Where Is Our Market Heading This Fall?
As we turn the page on summer, we want to give you a quick market update so that you understand what’s happening as we head into fall.
We are still in a strong seller’s market. Inventory is down 50%, and prices are up 16% year over year. However, for the first time in a while, we saw the number of homes on the market rise slightly from the previous month. This could indicate an improving market for buyers.
On that note, I want to go over housing affordability in our current market. Right now, the average home in Tampa costs $375,000. In 2018, that number was $275,000. This seems like bad news for buyers, but interest rates were also higher in 2018. This means that you can pay off your loan much quicker and build equity at a faster rate.
If you’re a buyer who has been turned off by rising prices, don’t sit on the sidelines. We don’t know how long our low interest rates will last. If you have any questions about today’s topic, please reach out to me via phone or email. We look forward to hearing from you.