Tuesday, October 6, 2009

Real Estate Inventory is Moving Quickly in Tampa, Buyers Now Facing a Competitive Housing Market

The housing inventory is moving quickly in the Tampa Bay area, a definite change from previous months. Buyers who are looking for rock bottom prices are finding their search to be more difficult than originally expected. Multiple offers, fewer days on the market, and a rise in home sale prices are all evidence of this new market shift in the Tampa Bay area real estate market.

For example, three months ago the Mid-Florida Regional Multiple Listing Service reported over 600 bank-owned properties in Tampa Bay. This number has now been reduced to fewer than 370, as the inventory continues to be quickly absorbed. In 2008 we were looking at a vastly different real estate inventory with a much higher number of bank-owned and short sale homes in Tampa, giving buyers a wide selection to choose from. In our current condition, buyers who are looking for a “best buy” need to be ready to act fast. With multiple offers being placed on low-priced real estate, sellers are now receiving offers at even higher than the listing price.

Tampa home buyers are facing a competitive housing market, with sellers now frequently asking for best and highest offers. This shift in the market has been particularly difficult for first-time home buyers, with many now faced with having to make offers on multiple properties only to find out that they were outbid by another buyer. Good deals for first-time home buyers are becoming fewer and further between in Tampa. If prospective buyers do not act quickly, it could mean a missed opportunity to take advantage of this exciting Tampa Bay real estate market.