If you’re asking this question, chances are you have at least a little experience in real estate investing. Maybe you don’t have any real world experience, but you’re thinking of getting into the real estate game in Tampa. Perhaps you are just a prospecting homebuyer doing some thorough research on the area you are planning on moving into. Whatever the case, you’re curious to find out the answer!
This question, however, is not one that can be so simply answered; there isn’t any single factor to be looked at that will determine whether a city is a buyers or seller's market. With this in mind, we’ll briefly break down the most crucial factors in determining whether it’s a buyers or seller's market, and then you decide!
The first two factors you should consider are how long houses stay on the market, and how much the price is reduced before the sale. In the city of Tampa, most houses sell in about two months, with an average price reduction of 3% overall. This is fairly short when compared to other similarly highly populated cities, causing Tampa to lean towards a seller's market in this category.
Next, consider property values. In the past year, Tampa’s average property values have risen by 3.9%, and are predicted to rise more for in the coming year. This contributes to higher overall home values, and greater demand for housing, giving more leverage to sellers. Taking this into consideration, Tampa’s real estate market leans solidly towards a seller's market in this category.
If you would like to buy property in this sunny southern town, why not contact one of the top real estate agents in Tampa? These real estate professionals will help you find the listing that’s right for you, at the lowest price possible!