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.

 

 

 

 

 

 

Why Tampa Bay is the place to be for Health Care Professionals

In case you haven’t heard, Tampa Bay is on the move! When it comes to the health care industry, we attract top physicians, nurses and researchers, not only because of our great area hospitals but also due to the great work done by USF Health. Our downtown landscape is changing and the relocation of the USF Health Morsani College of Medicine and Heart Institute to downtown Tampa is only going to make the downtown and Channel District a more vibrant, robust community.

As residential real estate advisers, we come across many physicians who come to Tampa Bay to do their residencies. We find that many of them fall in love with Tampa Bay – the low cost of living, the great schools, proximity to many outdoor activities – and end up staying after their residencies are done! They are eager and excited to make Tampa Bay their #NextHome.

Here is a wonderful video showcasing the new USF College of Medicine and the impact it will have in the area when it opens in 2019. If you are in the health care field and considering making Tampa Bay your next home, give us a call or shoot us an email as we’re here to help you make it reality!

Tampa #1 Moving Destination and #3 for Millennials this Summer

Tampa, Fla tops the list for where people are migrating this summer.

Migration patterns for those moving this year.


We aren’t surprised but love seeing the data proving why Tampa, Florida is the place to be! A strong job market and affordable housing are key factors in Tampa topping the list.

Tampa, FL tops the list as the #1 destination for those on the move.
Tampa, FL tops the list as the #1 destination for those on the move.

 

With great neighborhoods like Seminole Heights, Tampa Heights, Hyde Park, NoHo district, Channel District and a revitalized downtown Tampa, it’s no wonder Tampa, Fla has worked its way up to #3 as a destination for millennials. That coupled with strong job growth and affordable housing, what’s not to love about moving to Tampa Bay! Oh, and let’s not forget about our top rated beaches and our great sports teams (Go Lightning!).

With strong job growth and affordable housing, millennials are flocking to Tampa Bay.
With strong job growth and affordable housing, millennials are flocking to Tampa Bay.

 

If you are looking to relocate to Tampa Bay, NextHome Discovery neighborhood experts are here to help! Feel free to reach out to us today to begin your home search. We’d love to help you #DiscoverYourPlace in Tampa Bay!

 

Source: “The New Hot Spots Where Americans Are Moving Right Now,” realtor.com® (May 23, 2016)

[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!

 

 

 

 

#DiscoverYourPlace

[VIDEO] Home Buying Process Step 3: The Search

Once you have your financing lined up and know your budget, it’s time to start searching for your new home in Tampa Bay! This is also a great time to visit open houses and get an idea of what’s on the market. Be sure to let your NextHome Discovery Realtor® know about which open houses you’d like to visit so they can accompany you and ensure you avoid some of the mistakes this couple makes!