TAMPA, Florida – The housing market is very competitive right now and it is the sellers market. Local realtors say that they have never seen the market as it is now, and often receive 20-30 offers for one house.
“If you are a salesperson now, the market is absolutely insane. We will put the house up for sale on Thursday and by Sunday we will have a few offers, ”said Joseph Kipping, realtor at Tampa Bay Home. Team.
What do you need to know
- Florida housing market is great for sellers right now
- People want to move here from another state
- Realtor Joseph Kipping said most homes are selling for more than the appraised value.
- If you are planning to buy or sell, Kipping said that some contingency may be included in contracts to help
Kipping said homes are being sold for more than the appraised value and buyers are using cash. The problem, however, is that if you sell your home now to make a profit, where will you go?
Realtors say most of the sellers they work with now move out of the state for their money to go next, and people who buy homes here in Tampa Bay are moving to Florida from somewhere else. Kipping said seven of the last 10 homes he sold were owned by out-of-state people.
But the bubble is different now than it was in the early 2000s, when everyone financed 100% with subprime mortgages. Kipping said it is unclear how long these inflated prices will last.
“I’ve been doing this for over 18 years and have never seen a market like this before. I don’t know where he is – will he stay that way? I don’t think he can last that long. because prices are going up so high. It will be too difficult to keep prices high if rates go up, it could stop the market, there are a lot of “what ifs” right now, Kipping said.
If you are planning to buy or sell a home right now, Kipping recommends working with an experienced realtor because he said that some contingencies could be included in contracts to help during this market.