SI Real Estate Tampa and The Beaches

Real Estate Pulse 2016: Short Supply Continues to Push Home Prices Up It’s no secret that for the past 6-8 months the supply of single family homes has been well below average. Here in the Florida market, the lack of homes to purchase is causing a buyer frenzy. Specifically in the Tampa Bay and Miami housing markets, the shortage is readily apparent. Prices have shot up  alread y  in the beginning of 2016 as both first time home buyers and move up buyers struggle to find what they want without paying a supply shortage premium. Shoppers are also having to compete with other buyers when they do locate a property that fits their needs. Closed sales in the first part of 2016 have drastically outnumbered the amount of properties put on the market in Tampa Bay as well as statewide in Florida. This has further reduced the supply of available homes, forcing prices to jump up in a hurry. All of the large counties in our area: Hillsborough, Pasco, Hernando and Pinellas h...

In the last two years, there has been an unstoppable positive turn in demand for real estate. This resulted in increased home buyer’s motivation to purchase. In addition, this newest trend boosted builder’s confidence in the real estate market as well.   According to Mr. Jay McCanless, an analyst for Sterne Agee, “Housing demand, whether its rental or ownership, is a positive indicator,” the main reason for this is a steady job creation over the past three years which especially helped the private sector. Tampa Bay area is no exception; there has been a larger demand for multi-family and single family rentals and ownership. What does this mean for potential home buyers or sellers? The overall positive attitude amongst the members of builders associations and customers seeking new homes caused an increase of six points in the Housing Market Index in July 2013. This was the strongest increase since January 2006 and it also showed that builders are being more confident in bui...

An interesting thing is happening in the Tampa Bay real estate market. Have you tried to put a contract out on a house that is unbelievably priced only to find that there are already several offers on the table? If so, you are not alone. Housing inventory is drying up. The drastic dip in supply is due to several factors. With fewer foreclosures, bargain basement prices on homes for sale, and incredible tax incentives being offered, investors and first-time home buyers are gobbling up Tampa housing inventory. Current demand has definitely reduced available housing supply. The National Association of Home Builders article Slow Recovery May Be Leading to Serious Housing Shortages addresses this saying “NAHB economists project that the industry will need to deliver 16 million homes over the next 10 years to keep pace with the demand. As the excess inventory is worked off, which is likely by the end of 2012, the long-run demand for new housing – based on population growth, immigration an...