The Tampa area real estate market is exceptionally healthy. We currently have inventory of only 4.4 months (a 20.5% decrease since last year). The median active days on market is only 45 days (18.2% less than last year), the median sales price is up 11.1% from 2014, and closed sales in August 2015 are up 8.8% from last year. In fact,
Tampa leads the nation among the cities with the strongest real estate rebound. Essentially, that means that we have a very healthy market with much fewer homes for sale with which to compete, giving homes for sale in today’s market a strong edge.
Added to the precious little inventory, the historically low interest rates are another big boon for sellers and buyers alike. Today’s 4.00% rate on a $200k mortgage with 10% down costs $859.35 monthly P&I as compared to 6.5% on the same loan that would cost $1137.72 monthly. The savings of $278.37/mo comes to $100,213 over the life of a 30 year loan.
Additionally, down payment assistance programs in the area are making home ownership accessible to many qualified buyers that don’t have the savings for a down payment. The income limit on the program is generous and the down payment, in the form of a deferred payment loan, is typically forgiven within five years. All of this increases demand for homes for sale in the area at a time of historically low inventory.
Thankfully, there is no frantic pace and buyers are not engaging in bidding wars. It is a strong, but steady market here in Tampa, named the best Southwest city by Money magazine. In a market like this, home owners looking to size up (or down) should have a good experience on both the selling and buying side.
So, is it a good time to sell in Tampa? You betcha!
