Will We See a Surge of Home Buyers Moving to the Suburbs?As remote work continues on for many businesses and Floridians weigh the risks of being in densely populated areas, will more people start to
Does Your Tampa Bay Home Have What Buyers Are Looking For
Does Your Tampa Bay Home Have What Buyers Are Looking For?
There’s great opportunity for today’s homeowners to sell their houses in the Tampa Bay, FL area for top dollar and make a move, yet due to the impact of the ongoing health crisis, some home sellers in our area are taking their time coming back to the housing market. According to Javier Vivas, Director of Economic Research at realtor.com:
“Sellers continue returning to the market at a cautious pace and further improvement could be constrained by lingering coronavirus concerns, economic uncertainty, and civil unrest.”
For Tampa Bay homeowners who need a little nudge of motivation to get back in the game, it’s good to know that buyers are ready to purchase this season, thanks to low mortgage interest rates we've never seen before now! After spending several months at home and re-evaluating what they truly want and need in their space, buyers are ready and they’re in the market now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) explains:
“A number of potential buyers noted stalled plans due to the pandemic and that has led to more urgency and a pent-up demand to buy…After being home for months on end – in a home they already wanted to leave – buyers are reminded how much their current home may lack certain desired features or amenities.”
The latest Market Recovery Survey from NAR shares some of the home features and amenities you can expect buyers to be looking for today, especially since the health crisis has shifted many home buyer priorities. The most common home features cited as increasingly important are now home offices and space to accommodate family members new to the residence (See graph below):The survey results also show that among home buyers in the U.S. who indicate they would now like to live in a different area due to COVID-19, 47% have an interest in purchasing in the suburbs, 39% cite rural areas, and 25% indicate a desire to be in small towns. In the Tampa Bay area, we are seeing this trend as people move from large cities like Tampa, over to the beaches and suburbs surrounding the beaches in Pinellas County. Through our client interactions, we've learned home buyers are worried about a second wave of shutdowns and therefore want more private outdoor space to spread out, or have realized their current home is simply too small to accommodate their family and a home office. These sentiments are also shared with us by buyers moving from metro areas such as New York City, that realize the beaches may be a better place to self-quarantine during a lockdown. (Can we really blame them? Have you seen the views from some of the private balconies on our beachfront listings? It's simply the best way to spend isolation.)
As we can see, home buyers are eager to find a new home around the U.S. and places like the Tampa Bay and Pinellas County areas, but there’s a big challenge in the Tampa Bay and U.S. housing market right now: a lack of homes available to purchase. Danielle Hale, Chief Economist at realtor.com explains:
“The realtor.com June Housing Trends Report showed that buyers still outnumber sellers which is causing the gap in time on market to shrink, prices to grow at a faster pace than pre-COVID, and the number of homes available for sale to decrease by more than last month. These trends play out similarly in the most recent week’s data with the change in time on market being most notable. In the most recent week homes sat on the market just 7 days longer than last year whereas the rest of June saw homes sit 2 weeks or more longer than last year.”
In essence, home sales are picking up speed and buyers are purchasing them at a faster rate in places like Florida, Pinellas County, and the Greater Tampa Bay area, than they’re coming onto the market. Just last week, we reported that in Pinellas County alone, 355 new home listings hit the market in a 7-day period, but 736 went under contract. At that rate, we would eventually run out of inventory! Hale continues to say:
“The housing market has plenty of buyers who would benefit from a few more sellers. If the virus can be contained and home prices continue to grow, this may help bring sellers back to the housing market.”
If you’re considering selling and your current Pinellas County or Tampa Bay house has some of the features today’s home buyers are looking for, let's connect (727) 400-3315. You’ll likely be able to sell at the best price, in the least amount of time, and will be able to take advantage of the low interest rates available right now when buying your new home.
Andrea is the Managing Partner of The Sandy Hartmann Group. Andrea was born and raised in the Tampa Bay area and is a licensed Realtor with over 15 years of Marketing and Finance experience, holding ....
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