What’s in store for the Tampa Bay real estate market in the first quarter of 2021? Here are our predictions:
1. Interest rates will remain low. We ended 2020 with historically low interest rates, and we’ll see that continue, which means continued excellent buying power for buyers.
2. Inventory will remain low. At the end of 2020, inventory was as low as I’ve ever seen it in my 20+ years in Tampa Bay real estate, our inventory dipped to 4,773 homes on the market, down 45% from the end of 2019. This is creating the perfect storm for sellers. If you’ve been thinking of selling, your home may be worth more than you think.
3. The influx of buyers from out of state will continue. Many buyers continue to come to Florida from the Northeast, Midwest, and West Coast. This has even picked up in the last week few weeks.
If you have a question about your real estate plans, the timing of your potential move, or what makes sense for your situation, we welcome your call or email. We’re always here for you.