Don't Wait To Buy! | Market Update Week Ending 04/15/2023

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Steady Market in Tampa Bay with Buying Opportunities

The real estate market in Tampa Bay continues to remain steady, with plenty of opportunities available for both buyers and sellers. While it is currently a seller’s market, with an average of less than a two-month supply of homes across all price points, homes still need to be priced appropriately for them to sell. The good news is that Tampa Bay housing prices have not been hit as hard as other areas of the country. Additionally, mortgage interest rates have continued to decline, making it an ideal time for long-term homeowners to take advantage of the buying opportunity before prices start to rise again.

This Week’s Number

The combined counties of Pasco, Pinellas, and Hillsborough saw 8,417 active residential properties available for sale, with a decrease of 88 homes over the past two weeks, 379 since last month, and 2,086 year-to-date. Additionally, 1,184 new listings entered the market this week, and 986 had price reductions, indicating that buyers are not willing to pay current prices with so many other options available. 1,353 properties went under contract and are likely to close at some point in the future, and 1,016 properties closed.

Mortgage Rates

The 30-year fixed-rate mortgage averaged 6.27 percent as of April 13, 2023, down slightly from last week, and rates averaged 4.72% one year ago. Despite the decline in mortgage rates, buyers still face challenges, including low inventory of homes for sale, especially for first-time homebuyers.

Take advantage of today’s unique buying opportunity

Experts believe that now is an ideal time for long-term homeowners to take advantage of this unique buying opportunity before prices start to rise again. Those who take advantage of this opportunity will position themselves for great returns in the future.

Conclusion

The real estate market in Tampa Bay remains steady, with opportunities available for both buyers and sellers. Mortgage interest rates have continued to decline, making it an ideal time for long-term homeowners to take advantage of the unique buying opportunity before prices start to rise again.

Want to learn more? Give us a call so we can help you sell or buy a home this winter.

If you are considering buying or selling a home, contact Team Virgadamo for expert guidance and support.