Every related industry to the Real Estate market in Tampa Bay reports being busier this year over last year, from mortgage lenders to inspectors to home builders I am hearing the "good news." I too can report that buyers are finally starting to recognize that the price floor seems to have been reached for what I call "HIGS" (Houses In Good Shape.) A number of Realtors in my office are reporting that they have been involved in bidding wars for properties that are in good condition.
The Tampa Bay Real Estate market has also seen less foreclosure filings recently. It has been reported by the St. Petersburg Times that mortgages with serious delinquencies are declining in the Bay area, and initial foreclosure filings dropped 21 percent in May 2011 — the sixth decrease in seven months.
Also reported last week - although median home prices are down year-over-year in the bay area, the figure rose 15 percent from $100,000 in January to $115,000 in May. The monthly trend might be causing fewer defaults among underwater mortgage holders looking for reassurance. This spells, perhaps, good news for the Tampa Bay Real Estate market.
All of this adds up to possible reaching the corner for the market to turn. South Tampa is in a serious drought of good 3+ bedroom houses on the market between the $250,000 - $400,000 range. The MLS only contains 67 South Tampa houses on the market as of today 6/28/11 that meet the above criteria. So, if you have a house in good condition and are looking to put it on the market - well now is the time to command a good price for it!
If you have Real Estate that you are considering selling in the Tampa Bay area talk to me - I can get you the most for your house!