You want to ensure that you get the best possible price and terms when buying a house. Unfortunately, prospective buyers in the Tampa area have had to endure frenzied bidding wars, make cash offers, and even waive inspection just to have a shot at snagging a house in the last two years. But is the Tampa Bay housing market still hot, or is it cooling down? Read on and learn about the key indicators that are showing signs of a cooling market!
Hiked Interest Rates
Historically low interest rates triggered by the COVID-19 pandemic created a surge in demand as homebuyers sought to score a bargain. However, with the average mortgage rates now nearing six percent, many homebuyers are deciding to cut short their home search. This low demand for homes is translating into a cooling market.
Homes’ Days on Market
With fewer buyers in the market, many prospective homebuyers have a more competitive edge over sellers. That means that homes could be sitting on the market a little bit longer since sellers aren’t getting many offers above the asking price immediately. This also means a slightly higher inventory, which may consequently cool off the Tampa Bay housing market.
Lower Listing Prices
As the home inventory – homes on the market – in Tampa Bay increases, the overall housing prices might see a decline in the future. In fact, from June 2021 to June 2022, new home listings increased by 4.2%, and pending sales declined by 1.4%. That led to 42.1% of listings dropping their asking prices.
Want to Learn More? Call Us!
While there might not be significant changes in Tampa yet, there are early signs of a cooling housing market. For more information about Tampa’s housing market, don’t hesitate to contact our real estate agents today. With years of experience in the Tampa market, we’ll help you with all your real estate needs!
