According to statistics pulled from the Multiple Listing Service (MLS) this morning the Tampa Bay areas is not a balanced market. We have a 3.08 month supply in Hillsborough County and Pasco and Pinellas Counties are at a 4.6 and 4.1 supply of homes respectively.
This short supply of homes for sale indicates a seller’s market. Usually a seller’s market includes rising sale prices due to competition for homes that are in short supply. While prices are moving up, it’s not yet the rapid pace we’ve seen in the past. New listings that are in good condition and are priced right are selling very quickly, many times with multiple offers.
I recently re-listed a bank approved short sale (typically slower to contract, but this one was in GREAT condition) at $190,000. After three days, we had three offers, all above asking price.
If you have not seen a copy of how your home is listed in MLS, request a copy. Be sure there is a great description of the features of your home, 12 photos (max allowed) and a virtual tour. Check your home at Realtor.com and be sure the description, photos and tour are showing up there as well. This is the primary job of your listing agent!
Price and Condition are in your control. If you are unable to clean and repair your home, understand that your offer prices will be lower than average. Price overcomes all obstacles, so if your home is in great condition and marketed well, price needs to be adjusted. Ask your agent to pull sold comparables and review them with you to help you determine the price that is right for your home. Previewing other homes listed in the area can help too.
The Days on Market for Solds as compared to Pending Sales in all three counties has descreased which is also an indication that homes are selling more quickly.
The statistics show that Homes in the Tampa Bay area are selling fast if Marketing, Price and Condition are right!
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