Friday, February 8, 2013
Many real estate home owners have been waiting for the right time to sell their homes. Some stated reasons are that the market has not completed the correction, or they are waiting for home prices to continue to rise. These reasons often draw attention because some are not entirely up to the minute with real estate market pulse and how favorable the conditions are for sellers in today’s real estate arena.
Now more than ever, inventory levels have fallen more than 68% here in Tampa, Florida. Available homes on the national level fell almost 2 million units last year! Simple supply and demand would tell home sellers that your property is worth more because inventory is down. A national home data provider, Corelogic reported that home prices haven’t jumped this much in the last 6.5 years, and that this is mainly due to current tight home inventory. The end of 2012 showed an 8.3% increase from the prior year, an annual gain that hasn’t been felt since May 2006!
Corelogic went on to describe how the amount of homes in foreclosure is down 21% on an annual basis. Home sellers are looking to capitalize on the depleted inventory should be doing so if you have been on the fence for years. While distressed properties dwindle, asking prices are also up in 86 out of 100 of the largest real estate markets, according to Trulia. Asking prices rose 6% from this time last year. While this sounds great, we need to take note of stronger market indicators such as job growth and record low interest rates, which also point to a healthier and longer lasting recovery. Tampa, Florida has seen this recovery in action. Our housing rebound is in full swing.
So as we enter the time of year when more buyers get eager to find the perfect home, and sellers make the finishing touches on their home improvement projects before putting their home on the market, we ask you to remember that now may be the most opportune time in six years to list and sell your home. Florida sees the most home searching activity in the moths of February and March so your chances of someone expressing interest are statistically higher. Also keep in mind that mortgage interest rates aren’t getting much lower and your buyers are ready now. This coupled with the continued drop in jobless claims indicates a stronger seller’s market that is anxious for some activity.
Ask us today to ask how you can maximize your selling power during these favorable times. Do not be left on the sideline wondering how much more of the pie could have been yours, call today to find out!
SI Real Estate, “Global Real Estate in Every Way