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?
I am very busy wholesaling just recently in the past few months and most deals are negotiable OR the owner is delusional. I am also new to Tampa two years and to me seems to be consistent.
@Michael Goldsmith what are you trying to do? New?
@Barbee T. I'm still getting my feet wet regarding investing. At the moment, I'm in the processing of looking for my own home (I'm currently renting). I'm kind of looking for a unicorn, so it's challenging, but I have a few prospective places in mind that check most of my boxes. It's virtually impossible to find something that has everything I want within a reasonable price range. Trust me, I've looked. From there... we'll see. I've considered starting out with wholesaling to build up a bit of a nest egg without having a lot of money to start with, but that's proving to be equally challenging in it's own way. I have a couple of other possible irons in the fire that I'm looking into, but those I want to keep under my hat for the time being.
@Michael Goldsmith I am buying a home as well. I am torn between house hack or building my dream home. What is your area? Where are you wholesaling?
@Barbee T. I'm not particularly beholden to a specific area. I have a band that I'd like to stay between- between Hernando county, and say, north of Bradenton-ish, and west of Polk county. As far as wholesaling, if I see a deal that I know someone will want, it doesn't really matter where it is. I'm basically open ended bird dogging. But conversely, I don't want to get somewhere under contract if I don't have a potential assign in line who would want it. I just don't want to be "that guy" who needs to use the escape clause, and piss off a realtor because I locked up a property for a month for no good reason. So I basically want to find an investor get their requirements, find something for them and get flipped a few grand for doing the footwork for them.
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