Are there signs of a Tampa Housing market recovery (for sale, real estate market)

[boomer]

Forbes magazine has predicted that Tampa bay housing market would be one of the first markets to recover. I am curious if we are starting to see signs of a market recovery or are the latest reports just a reflection of the peak selling season?

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Real Estate Market Conditions: Tampa Bay Real Estate

The reason I am asking is because a builder living around my neighborhood had a 1,900 sqft house listed at $209,000 in January. It is now listed (same features) for $218,000. Why the increase in a declining market?

[Bezzled]

The housing market is NOT turning around, and won't be for some time.

[boomer]

Maybe I should rephrase, Has the Tampa market reach the bottom? Secondly, after reaching the bottom, will we see inventory number declining?

[Bezzled]

Well I think it is at the bottom, it can't get much worse, some people I know have had their houses for sale for a year or more now.

[wesleychapel24]

From someone who is actually in the market it is actually on the uptick. We are seeing much more traffic on the buyer side the last couple of months. One of the keys to this whole thing is to price your home accurately and do some marketing efforts that are outside the box. Anyone can take a listing and throw it on the MLS. It is the creative efforts that make the difference.
There are several homes today on the MLS that have been there for over six or nine months. Often times when I look into what they are asking they are still over market value.
Believe me when I say not to take a loss on your property but people need to be realistic as well. I have actually turned down listing opportunties due to that exact reason.

I hope this helps a bit.

[dunno]

WC24 said:

"...and do some marketing efforts that are outside the box. Anyone can take a listing and throw it on the MLS. It is the creative efforts that make the difference."

People like you will make he difference for everyone wishing to sell OR buy in Tampa!

"A house is only worth what someone will pay for it."

Now, think carefully about that statement - from both sides of the closing table!

Sellers: Do you really want to be the guy (gal) who sold their property for the bottom closing figure? Not only do you NOT want to leave money on the table, but - hey! - even if you can't stand your neighbors, do you YOU wanna be that Joe (Joe-ette) that depressed everyone-else's values???

Buyers: Yeah, a good deal is a good thing - however - DO you want to be the one who re-sets the market value of your brand-new neighborhood DOWNWARD??? Doesn't matter if you intend for this to be your "last house." You may PAY LESS TODAY, but you will most certainly REALIZE LESS TOMORROW, because of it.....

I remember an old dictum about an island fellow (it's just a story folks, but bare with me....) that fell in love with a girl who's bride-price was 2 pigs, but insisted waiting until he could overpay his future father-in-law in 20 cows for his intended bride.

AT the wedding, the bride's father asked, "Why did you give me so much for her????"

The Bride-Groom answered, "Because now she will always be a 20-cow wife!"

nonononononono - NO! This is not a lame way to get everyone to insist on overpaying for their new home!!!!! (Although I welcome anyone who wishes to over-pay for MINE!!! LOL!!!)

But it is a lesson, namely: Nothing is worth more than what someone will pay for it. -- when you BUY, you record the starting value of your new home (and for all your new neighbors - and throughout the market!) I'm not saying "be stupid" - but I am saying, "don't be stupid."

Getting a good deal is ALWAYS your job! Just remember, a "good deal" on a "piece of crap" still leaves you with a "piece a crap".

Be wise. Shop and buy what you will ENJOY POSSESSING.

The joy of being happy with you bought is to like what you bought FIRST, then being content that you got a good deal.

The reverse is a recipe for misery.

[ntfeldman]

Only the Pinellas July report is out (the others are June) but I've attached the links from the Board of the closed sales and listed inventory by product type for the three main counties in the Tampa market.

We are nowhere near a balanced market. It's still a buyer's market and will remain so for quite some time.


Pasco Report (homes and condos):
http://www.pinellasrealtor.org/bins/site/content/Statistics_Portal/PRO_Marketplace/2007_YTD_MLS_Sales_and_Listing_Information/pasco/Pasco%20June%202007%20All%20Reports.pdf?_resolutio nfile=contentpath|Statistics_Portal/PRO_Marketplace/2007_YTD_MLS_Sales_and_Listing_Information/pasco/Pasco%20June%202007%20All%20Reports.pdf


Pinellas Report (homes and condos - this actually has July numbers)
http://www.pinellasrealtor.org/bins/site/content/Statistics_Portal/PRO_Marketplace/2007_YTD_MLS_Sales_and_Listing_Information/pinellas/Pinellas%20July%202007%20All%20Reports.pdf?_resolu tionfile=contentpath|Statistics_Portal/PRO_Marketplace/2007_YTD_MLS_Sales_and_Listing_Information/pinellas/Pinellas%20July%202007%20All%20Reports.pdf

Hillsborough Reports (homes and condos)
http://www.pinellasrealtor.org/bins/site/content/Statistics_Portal/PRO_Marketplace/2007_YTD_MLS_Sales_and_Listing_Information/hillsborough/Hillsborough%20June%202007%20All%20Reports.pdf?_re solutionfile=contentpath|Statistics_Portal/PRO_Marketplace/2007_YTD_MLS_Sales_and_Listing_Information/hillsborough/Hillsborough%20June%202007%20All%20Reports.pdf

Inventory appears to be leveling off but sales have not risen to prior year averages. Unit that occurs, seller's will continue to drop pricing to lure the "next" available buyer.

It's still a buyer's market and will remain so for many months.

[Cora72]

My house dropped $42,000 in estimated value in just 1 1/2 years. I really hope it doesn't drop anymore

[House4Sale]

I read two similar reports and talked to an employee who works
w/a "save our home" type agency and she confirms the
housing situation is picking up in Tampa and Wash. DC.
Not to be a Pollyana but I will focus on the positive and believe
things are looking up and turning around. Let's generate those
prayers and positive vibes, peope.

[boomer]

According to realor.com it states, "existing-home sales are forecast at 6.04 million in 2007 and 6.38 million next year, below the 6.48 million recorded in 2006." Those are pretty good number compared to the record year in 2006.

The National Association of Realtores also states, "The Pending Home Sales Index, based on contracts signed in June, was 5.0 percent higher from the downwardly revised May index of 97.5, but is 8.6 percent below June 2006 when it stood at 112.0. This 5.0 percent monthly gain is the largest in more than three years, since a 6.1 percent increase in March 2004.

If Forbes magazine and Lawrence Yun, NAR senior ecomist, rates Tampa as the quickest major city to recover from a housing bubble, then I would assume that we should start to see inventory levels falling soon after we hit the bottom, which we may be seeing right now.

Existing-home sales for July will be released August 27; the Pending Home Sales Index is scheduled for September 5 and the next forecast will be September 11.

Ziprealty has some promising numbers for the month of June.

Real Estate Market Conditions: Tampa Bay Real Estate