The housing market in the Tampa metro area
Posted in Uncategorized on March 22, 2023
Tampa, Florida, also known as “Cigar City” and “The Big Guava,” is best known for the Africa- and Asia-themed Busch Gardens theme park, the Florida Aquarium (one of the best aquariums in the nation), and as the home of the NFL’s Tampa Bay Buccaneers.
Add to the metro’s mix of amenities fast access to the beach, a gorgeous tropical climate, dynamic nightlife, family-friendly activities, and a cost of living that is 4% lower than the national average, and you have a city that is extremely livable and enjoyable. No doubt these are the reasons so many thousands of Americans have migrated to Tampa in the last few years.
Tampa is still a seller’s market, but the market is predicted to slow through 2023. House sales are forecast to decline, but house prices should still be higher than pre-pandemic. Nadi Evangelou, senior economist and director of Real Estate Research for the National Association of Realtors®, expects house prices to be “relatively flat, increasing by only 1%” in 2023.
The Tampa housing market is leveling out.
According to Redfin, “In January 2023, Tampa home prices were up 8.4% compared to last year, selling for a median price of $389K. On average, homes in Tampa sell after 40 days on the market compared to 15 days last year. There were 435 homes sold in January this year, down from 637 last year.” Inflation and high interest rates are largely to blame for the decline.
"Higher interest rates mean that people can afford less of a mortgage and may depress the number of people looking to buy—or limit the houses they can afford," according to Abigail Hall Blanco, an economics professor at the University of Tampa. Hall Blanco added, "With higher interest rates and potentially fewer buyers, we may expect houses to sit for longer, have fewer bids, and for buyers to have more leverage than they've had in the last two years."
Choosing how to sell your house in Tampa
If you are considering selling your house, you can sell it using the services of a real estate agent or sell it FSBO (for sale by owner). The drawbacks of both of these methods are that they require a large amount of time, money, and work. Typical real estate agent commissions run about 6%. If your house needs repairs and updates to put it on the market, be aware that inflation and supply and demand have made the cost of labor and materials skyrocket.
According to the National Association of Homebuilders, the price of building materials has risen 33% since the start of the pandemic. To avoid having to spend your money on commissions and house repairs, consider selling to a reputable cash home buyer, instead.
Of the companies that buy houses for cash, We Buy Ugly Houses® is considered by many to be the very best.
Sell your house in Tampa the fast and easy way.
We Buy Ugly Houses makes the house-selling process simple. Not all cash home buyers are as transparent and honest as we are. Unfortunately, some of the companies that buy houses for cash are dishonest, so be certain to check them out thoroughly. Ask lots of questions and check out their reviews and reputation. When you sell to us, there is no need to make expensive repairs, paint, or update anything. We buy houses “as is.” You don’t have to clean, and you can even leave unwanted furniture behind. We will take care of it.
To sell your house in Tampa, St. Petersburg, or Sarasota, just give us a call to set up a free, no-obligation consultation with one of our local property specialists at your house. While we’re there, we’ll take a tour of your property and answer all your questions. Often, we can give you a fair cash offer that very day. If you accept our offer, you can look forward to closing in as little as three weeks.
Why you can trust We Buy Ugly Houses®
We Buy Ugly Houses has been in business and serving communities across the nation since 1996 and has a customer satisfaction rating of 95%*. During that time, we have bought over 140,000 houses and have helped many people solve their house-selling problems. Give us a call at 866-200-6475 to get started selling your house without having to pay for commissions or expensive house repairs.