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The Truth About Tampa Bays Home Buyer Demand
Dated: September 20 2021
The Truth About Tampa Bay's Home Buyer Demand
When it comes to the latest news in Tampa Bay real estate, there are a lot of sensational headlines in the media. In times like this, when it can be hard to know what to believe, put your trust in experienced local real estate experts. Those of us in the local housing market respect that buying or selling a home is a major life decision, and we can offer you advice based on what the most recent housing data shows for our market.
Despite what you may have read, the housing market is still undeniably strong- interest rates remain low for borrowers, working from home has many people on the move, and as rents rise, purchasing a home has become more enticing for many renters. Here’s a look at what leading experts have to say about buyer demand today and how it continues to shape the Florida real estate industry:
Michael Lane, President at ShowingTime:
“In general, there are definite signs of cooling demand. However, buyer traffic is still at historically high levels compared to pre-pandemic showings.”
Odeta Kushi, Deputy Chief Economist at First American:
“Seasonally adjusted purchase applications tick up slightly to the highest level since July. Demand for homes remains strong and steady. Excluding 2020 (not a good benchmark) home purchase applications are the strongest in a decade.”
Selma Hepp, Deputy Chief Economist at CoreLogic:
“Home buyer demand pushed price growth to a new record high in June 2021, with S&P CoreLogic national Case-Shiller Index clocking in an 18.6% year-over-year growth rate. The month-to-month index jumped 2.18%, making it another strong monthly growth, and the fastest May-to-June increase since the data series began.”
What It Means for You
As a seller, home buyer demand is an important factor that helps influence how fast your house will sell and how many buyers may be competing for it. When buyers have to compete against each other for a limited supply of available homes, bidding wars can drive prices up, which is what the trend has been this past year in the Tampa Bay area of Florida. While parts of the housing market have cooled slightly since the peak of the pandemic housing rush, Tampa Bay buyer demand is still far surpassing historical norms. That’s why we’re still in a sellers’ market. How long it will last, we don't know, but what we can tell you is that the 4th quarter of the year is often one of the strongest for home sales. If you've been thinking about selling, let's talk so we can figure out what your home is worth and what your local housing market looks like right now.
If you’re torn on whether or not you want to sell your home this year, rest assured it’s still a great time to make a move. Let’s connect to discuss how you can sell now and do it on your best terms thanks to today’s buyer demand.
Andrea is the Managing Partner of The Sandy Hartmann Group and runs the team alongside Sandy Hartmann. She would love to talk to you about real estate! Andrea was born and raised in the Tampa Bay a....
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