Epic Real Estate Market Slips Under The Radar Amidst Pandemic Murder Hornets Recession

Dated: 07/16/2020

Views: 481


Epic Real Estate Market Slips Under the Radar Amidst Pandemic, Murder Hornets & Recession

So many buyers and not enough sellers…that’s the trend of the housing market in the Greater Tampa Florida area.

Housing demand is 25% ABOVE pre-pandemic levels and is setting record numbers across the board and across the nation. Demand for available houses is continuing to skyrocket, according to reports from NAR, National Association of Realtors and Stellar MLS. Seasonally adjusted demand for houses around Tampa for the month of June was 20% above pre-pandemic levels.

Housing inventory is starting to improve but not keeping pace with the huge buyer demand. There is a large shortage of available properties for sale making it a epic seller's market and bidding wars have caused listings to move quickly, and while sales prices are up 3.1% year over year nationally;  Tampa area home prices surging 8% over the same period from last year. Nationally, the percentage of newly listed homes to accept an offer within 14 days increased from 42% in May to 47% in June with most going under contract within the first few days on the market.

Keith Mathias of the Josh Hanoud Team with Tropic Shores reality mentioned recently showing a home that was on the market for just one day and had over 16 offers on it. This caused Keith to strategically submit an escalation clause with his offer hoping to outbid other buyers and beat out other agents.

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One interesting thing to come out of pandemic purchases is the prevalence of 3D tours and video-chat tours, as states continued to place restrictions on real estate practices while shelter-in-place order were in effect across the nation. Currently 15% of home tours are happening via video chat, which is 30 times higher than pre-pandemic and gives out of state buyers the opportunity to purchase from home. The market is so competitive, buyers are doing anything necessary to have an edge on the competition. 

Cassandra Eckert also with the Josh Hanoud Team at Tropic Shores Realty says “The question in Florida is ‘how are you being represented?’ Are you being represented in a Single Agent capacity or in a Transaction Broker capacity? Because how you are being represented in this hugely competitive market in Florida matters and has huge repercussions. If your real estate agent can’t explain the difference, then you are in trouble.”

Right now, interest rates are fluctuating at record lows between 2.75% and 4% making the market even more appealing to buyers. If you are a seller, now is the prime time to get your property listed with an experienced, knowledgeable and savvy Realtor; one that works in your best interest in a single agent capacity.



If you have any questions about buying or selling real estate in the Greater Tampa Bay area, from Sarasota up to Citrus County, give me a call on my cell phone at 352-232-9107


Cassandra Eckert
Realtor / USN Veteran
Josh Hanoud Team - Tropic Shores Realty
Cell 352-232-9107
Office 352-358-3509
Cassandra@JoshHanoud.com

http://cassandra.tampahousehunt.com

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Cassandra Eckert

Cassandra has a vast number of years experience in nearly every aspect of the Public Relations Industry and has brought that experience to her career in Real Estate. Cassandra has no limits to the buy....

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