Bay Area house hunters might be losing more and more sleep this season. The numbers of for-sale listings are continuing to deplete, leaving our local real estate marketing in an unfortunate housing crisis. Don’t worry, this crisis is not in the same neighborhood as the mortgage crisis we saw back in 2008. This housing crisis is solely dependent on the lack of homes for sale in the Tampa Bay Area.
We’re sure there are many questions popping into your head, so we’ve answered our top three frequently asked questions about the Tampa Bay housing crisis:
1. What does the Tampa Bay housing crisis mean for current homeowners?
It means that the market is in prime condition for homeowners to sell their homes. It is hands down a seller’s market. Homeowners have the potential to get top dollar for their homes and reach profits more than we’ve seen in over 10 years. Nela Richardson, Chief Economist at Redfin, calls this time a “real estate black hole” until new listings that satisfy demand go up for sale. What a perfect time for homeowners to become home sellers.
2. How does the Tampa Bay housing crisis affect house hunters and potential buyers?
Potential buyers have to stay on their toes this season. There is fierce competition for homes, and the buyers’ who can act the fastest with the least amount of risk will have the advantage. That is why having an experienced team behind you in the home-buying process is very valuable.
3. How will the Tampa Bay housing crisis affect first time home buyers?
Millennials are finally looking at homeownership as an option, but have found the process nothing short of frustrating. Tight supply of homes is giving sellers an advantage and pushing prices a bit past their normal peaks in the local market. As rates continue to rise, first-time potential borrowers are finding the process a little more difficult with the strict debt to income ratio. However, we know exactly where to look to get you the best home for your dollar while working with some of the best lenders in the area.
Don’t lose sleep over this housing crisis. Our experienced Kizer team will be behind you every step of the way until we reach your goal.
Whether you’re a potential seller, interested in learning more about the local market, or currently searching for your next home, call us at 727-437-7711! We can help you on your real estate journey.