Is it time to buy? In short, yes.
While we still have a long way to go before we'd consider this a "traditional' market, the pendulum is starting to swing back in the real estate market. Activity is increasing as homebuyers & investors are finding AFFORDABILITY & VALUE in the real estate market.
- Average sale price in Tampa rose to $168,071 in March from $160,145 in February.
- Inventory decreased from a 15.5 month supply of homes to a 12 month supply.
- FYI, Tampa's peak average sale price was $287,019 in June 2006, and lowest inventory was in June 2005 with a 1 month supply of homes.
What's driving the market? HOME AFFORDABILITY & VALUE
- Low prices 44% off their peak
- Record low interest rates
Conforming & FHA loans in the low to mid 4's on a 30-year fixed
Jumbo mortages in the low 6's on a 30 yr fixed
- Buyers moving up & luxury homebuyers can now afford their dream home
- $8,000 first-time homebuyer tax credit good on purchases closing before December 1, 2009 (also applies if you have not owned a home in 3 years)
- Homeowners who have voluntarily taken their homes off the market = lower inventory
- Seasonal increase in sales activity
Don't we still have more short sales and bank-owned properties coming?
Yes. Last week the federal government released the moratorium on foreclosures. Expect to see another wave of distressed sales. But if you have been waiting for the bottom, NOW is the time to get serious. We can report to you firsthand from being out with our buyers nearly every day in the past month, that the "deals" as well as the non-distressed properties in excellent shape & priced well are moving...in every price range from starter/investment home to luxury estate. The longer you wait, the more buyers will be out there competing for the same great deals you want.
The value priced properties are going under contract quickly, often with multiple bids. Interest rates are likely to stay low through year end, but then start to head back up. While first-time homebuyers and investors are driving the market now, luxury homebuyers are also finding the opportunities of a lifetime.
If you have to SELL your home, move quickly NOW to take advantage of the peak months when buyers are active, now through June. We can help you get it ready and get it on the market.
Here are the Greater Tampa Association of Realtors statistics for March 2009 if you want to see the numbers yourself, or how sales are faring in your price range.
You can review the Greater Tampa Association of Realtors' 2005-2009 sales and inventory history by clicking here.
You can also review the Greater Tampa Association of Realtor's March 2009 sales and inventory history by clicking here.
