Are Tampa Bay Home Prices Crashing?
…BUY NOW OR WAIT?
As an Exclusive Buyer Agency Office, we are always knee deep in representing home buyers. We have been in business 30+ years and still keep an eye on what's happening! This is what we see…
Markets in Florida always cycle. We have lived and survived all kinds of home buying cycles and have experienced every kind of real estate market challenge imaginable like the 3 kinds below:
1. A Fast Paced RE market in Great Demand: This is primarily the Tampa Bay Area Real Estate market where regardless of the price, you could make dozens of offers and not get close to snagging a deal. We have had clients bid 20% over full price and still not have the top bid. During a red hot market Tampa Bay Homes prices are not crashing, they are appreciating more.
We have had clients offer more than the market value, more than the appraisal and more than other competing offers and still not have the winning bid. Why? Because our clients chose not to give up every contingencies (a smart move).
2. Year 2008 the Tampa Bay Home Prices really did crash. We sold nothing but short-sales and foreclosures. One year all of our closed transactions were short sales.
I am not sure which is worse…bidding against dozens of offers or waiting 9 months for a response from the bank to approve the short sale. I had one bank take 11 months to respond and then they decided to not pay the buyers 3% of closing costs, as per contract. When the property did not appraise for the contract price, the bank simply said: “We don’t care…”
3. Storms in Florida: We have sold homes during high winds and the aftermath of Hurricanes. We had to double up on home inspections and renegotiate the contracts price and terms due to force majeure. Who fixes any damage? Will we close on time? Should I wait or find a different home to buy? Tampa Bay home prices still did not crash.