April is here and that means it’s time for a first quarter recap for Northwest Tampa. Sales have been really good, but this makes inventory harder and harder to come by as the demand for homes increases. This demand is especially high for homes priced at 300,000 dollars or less. In fact, many buyers are shocked by the increasing sale prices.
These higher prices are driving buyers to be more particular about what they buy. For example, buyers are looking closely at the neighborhood and school zones houses are in and at areas that may require large repairs such as the roof or air conditioner. Despite these potential obstacles, the buyers desire to be in a new home as soon as possible isn’t dimensioned.
This high demand is creating a sellers’ market in Tampa Bay. This market is especially strong. A typical strong sellers’ market is categorized as having 5 months of inventory or less, but here in Tampa we have only 2 months of inventory under 300,000 dollars, 5 months of 300,000 dollar to 500,000 dollar homes, and about 6 to 7 months’ worth of 600,000 dollar homes. If you’re thinking about selling, now would be a perfect time.
If you’re a buyer, rates are still good. Currently you’re look at a third year conventional fixed rates of 4 ¼ to 4 ½ . You can also get adjustable rate mortgages and conventional financing for 3 ½ to 4 years. FHA rates are also doing well. While long-term interest rates from the federal reserve are going up, the mortgage market is remaining relatively stable. So, if you find a home you want, buy it! Remember, inventory is low, and you have a lot of competition, statistically more buyers buy in spring than any other time of year.
Tampa Bay is a large and thriving market, and there’s no one better than Joseph Lewkowicz to help you navigate the residential real estate market. With over 40 years of experience and a desire to provide valuable information to all of his clients, Joseph takes time every month to provide all his listeners with a livestream updating you on the latest real estate trends.
Join North Tampa Realtor Joseph Lewkowicz, who will be hosting a livestream conference call on the second Thursday of every month at 10 AM EST. Users can log in and communicate with Lewkowicz directly in order to gain insight into the Tampa market. For more information, visit https://josephlewkowicz.com/livestream