Whether it’s a seller’s market or a buyer’s market, it’s important to consider the current situation and trends in the Tampa housing market when pricing a home for sale. It doesn’t matter what house your former neighbor sold six months ago or even what property is currently listed. An essential thing to keep in mind is that the most recent sale price on the market is approximately equal to the current sale price.
When examining what the potential profits of selling a home are, you need to put them in perspective. Does it make sense if Housing Market Mississauga prices are rising at 4% per year, and suddenly people start selling their homes for 1% less than the previous year’s asking price? So, a property that has gone up in price by 20% each year for several years then unpredictably starts selling for 5% less than the previous year’s asking price, is that fair?
The point of asking this question is that what poses a real problem for Tampa home market sellers is when percentages are converted to absolute dollar amounts. In other words, if a 5% drop is equivalent to 5,000, most people won’t be upset. This is when a 5% drop translates into 25,000 and starts moving sellers.
The Tampa housing market experienced a remarkable rate of price growth. Many homeowners doubled their property values in the last five years by 2005. Approximately 5-8% range. Most people see this as a dramatic change compared to the really high-interest rates enjoyed in previous periods.
Even more unfortunate is that in a self-adjusting market, there are agents who try to keep their prices. This broker is too concerned about telling his seller clients that he cannot sell his property in today’s Tampa housing market at the price he is asking.
The Tampa housing market situation is similar to Russian roulette. Sometimes you can’t predict what’s ahead until you pull the trigger. Today’s sellers are still obstinately telling buyers, “I’ll lower the price. On the other hand, buyers said, “I will make an offer. No one wins in this kind of scenario, which is one of the determinants contributing to the growing unsold real estate inventory in the Tampa housing market today.
Rising inventory certainly affects prices and advises sellers to lower their asking prices. In some cases, the seller may lose money, but considering the fact that the current Tampa housing market undoubtedly favors buyers, the loss isn’t too bad.
Homeowners who sell their homes are usually looking to purchase a new home in the same area. Consider this: If you have to drop the selling price by 5% to sell your property, there is almost certainly a seller of a home you’d like to buy that will generally cost more than your selling price. His selling price will also drop by about the same rate. This means that while you can obviously “lose” money selling your home, you’re more likely to “gain” it by buying a new home.
