Is the Tampa market starting to cool off? is this year the beginning of what is to come?
looks like properties are sitting on market longer. I think supply is finally catching up to demand, and going to affect the artificial market we have had.
just today I got an appraisal back that was extremely low. there have been other instances of appraisals coming in low on other properties as well. makes you wonder if its the market, or the banks and appraisers in bed with one another.
this will be interesting to watch.
I’d say the short answer is yes. The past several years were pretty heated, so any normalization is going to feel like a slow down.
Curious to hear what affected the appraisal to be so low. Were the comps they pulled not relevant?
The market has been flat for at least a year, maybe more. But sellers don't know this. They think if their neighbor sold for 300k 6 months ago then they should sell for 350k now. When in reality they should be happy with 290k.
Houses that are priced right sell fast, especially in the sub 200k market. I'm seeing way more price drops than new listings, sellers are going to have to come back to reality, or let their house sit on the market long term.
There's supply out there, but it's overpriced and buyers aren't falling for it anymore. They'll just sit on the sidelines until something priced right comes out.
I work in commercial but this is certainly what we're seeing here as well.
This is a quick statistics for Tampa.
Tampa area residential inventory again.
I'm very new to REI. Due to this cool off, do you feel that it's best then for a new investor to hold until the market drops?
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