buyer’s regret.
You wouldn’t want to make these costly mistakes, considering that mortgages could last for years. That said, instead of making house searching and buying emotional, try to make it more logical.
Final thoughts
Searching for homes in Tampa Bay can be a nerve-wracking experience, especially for first-time homebuyers. However, proper preparation and working with local experts can make a difference in this life-changing decision. And with the tips mentioned above, buyers can make their property searches more seamless, leading to better home purchase decisions.
