![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/12\/i-bought-a-house-in-tampa-tree.png\")
<\/a>Tampa\u2019s real estate market, explained<\/h2>\n
As of December 2020, Tampa\u2019s real estate market is strong, with home prices still climbing steadily.<\/p>\n
At its core, the city is a military real estate market: MacDill Air Force Base is Tampa\u2019s largest employer, so there\u2019s always a built-in demand for homes.<\/p>\n
Plus, Tampa has become increasingly popular among New Yorkers who are flocking to the Big Guava to take advantage of its warm weather, low taxes, reasonable cost of living, and beachside lifestyle.<\/p>\n
All of this created a tight housing market in Tampa, with escalating bidding wars and homes flying off the market in days rather than months.<\/p>\n
Tampa real estate market need-to-know stats<\/a><\/h3>\n\n- Median home price:<\/b> $290,000<\/li>\n
- Median home price change from 2019:<\/b> Up 15.6% \u2014 in 2019, the median home price was $250,895<\/li>\n
- Average days on market<\/b>: 10 days (down significantly from 28 days in 2019)<\/li>\n
- Housing inventory availability<\/b>: Down 47.2% since 2019, creating an inventory crunch for buyers<\/li>\n
- Do sellers get their listing price?<\/b> It\u2019s very common to pay asking price; sellers get a median of 100% of their list price<\/li>\n
- Seller\u2019s or buyer\u2019s market:<\/b> Strong seller\u2019s market<\/li>\n<\/ul>\n
Tampa real estate market major trends<\/h3>\n
Top Tampa real estate agent Andrew Duncan<\/a>, whose team worked with Brubaker, walked us through some important market trends the city is seeing as its star rises.<\/p>\nHere\u2019s what buyers hitting the Tampa Bay real estate market need to know.<\/p>\n
Home prices are steadily rising<\/h4>\n
\u201cThere isn\u2019t enough resale inventory to support the demand,\u201d Duncan explains.<\/p>\n
\u201cSo it\u2019s a very competitive market, and not as many listings as we saw a year ago. Considering we have more buyers and not as many listings, that obviously tells you that prices have been rising.\u201d<\/p><\/blockquote>\n
How much are prices rising? In the last year alone, Tampa Bay home prices have shot up 15.6%.<\/p>\n
Of course, that\u2019s more growth than is typical. According to Duncan, the coronavirus has undoubtedly increased demand for new homes in the city and played a role in escalating prices.<\/p>\n
New Yorkers are moving in<\/h4>\n
\u201cProbably the most surprising thing that’s come from COVID is the number of people that we’re getting moving here from other parts of the country \u2014 like, specifically, in New York. They\u2019re just moving here in droves,\u201d Duncan reveals.<\/p>\n
It\u2019s made a big impact on the local Tampa market, which has been pretty steady over the years.<\/p>\n
\u201cI think that’s going to fuel our real estate market for a really long time \u2014 continuing with low supply and strong demand, with more and more people wanting to move and buy here,\u201d he adds.<\/p>\n
Bidding wars are now the norm<\/h4>\n
With increased demand and fewer houses for sale in Tampa<\/a>, bidding wars have become the norm.<\/p>\n\u201cWe\u2019re seeing bidding wars regularly in our mid- and even upper-level price ranges,\u201d Duncan says. And that means buyers are having to get progressively more creative with their bidding strategies.<\/p>\n
Home sale contingencies are a non-starter for many sellers<\/h4>\n
For example, some buyers are abandoning the home sale contingency (a stipulation included in your offer that your current home must sell before you can complete purchase of the new one) because many sellers simply won\u2019t consider an offer that includes one.<\/p>\n
Think about it this way: If a seller is getting multiple bids, wouldn\u2019t they choose the offer that\u2019s the quickest and surest thing? A home sale contingency can be a huge delay in the process \u2014 what if your buyer falls through, or their financing gets held up? \u2014 so it\u2019s no wonder that sellers skip them whenever possible.<\/p>\n
Still, forgoing the home sale contingency as Brubaker did (we\u2019ll get to her story in a minute!) can be a risky move, so it pays to have a trusted real estate team around you<\/a> to advise you.<\/p>\nWhy Jenn Brubaker decided to upgrade her Tampa home<\/h2>\n
Brubaker\u2019s decision to move to a new home in the midst of an unprecedented Tampa real estate market wasn\u2019t driven by choice. Rather, she needed an upgrade when her mother decided to move in with her from Ohio.<\/p>\n
Brubaker had just purchased her first Tampa home in 2018, but with her mother moving in, the smaller house wouldn\u2019t meet their needs.<\/p>\n
\u201cMy mom isn\u2019t in the financial place to buy her own house, so I had to find a house that had a mother-in-law suite attached to it,\u201d Brubaker shares.<\/p>\n
That meant she needed to find a very specific home in an already tight market.<\/p>\n
Finding an agent was a breeze…<\/h2>\n
Thankfully, one part of her search was super easy: Finding an agent<\/a>.<\/p>\nShe called in help from a friend of ten years who had made her way as a top agent on Duncan\u2019s team.<\/p>\n
\u201cI know that she’s really good at her job, and that she would work really hard for me, so it was kind of a no-brainer\u201d Brubaker says. \u201cI didn’t have to go off recommendations. I just knew that I trusted her, so I got very lucky.\u201d<\/p>\n
Having someone she trusted by her side was important because she had a huge task ahead of her in finding a home.<\/p>\n
…But she was in for a stressful, challenging home search<\/h2>\n
Tampa real estate inventory is already scant for buyers, but if you have specific needs (like an in-law suite), then only a fraction of homes will qualify. According to Brubaker, it was like trying to find a needle in a haystack.<\/p>\n
She had multiple listing apps at the ready with a range of search criteria. She trawled for listings that included the terms \u201cmother-in-law suite,\u201d \u201cbonus room<\/a>,\u201d or anything that insinuated there might be an extra, private living space for her mother.<\/p>\n\u201cBasically, every day I would be on those apps constantly seeing if anything new popped up, and looking at the pictures,\u201d she recalls. \u201cAnd if they had any sort of video or 3D home tour, that really helped because it allowed me to see the layout of the house.\u201d<\/p>\n
Anything that had potential extra living space was in consideration, which meant Brubaker looked at a lot<\/i> of homes.<\/p>\n
\u201cI think one day we ended up seeing eight houses on a Saturday,\u201d she laughs.<\/p>\n![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/12\/i-bought-a-house-in-tampa-cabin-666x381.png\")
<\/a><\/a> Source: (Nathan Van Egmond \/ Unsplash)<\/figcaption><\/figure>\nThe almost-home that was not to be<\/h2>\n
Then, one Friday night while Brubaker was in Ohio helping her mom through surgery, she saw a home that really excited her.<\/p>\n
She affectionately called it the \u201ccabin,\u201d thanks to its beautiful wood exterior. The home was nearly perfect for the family\u2019s needs: The bottom floor had a one-bedroom apartment for her mom, while the top floor would function as a three-bedroom, two-bath for Brubaker.<\/p>\n
She sent the listing to her agent, and they agreed to go see the home as soon as possible.<\/p>\n
Tampa real estate market major trends<\/h3>\n
Top Tampa real estate agent Andrew Duncan<\/a>, whose team worked with Brubaker, walked us through some important market trends the city is seeing as its star rises.<\/p>\n Here\u2019s what buyers hitting the Tampa Bay real estate market need to know.<\/p>\n \u201cThere isn\u2019t enough resale inventory to support the demand,\u201d Duncan explains.<\/p>\n \u201cSo it\u2019s a very competitive market, and not as many listings as we saw a year ago. Considering we have more buyers and not as many listings, that obviously tells you that prices have been rising.\u201d<\/p><\/blockquote>\n How much are prices rising? In the last year alone, Tampa Bay home prices have shot up 15.6%.<\/p>\n Of course, that\u2019s more growth than is typical. According to Duncan, the coronavirus has undoubtedly increased demand for new homes in the city and played a role in escalating prices.<\/p>\n \u201cProbably the most surprising thing that’s come from COVID is the number of people that we’re getting moving here from other parts of the country \u2014 like, specifically, in New York. They\u2019re just moving here in droves,\u201d Duncan reveals.<\/p>\n It\u2019s made a big impact on the local Tampa market, which has been pretty steady over the years.<\/p>\n \u201cI think that’s going to fuel our real estate market for a really long time \u2014 continuing with low supply and strong demand, with more and more people wanting to move and buy here,\u201d he adds.<\/p>\n With increased demand and fewer houses for sale in Tampa<\/a>, bidding wars have become the norm.<\/p>\n \u201cWe\u2019re seeing bidding wars regularly in our mid- and even upper-level price ranges,\u201d Duncan says. And that means buyers are having to get progressively more creative with their bidding strategies.<\/p>\n For example, some buyers are abandoning the home sale contingency (a stipulation included in your offer that your current home must sell before you can complete purchase of the new one) because many sellers simply won\u2019t consider an offer that includes one.<\/p>\n Think about it this way: If a seller is getting multiple bids, wouldn\u2019t they choose the offer that\u2019s the quickest and surest thing? A home sale contingency can be a huge delay in the process \u2014 what if your buyer falls through, or their financing gets held up? \u2014 so it\u2019s no wonder that sellers skip them whenever possible.<\/p>\n Still, forgoing the home sale contingency as Brubaker did (we\u2019ll get to her story in a minute!) can be a risky move, so it pays to have a trusted real estate team around you<\/a> to advise you.<\/p>\n Brubaker\u2019s decision to move to a new home in the midst of an unprecedented Tampa real estate market wasn\u2019t driven by choice. Rather, she needed an upgrade when her mother decided to move in with her from Ohio.<\/p>\n Brubaker had just purchased her first Tampa home in 2018, but with her mother moving in, the smaller house wouldn\u2019t meet their needs.<\/p>\n \u201cMy mom isn\u2019t in the financial place to buy her own house, so I had to find a house that had a mother-in-law suite attached to it,\u201d Brubaker shares.<\/p>\n That meant she needed to find a very specific home in an already tight market.<\/p>\n Thankfully, one part of her search was super easy: Finding an agent<\/a>.<\/p>\n She called in help from a friend of ten years who had made her way as a top agent on Duncan\u2019s team.<\/p>\n \u201cI know that she’s really good at her job, and that she would work really hard for me, so it was kind of a no-brainer\u201d Brubaker says. \u201cI didn’t have to go off recommendations. I just knew that I trusted her, so I got very lucky.\u201d<\/p>\n Having someone she trusted by her side was important because she had a huge task ahead of her in finding a home.<\/p>\n Tampa real estate inventory is already scant for buyers, but if you have specific needs (like an in-law suite), then only a fraction of homes will qualify. According to Brubaker, it was like trying to find a needle in a haystack.<\/p>\n She had multiple listing apps at the ready with a range of search criteria. She trawled for listings that included the terms \u201cmother-in-law suite,\u201d \u201cbonus room<\/a>,\u201d or anything that insinuated there might be an extra, private living space for her mother.<\/p>\n \u201cBasically, every day I would be on those apps constantly seeing if anything new popped up, and looking at the pictures,\u201d she recalls. \u201cAnd if they had any sort of video or 3D home tour, that really helped because it allowed me to see the layout of the house.\u201d<\/p>\n Anything that had potential extra living space was in consideration, which meant Brubaker looked at a lot<\/i> of homes.<\/p>\n \u201cI think one day we ended up seeing eight houses on a Saturday,\u201d she laughs.<\/p>\n Then, one Friday night while Brubaker was in Ohio helping her mom through surgery, she saw a home that really excited her.<\/p>\n She affectionately called it the \u201ccabin,\u201d thanks to its beautiful wood exterior. The home was nearly perfect for the family\u2019s needs: The bottom floor had a one-bedroom apartment for her mom, while the top floor would function as a three-bedroom, two-bath for Brubaker.<\/p>\n She sent the listing to her agent, and they agreed to go see the home as soon as possible.<\/p>\nHome prices are steadily rising<\/h4>\n
New Yorkers are moving in<\/h4>\n
Bidding wars are now the norm<\/h4>\n
Home sale contingencies are a non-starter for many sellers<\/h4>\n
Why Jenn Brubaker decided to upgrade her Tampa home<\/h2>\n
Finding an agent was a breeze…<\/h2>\n
…But she was in for a stressful, challenging home search<\/h2>\n
<\/a>The almost-home that was not to be<\/h2>\n