Tampa Bay Real Estate Market Forecast 2019

Tampa Bay Real Estate Market Forecast  2019

Hey there this is Debbie Wright with Charles
Rutenberg Realty, serving all of Tampa Bay including Saint Pete to Clearwater, and I’m
here to talk to you today about the Tampa Bay real estate market 2019 so follow me. Okay so the most frequently asked question
I get is, is the market going to crash again? Well, the short answer is no, I don’t think
it’s going to crash. Is it going to adjust? Yeah, we’ve been feeling that adjustment
in 2018, and I think we’re still going to feel it. And so what I want to do is just historically
kind of summarize where we’ve been, that will help us figure out where we’re going. So if we look at the historical data in Tampa
Bay, the crash of ’06 to ’08, everybody tanked, prices tanked, you know the economy
tanked, we had predatory lending practices, everybody gets to buy a home mentality, there
are a lot of things that went wrong. So that being said, obviously the federal
government has corrected a lot of that with regulation and how lenders are allowed to
lend, and what’s going on in the market. We even see that right now, there are been
a lot of, some defaults that have increased lately, and so the lenders are getting a little
bit tighter, and interest rates are ticking up. So I mean, it’s all like this little cocktail. We have to pay attention to all the signs
along the way, but for a general rule, we waded through so much inventory of the crash. We are at an equity point where we should
be, based on where we left off. If you look at ’06 to now, we’re right where
we should’ve been had we just kept on that steady two to three percent rise. So we’re cooling off, we’re balancing out
now. We don’t have that extreme sellers market
we had over the past three, three to five years. And I was involved in that too with my home. I was in a bidding war, just like everybody
else, overbidding for properties and stuff. So, a lot of that we haven’t seen in the last
year, we have seen the multiple offer situation but not like it was, not that feverish “there’s
no inventory” feel and we are low in inventory. It’s not where it should be or where we’d
like it to be, but for the most part, we’re seeing a lot of those investors, hopefully
as leases come up, they’ll start shedding some other properties. I’ve noticed that recently, you know, a lot
of the properties coming on the market, or just investors kind of tired of the renting
game and like to liquidate some of their properties. And they’re getting handsomely rewarded with
lots of good equity, because they held onto them for over 10 years. That leads me to my point: the general rule
of thumb is the real estate market is a seven to ten year flow, you buy low, you sell high,
and that’s what’s happening here. You know, obviously the variable of the crash
is in there, but for the most part, if you remove that, it’s still the same. That’s typically how it goes,. So we are scheduled for a cooling down more,
of a balanced market, and more of a buyer’s market coming up. At certain price points, we already have a
buyer’s market over $400,000 and higher, you’ll see it is more of a buyer’s market. Houses remain on the market a little bit longer
looking for buyers, and then under that price point, we see it is more of a seller’s market
because inventory is a lot lower, especially 200 and under, 250 and under, and it does
depend on the area of course. These are general summary statements, but
you’ll you’ll notice it if you’re trying to look for a house or looking to sell your property. So part of what we need to look forward to
in the future here is that interest rates are going to tick up. That means buyers will buy less home if they
were looking for a $250,000 home last year and they couldn’t find it, took a break over
the holidays and are looking to resume, they may be looking at a little bit lower priced
properties now because interest rates are ticking up. And they’re predicted to go into the high
fives by the end of 2019, and that may mean in the sixes next year. So that’s important now, so the sellers may
want to get their properties ready and get them on the market, and buyers need to ship
and shape up their credit and income and debt portfolio, so they can present themselves
to their lenders and get great financing terms, maybe buy their rate down a little bit of
for the upcoming year. Or, maybe qualify for some homebuying programs. There are grants and bond programs through
the state of Florida that will help first-time homebuyers with down payment assistance. And then there’s of course sellers making
your properties attractive with concessions to buyers and offering closing cost assistance,
or flooring credits, or repair items, etc. You can always work it in and you can market
it, just kind of depends on what’s going on with your property specifically as a seller,
and then of course if the buyer is looking for something specifically, having an open
mind on how to get there. That being said, I encourage both sellers
and buyers, surround yourself with professionals and a good team of people, people were working
for you and in your best interest, who are going to help you to get the most for your
home and help the buyer get the most for what they’re buying, the price and the affordability
of what they’re doing. So if you have any questions, let me know. Give me a call, you can text, you can send
me a message on Facebook, or email, I’d love to speak with you about that, and I hope
you have a great day! Thank you so much!

Leave a Reply

Your email address will not be published. Required fields are marked *