I’m laughing as I write this email to all my beloved clients! So, we thought we were off the rate-cut rollercoaster this far out from the pandemic, right?
I’m not sure what’s more confusing: an erratic up-and-down market or a standstill rate that buyers wish would drop!
Rates are Holding Steady at 5.3%
Rates have been stuck at 5.3% since July of last year after the Fed raised them 11 times to try to cool down inflation.
Yes, you read that right: 11 times!
In that respect, it’s worked; inflation peaked at 9.1% two years ago and has come way down. However, it hasn’t made it easier for borrowers to get favorable loan terms.
Rate Cuts May Be On the Horizon, Though
On a cheerful note, economists do predict two rate cuts coming this year, though, and maybe as early as September.
But I’m Not Worried. Why?
The good news is that Tampa property values have consistently held their value, even in these weird times we live in right now.
While we are still decidedly in a seller’s market, Western Florida cities like Tampa have had a surge in inventory (+60%) over the past year, and houses are starting to take longer to sell. We may see a swing toward buyers who can afford the current rates.
If you’re in a position to buy right now, you can get yourself into a great place and always refi later when the rates drop. So many people do it. This has been true in slow economies, and the market always swings back to your favor eventually. Since property prices hold true for the most part in Tampa, you don’t have much to be concerned about, regardless of whether you’re investing or selling.
Approach the Market With Creative Buying and Selling Strategies
When you’ve been in the real estate world for as long as I have, you just ride out the strangeness with a different buying or selling strategy until the wave comes back your way, and you can surf it again. We’ve had such a volatile housing market for such a long time now, and to me, this feels like we are reorienting ourselves back toward some consistency; we just need the rates to drop some more.
Let Me Be Your Tampa Real Estate Guide
Need some guidance in this Florida housing market? I’ll guide you! Whether you’re looking for a new place to rest your head or selling your place and are concerned about getting a great asking price for it, I know all the tips and tricks to get you what you need. Plus, I have incredible listings (and clients!) and am here to serve.
Give me a buzz today, and we’ll chat about your situation – or the market – or where to get the best happy hour cocktail in Tampa. I’m down for all of it!