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.

 

 

 

 

 

 

Leadership 101: How Can I Become a Better Leader?

We all know what makes an effective leader, right? A willingness to lead, hard work, a little empathy and sacrifice, and of course some knowledge of the industry are a few qualities that come to mind. So why can it often seem so difficult when asked to step into leadership and successfully direct the company or team in the right direction?

Danny McKnight shares a quick insight on being an effective leader in the real estate industry. His insight reminds us to focus on the basics – respect, integrity, and personal courage. Whether you’re a leader of a real estate team or want to take on a leadership role within your community, you’ll be inspired by his experience and words of wisdom!

“Take 5” & remember: always be closing, learning, and growing.

 

 

P.S. If you are looking for a brokerage that can help you hone your leadership skills as you look to grow both personally and professionally, we’d love to chat! Visit us at www.ThisIsMyNextHome.com or send us an email at connect@DiscoverYourPlace.com to learn more!

Don’t LOOK for Opportunity in 2017!

As we wrap up January, you may still be looking for opportunities and new avenues to success in 2017. I’m here to tell you that you may be doing it all wrong.

Over the last few years, while speaking at REALTOR® associations as well as within our office with my own NextHome Discovery members, I have been sharing three specific thoughts that always weigh on my mind as we wrap up each year. I think that together, they can open up your life to success more than any attempt to hunt down “opportunity.”

“Opportunities? They are all around us…There is power lying latent everywhere waiting for the observant eye to discover it.”
–Orison Swett Marden, inspirational author and founder of Success Magazine

1. Everything happens for a reason.
Don't Look for Opportunity...it already SURROUNDS you!

I’m sure you’ve heard the phrase “hindsight is 20/20.” With that in mind, take a moment and look back at past events in your life that you may have initially perceived as negative and reevaluate them with the notion that everything happens for a reason. Perhaps it’s a negative comment someone said to you when you were young that stuck with you instead of a positive quality a teacher or parent saw in you. Maybe it was an event where you failed at something and instead of focusing on the lessons learned, you held onto the failure itself.  Looking back at these memories in this light will open you up to a totally new perspective. My father shared this notion with me over ten years ago that everything, EVERYTHING happens for a reason and nothing happens by chance. It took me a while to fully understand what he meant, but once I did interesting things began to happen for me.

2. Be present in the moment.

Being present in the moment means being aware of what is going on around us. It means starting up a conversation with the person behind you in line at the grocery store. It means saying hello to the person sitting next to you in an educational class at your local association. It means putting your cell phone away when having dinner with your family (I get in trouble for this one a lot).  It means picking up the phone and calling someone instead of texting them.  Being present in the moment means bringing real conversations back into your life. It means asking those around you “how can I help?”

To a certain degree, this will happen automatically when you truly believe everything happens for a reason. By understanding there’s a reason behind the people you encounter, events that happen, and conversations you engage in, you will inevitably begin to make the conscious effort to be present.

3. Opportunity surrounds us.

Understanding that everything happens for a reason and grasping the importance of being present in the moment now leaves you open to the opportunity that surrounds you. Remember that conversation in the grocery store? It turns out they are looking to buy a new home. The real estate professional you chatted with at the association event? She happens to have the perfect buyer for the unique listing you’ve had a tough time selling. When you put your cell phone away at the restaurant? You just had the most interesting conversation with your daughter who had been craving your attention all evening. That time you picked up the phone instead of texting? The conversation led you to finding the business partner for the new real estate team you’ve been wanting to form.

Sound crazy? I promise you, try it and you will be astounded by the number of opportunities that will come to you. If you spend your days looking for opportunity, in essence you are telling yourself opportunity is elusive and you have to seek it out. That is far from the truth.

By believing that everything happens for a reason, and by being present in the moment, we will begin to see that opportunity surrounds us everywhere. So as you prepare for the rest of 2017, don’t waste your time looking for opportunity, as it has been waiting for you all along.

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Anand Patel is president and broker of Tampa Bay’s freshest new real estate brand in town, NextHome Discovery. He can be reached at anand@DiscoverYourPlace.com or by calling 813.867.4417

TAMPA REALTORS: Are You Attending the Florida Realtors Convention?

It’s that time of year again! Time for the Florida Realtors Convention and Trade Expo. This event usually attracts the best in the industry, provides for a great way to grow your referral network, and offers educational sessions to take your business to the next level.

Still not convinced? Contact our broker Anand Patel (anand@DiscoverYourPlace.com) and he can share more reasons why you should attend!

The convention kicks off with REbarcamp August 19th and ends on Saturday Aug 22nd. Will we see you there? Be sure to reach out to us if so, as we’d love to connect!

Oh, and here are 35 MORE reasons why you should attend!

 

 

 

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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!