The real estate market has not been immune to the uncertainty caused by the current pandemic. Buyers may be excited by low mortgage rates; however, they encounter a new obstacle: low housing inventory.
According to Realtor.com’s Weekly Housing Report (dated Sept. 19), the website has seen 400,000 fewer home listings since March this year compared to last year. In the Tampa area alone, there have been 45.1% fewer listings than in the previous year.
While buyers may be excited, it appears that homeowners are reluctant to list their homes with the current economic uncertainty. This reduced inventory has led to higher home prices and faster selling times. Median home prices are up over 11%, while homes in the Tampa market are selling about ten days faster.
So what does this mean? If you are considering listing your home, it is a great time to sell. Depending on your property, you may be able to secure a higher price right now and sell your home more quickly. Ready to learn more? Contact me and let’s talk about the possibilities.