Hillsborough County Remains a Seller’s Market with Low Monthly Supply of Inventory in April

A key metric we like to monitor when looking at the health of the Tampa Bay real estate market is the Month’s Supply of Inventory (MSI). The generally accepted benchmark for a healthy market, one that favors neither the seller or the buyer, is 5.5 months supply of inventory. Anything higher than that would be considered a buyer’s market, anything lower – a seller’s market.

So how is MSI calculated?

You divide the current inventory in the market by the 12-month average of monthly closed sales. By dividing by the average of monthly closed sales, we eliminate seasonal effects such as the busy spring selling season or the slow winter season.

Looking at single family homes in Hillsborough County for the month of April 2017, we are currently at a 2.7 months supply of inventory. What this means is if no new single family homes were listed for sale in Hillsborough County, the current supply would be depleted in only 2.7 months!

 

Last 12 months monthly supply of inventory in Hillsborough County.
Last 12 months monthly supply of inventory in Hillsborough County.

Looking at the chart above you’ll notice that we have been at  or below 3 months supply of inventory for the past 12 months. In fact, check out the chart below and you’ll see we’ve been at or below 3 months supply since around September 2015!

 

MONTHLY SUPPLY OF INVENTORY SINCE 2013

So what does this mean for you if you are looking to buy or sell real estate anywhere in Hillsborough County?

With the steady low inventory over the past few years, seller’s are still in the driver’s seat. This means there are more buyers in the market bidding on the same limited supply of housing available. Simply put, this is still a great time to sell! We are seeing multiple offers on a daily basis on listings, especially those in highly desirable parts of Hillsborough County.

Now this isn’t all bad news for buyers. What it means is you need to be sure to align yourself with an experienced real estate professional skilled in negotiation, listening to your needs, identifying the right property for you, and moving quickly on it. It is also another reason why it is vital that buyers get pre-approved by a reputable lender so the pre-approval letter can be submitted with your offer. When it comes to multiple-offer situations, showing the seller you have the financial ability to close on their home goes a long way!

Have more questions about the market or looking to sell or buy in Tampa Bay? Reach out to one of our associates or email our office at connect@DiscoverYourPlace.com.

 

 

 

 

 

 

Open Houses 101: How to Market

Open Houses are a great marketing tool for real estate agents to get exposure on their listings, and ultimately for home sellers to get their listed homes sold! For agents, it’s the perfect time for neighbors to help you sell your listing by word of mouth because neighbors love living near their best friends, and not to mention, it really shows your clients you mean business!  Impress everyone with your successful open house, using the opportunity to showcase your business and your brand to current clients and potential clients who might stop in. It’s all about setting yourself apart from the others.

You know it’s true, this shouldn’t be new news! So why are your open houses tanking it? Great question!

Jason Jakus shows us how to successfully move from a handful of people attending your open houses to pulling in 15-40 people to your one open house! He emphasizes the importance of having a system, which initially may seem time consuming, but proves worth it with proper set-up and implementation.

 

 

P.S. If you are looking for a brokerage that can help you with technology and techniques to help build exposure for your business, we’d love to chat! Visit us at www.ThisIsMyNextHome.com or send us an email at connect@DiscoverYourPlace.com to learn more!

Check out Tampa in 60 Seconds!

What’s Tampa, Florida all about? Check out this quick 60 second video put together by the City of Tampa!

 

Does this TV Commercial Bring Back Childhood Memories for YOU as Well?

Nothing like the smell of a freshly opened box of Fruit Loops and the sound of Super Mario Brothers theme music playing in the background to stir up some great memories!

Speaking of memories – when it comes to buying and selling your Tampa Bay area home, we want NextHome Discovery to be the only name you need to remember! Reach out to one of our skilled associates or submit your inquiry below and we’ll get back to you in the way you most feel comfortable!

 

 

 

 

 

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[VIDEO] Home Buying Process Step 4: Making the Offer

Presenting an offer on a home can be both exciting and nerve-wrecking. Your NextHome Discovery Realtor® will work closely with you every step of the way – reviewing comparable properties, home features and possible upgrades, location and other factors to help you determine an appropriate offer price. Do not hesitate to ask your Realtor® any questions or clarifications throughout this part (or any part for that matter!) of the home buying process. We are here to help you find your NextHome in Tampa Bay!