BUYER’S MARKET? OR SELLER’S MARKET?

Here’s the simple answer. It’s supply and demand, and then, when you look at who is moving to the Tampa Bay area. It’s the baby boomer generation, the wealthiest generation. When you take that buyer and put them on top of higher interest rates, people staying in place in their existing homes and lowering the pool of available homes, it certainly is a means to inflate the price.”

But does that mean it is still a “Seller’s market”? The simple answer is… “Not anymore. Due to high interest rates and increasing inventories….The trump card is…..because there are more homes available again, buyer’s are now buying on price. “asking price” WAS the norm… and very frequently, “above asking price” was common. But now that the Feds dictate a 6.5% or higher mortgage rate, this tapped the breaks on home sales and thus…we now have more homes available.

Sellers are seeing pricing soften as buyers now seek “a deal” in their search for a home. Simply put, the longer the house sits active on the market….the better the deal for the consummit buyer.