A July report from the National Association of Realtors (NAR) showed that although existing-home sales continue to trend downward, home prices have held firm in most parts of the U.S. And while June’s median home price was down nearly 19% year-over-year, it was still close to June 2022’s all-time high.
What does this all mean for home buyers and sellers? Well, right now is very much a seller’s real estate market, making it a fantastic time to sell your home.
To give you some insight into maximizing your home sale, I’ve put together my top tips for sellers in a seller’s market!
What is a Buyer’s Market?
When you think about the factors influencing home-buying decisions, you usually consider financial factors like budget and credit score. But market conditions also play a significant role in determining when you buy a home and what’s within your budget.
A buyer’s market is when the supply of properties is higher than the demand. When there are more properties than buyers, buyers have an advantage because there is less competition.
Buyers can negotiate a lower sale price and have the seller cover more closing costs. A lower sale price allows buyers to put down a larger down payment and get a smaller mortgage loan from their lender, saving thousands in interest fees.
What is a Seller’s Market?
On the other hand, a seller’s market is when the demand for properties exceeds supply. There are many potential buyers but low inventory. Competition is higher, and home values rise. In a seller’s market, one’s best offer may not be enough to secure their desired home. Someone could come in with an even higher offer or an all-cash offer.
A seller’s market is a great time to sell a house in Tampa. It can drive up the market value of your home, so you’ll get more money for your property. Further, your home will sell faster, meaning the closing date will come sooner.
Additionally, buyers may need to accept a home as-is without the upgrades they want. If competition is fierce, some may even need to forgo the home inspection to get the property.
While this sounds less than ideal for a buyer, a seller’s market in real estate isn’t all bad for buyers. Even though the competition is more demanding, I can still help you find your dream home.
Signs of a Seller’s Market
Some of the signs of a competitive seller’s market include the following:
- Bidding wars
- Fewer houses on the market
- No price cuts
- Over-asking sales prices
- Market trends such as increasing prices and decreasing inventory
- The average time on the market is low
When in doubt, we can discuss whether the current conditions indicate a seller’s or buyer’s market.
Current Trends in the Housing Market
With sky-high asking prices and a persistent lack of inventory, you may find the current housing market shocking. But I’ve kept my eye on the market very closely and debunked many current housing market myths for Florida real estate.
The ROI on real estate in the Tampa market has remained strong, and what may be affecting other geographic markets has had little impact here. Tampa is actually flourishing, and the payoff keeps coming for those who have already invested in real estate here.
Increased Buying Activity
Even though mortgage rates for home loans continue to rise, buyers still want to purchase homes.
Many first-time homebuyers are tired of renting and figure they can refinance their mortgage once rates drop. The desire to become a homeowner outweighs the market conditions.
Existing homeowners are getting a great return on their investment and thus able to level it up with the kind of home they’ve always dreamed of. So they are capitalizing on the dramatic appreciation in their home’s value.
And it’s worth mentioning many people continue moving from states like California, New York, and Illinois to places like Florida, Texas, and the Carolinas. Tampa ranks highly for quality of life and value across too many surveys to count.
This increased buying activity is one of the main reasons it’s still a seller’s market, despite some slowdown.
Virtual Home Tours
Of note, virtual tours have been booming. Often, the first walkthrough a potential buyer gets of the house is via a virtual tour. While you can miss minor property issues when viewing virtually, there are more benefits than meets the eye.
Virtual tours save time and money for all parties involved. You may know right away from the virtual tour whether you love or hate a property. This is especially useful for buying in another city or state and can widen your abilities to sell your home at the price you want.
Ways to Attract Multiple Offers in a Seller’s Market
Does sticking a “For Sale” sign in your yard to receive multiple offers in this market feel too good to be true?
Candidly – yes. Your best bet is working with an experienced real estate agent with rave testimonials. You want someone who knows how to sell your home in Tampa and get you amazing offers. Don’t underestimate how impactful your local real estate agent can be – I have an extensive network of local connections and know all the ins and outs of Tampa. This kind of knowledge isn’t something you can get from Google. So I highly advise working with a real estate agent so you can maximize your selling strategy.
Let me give you a couple of pointers for selling in a seller’s market to attract multiple offers.
Prepare the Home for Sale
A great home seller’s tip for attracting multiple offers above the listing price is to properly prepare for the home sale. Your home doesn’t need to look perfect, but one essential thing is cleaning and decluttering to improve its attractiveness. I put together a mini guide you can check out that gives you some of my best cost-effective home improvement hacks.
Something else to consider: buyers will overlook minor flaws because of low inventory. Since Tampa still ranks in the top 3 best-performing housing markets in the country, your home will likely sell fast, even with some wear and tear!
Limit Showings
Another excellent strategy for sellers is to limit showing your home. It’s human nature to want what we can’t have. If you restrict the number of open houses and home tours, multiple buyers will view the house together, sparking some natural competition.
Take Advantage of the Seller’s Market Today
While these tips for sellers in a seller’s market are helpful, nothing beats working with a realtor to help you navigate the real estate selling process.
To sell your current home in Tampa, get in touch with me, Kimmie Fine. I was born and raised here and have nearly 20 years of experience selling homes in Tampa, so I know I can get you the best price. For those looking to buy a Tampa home, take a look at my listings to find the new home of your dreams. Contact me today, and we’ll get started!