Moving to Florida 🏡 How Buyers Stand a Chance in a Crazy Real Estate Market

Melanie Loves Tampa Bay

English - March 04, 2021 17:19 - 15 minutes - 21.9 MB - ★★★★★ - 8 ratings
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By now you've probably heard about the low inventory real estate situation here in the Tampa Bay area, and I'm sharing my advice for how to best navigate this housing market. As of March 2021, Hillsborough County only has three weeks of single family home inventory, when a balanced housing market would have about six months worth of homes available.

Take a close look at your finances, because you might have to get creative. It is very normal for a buyer right now to guarantee to pay a certain amount over appraised value. In order to win that contract, you may have to put down a larger down payment or the seller might want you to put more of an escrow deposit down. It's going to be difficult to get sellers who will accept a contract contingent on the sale of your home, so you may need to tap into other money sources such as investment accounts.

For those lucky enough to be a cash buyer, you are likely to win the contract in a multiple-offer situation if it's the same price as finance offers.

Be flexible, but don't settle! There will probably never be the perfect house, but cosmetic items can be changed. Be flexible on the "wants," not as flexible on the "must-haves."

Why even jump into this housing market right now? My buyers are choosing to proceed for several reasons including historically low interest rates, the ability to work from home, and out-of-towners looking to leave more expensive states.

Melanie is a Tampa Bay area Realtor with Smith & Associates.

She loves Tampa Bay area area, houses, and helping clients buy and sell real estate.

melanielovestampabay.com

Email: [email protected]

Call/text me if you are looking to buy / sell a home in the Tampa Bay area! 813.368.6084

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