Insight Into Tampa Real Estate In 2008

Published by julia | Filed under Market Trends, Miscellaneous, Real Estate

In order to understand what the year 2008 holds for Tampa Bay real estate, we’ll have to understand the December stats. According to the current data, December 2007 witnessed sales of 435 Tampa residential homes as compared to 974 for the same month previous year. This indicates a 50% decline in sales on a year-over-year basis. Yes, there really isn’t much for anyone to get excited about, unless you are a Tampa, Florida real estate buyer!

So what does this mean for 2008? Most experts predict that the sales will only start picking up by late 2008; while some others think it will be in 2010 that there will be a balance between sellers and buyers. Is there anything that can change this? If more people come to Tampa than those who leave will lead to lower prices and better loan availability, and low inventory. Buyers are not buying, preferring to wait in order to get better deals, or for their credit rating to improve, or for loan approval, or perhaps, waiting to sell their current properties. Waiting, waiting, and some more waiting!

The current residential properties on sale saw a drop in Tampa with many listings expiring by the end of 2007. However, you can expect an increase in inventory as spring/summer approach. Currently there are around 590-600 properties pending in Tampa, Florida.

Undoubtedly a tough time for sellers! Probably only those sellers who have something special to offer the buyer as well as have equity or are willing to further cut down the asking price can hope to make a sale. If you have surplus cash and want to invest, it is a great time for you. Others should wait. With the government allowing short sales, these along with foreclosures and bank or lending institution owned property sales would gain momentum. That being said, not everyone is able to qualify for a short sale.

All we can say is tread carefully in murky waters or wait for the tide to carry away the grit!

If you have any questions call us for immediate assistance. Be sure to visit us often for up-to-date MLS listings for Tampa Real Estate and Northern Virginia Real Estate.

January 10th, 2008