If you’re interested in buying or selling a home in Tampa Bay, one critical piece of information you need to make the best choices is the state of the Tampa Bay housing market. 

Why does the state of the Tampa Bay housing market matter? The conditions of the housing market will impact every aspect of your real estate transaction from the price to the terms and conditions. Knowing in advance what type of conditions the Tampa Bay housing market is experiencing will help you make an informed decision about whether to buy or sell now or wait until the market is trending in your favor.

Below we explore the state of the Tampa Bay housing market and teach you what you need to know about market conditions to make your real estate transaction a success. 

What’s a Buyer’s Market Versus a Seller’s Market in the Tampa Bay Housing Market?

The state of the housing market is usually either a buyer’s market or a seller’s market.

A buyer’s market favors the homebuyer. The demand for houses for sale is low while the number of homes available is high. This takes the pressure off the homebuyer to race to find the perfect home before it is snatched up by another motivated homebuyer. It also means that when it comes time to negotiate price and terms that the homebuyer has the upper hand. They can often get favorable terms such as the home seller making repairs before closing. 

Conversely, a seller’s market is just like it sounds – a housing market that favors home sellers. In this type of market, the number of homes available for sale is less than the demand. This can often lead to homes selling quickly and for higher prices than in a buyer’s market. It also means that during negotiations the home seller has the advantage for bargaining the price and terms. 

Is Tampa Bay a Buyer’s Market or a Seller’s Market?

As 2022 drew to a close, the housing market was a seller’s market. However, as 2023 begins the housing market is trending towards a neutral market.

What does that mean for you? As the market transitions from a seller’s market to a neutral market, you can expect for the number of homes for sale to increase as demand slows. In a neutral market, homes sell at an average rate for an average price. Neither party has a clear advantage over the other in negotiations, so having an experienced realtor advocating for your interests is a huge plus. 

Buying or Selling a House in Tampa Bay

Whether you are buying or selling a house in Tampa Bay, the expert realtors at Your Home Sold Guaranteed Realty of Greater Florida are here to help! We do more than find and list houses – with our services you’ll get so much more. From getting the list of hottest new properties customized to you to informing home sellers about what their house will sell for before they list, we offer a wealth of free services and resources to help guide you through your transaction. And that’s not all – we have a number of Guarantees for both homebuyers and home sellers that we back up with cash! 

All you have to do to seize the market and make your dream a reality is pick up the phone and call us at 239-880-3563 or fill out the form below. It’s that simple!