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The Tampa Bay Real Estate market is poised for big gains this year. Year over year value gains show 10% on average and is 5% higher than the national average. Now is the time to sell! I realize it is cliché to hear a Realtor state now is the time to buy/sell and I’ve done my best to avoid these cliché calls to action to generate business over the past 10 years. Plus most Realtors use them interchangeably depending on who they are dealing with, a buyer or a seller. I’ve always found that practice to be contradictory to ethical standards because it cannot simultaneously be both the best time to buy and sell. It can be a good time to buy and / or sell at the same time in a static market with a static outlook on the horizon but “now is the best time” must be reserved for one of the two sides of the market.
So why is not the best time to sell in Tampa Bay? In short, because demand is there. Couple this with the low supply of inventory on the marketplace makes for a strong seller’s market at this time.
As the Tampa Bay Times reported, values are soaring in Tampa Bay and they appear to have jumped all at once over the past several months which means demand has increased. We’ve had low inventory supplies for the past 3 years but values have only shown modest/steady increases in value, so why the jump? Because more demand is now there. It is reminiscent of year 2005 when we hit a hyper market, a rarity in a marketplace where values increase at rates not traditionally seen. In 2005 and 2006, a home would appreciate by the month versus by the year, sometimes by the day! We all know how that ended up, but not before making many people wealthy. The ones who suffered were the ones who believed then was the time buy which was actually the time to sell and get out.
Another reason that now is the time to sell is because more inventory will begin to hit the market over the coming 2-3 years in excess. This inventory will be the homes that were acquired in massive bulk by investment groups in 2012 and 2013. These groups, based primarily in hedge funds, were buying then because that was when values we are record lows and rents were at record highs. I represented one of the largest buyers in many of their purchases in 2012 and their strategy was to hold for 8 years which is now just a few years away and we are likely to start seeing some dumping of homes by them over the coming years. This release of inventory will increase supply and push down the values or stabilize them.
Another reason 2017 is the time to sell is because we have a new administration in office that is very likely to bring back tremendous amounts of jobs to the United States. This means more money in more people’s pockets and they will be able to spend again. This will further fuel the demand element and keep prices on the upside for the next 1-2 years. The uncertainty of 2016 is over now and while some may not like who is in office, I think it is clear that he is very focused on getting more jobs in America than our last administration.
Please contact me today to get your home sold. You can start with a free home valuation by visiting http://www.thathomevaluation.com. If you are outside of the Tampa Bay area, you can still request a valuation through that site and I will put you in touch with an agent in our vast Coldwell Banker network. Learn more about my Real Estate business at http://www.jamiemeloni.com
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