How Staging Your Home Can Help You Sell it for More Money With record sales price growth in the Tampa Bay housing market, sellers are more anxious than ever to capitalize on the hot
More Sellers Listed Homes In August As Buyers Begin To Hesitate On Bidding Wars
Dated: September 7 2021
More Sellers Listed Homes in August As Buyers Begin to Hesitate on Bidding Wars
As predicted, more housing inventory has been hitting the market in the U.S. as 2021 heads into its final stretch. According to Realtor.com’s monthly housing report, 18,000 more new home listings hit the market in August 2021 vs August 2020.
While inventory still remains low (down -25.8% year over year in the state), buyers are beginning to show signs of hesitation when it comes to participating in bidding wars on the newest listings across the state. In the Tampa Bay area, this is a trend we’re just beginning to see. For example, a home that would have received 10 offers just 6 months ago may be lucky to receive just 3 offers the first week it lists now.While there are still ‘hot areas’ commanding top dollar and bidding wars around Pinellas County, many local Realtors will agree that while housing inventory is still low, buyers are much more willing to wait to find the perfect home vs snapping up the first one that checks off just some of their needs.
What Does This Mean for Sellers?
When it comes to multiple offers, waived appraisal values, and fewer repair requests, sellers have less of an upper hand than they did at the beginning of 2021. To be perfectly clear, this does not mean prices are dropping in our housing market. We are still very much in a seller’s market for the time-being.
What it does mean is that sellers won’t be able to push home prices to maximum limits as much as they did at the beginning of the year. It means homes need to be in tip-top shape to command top dollar. Sellers who are seeing their homes sit on the market may need to consider going back for another look at pricing with their Realtor as the market changes.
For homeowners thinking about selling, we would recommend doing it sooner rather than later to take advantage of less market competition while it lasts. The market has been growing at a record pace and it’s very possible 2022 will see it steady out to a more normal rate of growth just as quickly.
What About Buyers?
For home buyers, low interest rates and a trickle of more housing inventory into our housing market certainly continues to make the Tampa Bay/Pinellas County area an attractive area. Buyers will likely not need to escalate bids on homes as much as they did 6 months ago and home inspections/appraisal contingencies won’t need to be waived in order to compete.
However, in the hottest areas (Beaches, Downtown St Petersburg, etc), buyers should still plan on coming in with their highest and best offers from the start. The bidding wars are definitely still out there for the best homes and competing buyers will fight for them.
Other Housing Market Findings for August 2021
Over the past 3 months, new listings in Pinellas County have increased+7.4% compared to the prior 3-month period in 2021. However, despite this increase, housing inventory is still down -45% compared to August of 2020.
432,000 new listings hit the national housing market in August, an increase of 18,000 over last year at the same time.
There were more entry-level homes (up +6.4% for less than 1,750 square feet), while listings with 3,000-6,000 square feet declined -4.6%. The Tampa Bay area (up +13.7%) had one of the highest year-to-year gains for entry-level homes.
The typical Pinellas County home spent 25 days on the market in August, 31 days faster than August 2020.
For more information on our local housing market, feel free to call us at (727) 400-3315 any time. You can also send us a message by clicking HERE.
Andrea is the Managing Partner of The Sandy Hartmann Group and runs the team alongside Sandy Hartmann. She would love to talk to you about real estate! Andrea was born and raised in the Tampa Bay a....
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