Investor · Tampa, FL · Member since 2019 · 1k+ posts · 1k+ votes
4y
Hey Yehuda,
Thanks for posting this prompt. I have not seen any indicator in our market that could lead to a cool-off. We still have little to no inventory to accommodate this huge demand that we are seeing. , I would love to discuss more it and have different points of view.
Investor · Tampa, FL · Member since 2019 · 1k+ posts · 1k+ votes
4y
Hey Yehuda,
Thanks for posting this prompt. I have not seen any indicator in our market that could lead to a cool-off. We still have little to no inventory to accommodate this huge demand that we are seeing. , I would love to discuss more it and have different points of view.
Realtor · Ogden, UT · Member since 2019 · 338 posts · 415 votes
4y
I'm not in the Tampa market but I can say with almost 100% certainty that the entire country-wide market is cooling off. Just six months ago we had 3% interest rates, now we're at 6%. Buying power is dramatically reduced with higher interest (imagine 3% of $500,000 is $15,000/yr or $1,250/month - now 6% on that same property is $30,000/yr or $2,500/month).
Here in Utah, we're watching prices start to come down to match the buying power of people. It's not a steep drop but inventory is up and prices are definitely trickling down.
Tampa, FL · Member since 2021 · 383 posts · 389 votes
4y
In Tampa Bay, new listings increased by 11.2% year-over-year with a median price of $437,000, a 30% increase since last year. More listings should translate to a slower pace of sales and slower price gains.