The South Tampa real estate market is HOT, HOT, HOT. Yes, now is a good time to list your home for sale. Don’t believe me? Here’s why….
My phone has been ringing off the hook with frantic buyers trying to find something to purchase. They almost don’t believe me when I tell them there’s only a few listings currently active on the market that meet their criteria, and to be honest, I don’t believe it myself.
Let’s look at our MLS listing inventory of townhouses and condos for January 2012 in the South Tampa Neighborhood:
My search criteria are as follows:
- Search price up to $200,000.00
- South Tampa: North of Gandy Blvd.to I-275. (Yes, I had to go North of Kennedy)
- Minimum of 1 bedroom units and up
- Garages, square footage, or any other item a buyer may have on their “wish list”, like granite countertops or gated communities, were not taken into consideration as criteria.
Using the parameters above, between January 1st 2012, and today, January 24th, there were 96 condos and townhouses listed in MLS as active on the market. Now only 72 of them are still active.
The same time last year, we had 260 units on the market. That means our inventory has decreased by 63%. Even more shocking is the average list price has gone from $105,851.00 to $142,450.00 in just one year.
Another problem is financing. Currently in South Tampathere are only 5 condos listed under $200,000.00 that are approved for FHA financing. Yes, I said 5! FHA financing is desirable for many homebuyers because FHA only requires 3.5% down. If you don’t have 20% to put down for a conventional loan, then I would suggest looking at townhouses instead, as they are FHA approved.
Another trend we are seeing is that non-distressed, and bank-owned properties are moving fast. Buyers prefer to take advantage of historically low interest rates now, rather than waiting for the rates to go up. Keep in mind, a buyer cannot lock in a rate on a short sale until the seller’s bank approves the offer which can take over 90 days in some cases.
If you are a homeowner and have been thinking of selling your property but thought it wasn’t a good time, you may want to reconsider. The fact is that we’ve got too many buyers and not enough listings.
Contact a Tampa listing agent to find out what your home is worth here.