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Monday, March 10, 2008

What the Media Doesn't tell you about the Tampa Real Estate Market-2008

Written By:
Rae Catanese,
Realtor-Tampa, Fl

Just wanted to share with you some of the trends we are noticing right now in the Tampa Bay Real Estate market.

One, the buyers market is starting to pick up. You see all the ads, billboards saying NOW IS THE TIME TO BUY. That statement is true and here's why.

I've been working with 2 buyers and the usual amount of homes we see are six. In both cases, Two, of the the six are usually in a Short-Sale or Pre-Foreclosure status. Another two of the six are priced below what they paid if they purchased in the past 2 years. That's a total of 4 out of 6 properties that you can get a really good deal on.

People are selling their homes for various reasons now. Not because they want to "see what they can get. " Everyone already knows now is not the time to be a seller. Sellers and buyers are hearing that the market won't pick up until the end of 2008. Why wait? If a home is on the market it usually means they HAVE TO SELL. Whether it is because of a job relocation, divorce or they just can't afford to make the payment due to the increase in taxes and insurance the past 2 years.

Sellers have gotten in over their heads, and those who care about their credit would rather just take a loss, then risk foreclosure. The loss can be taken as a tax write off. People who make money need it anyway.

Sellers also receive a tax credit if they sold their home for less than what was owed; which is retroactive to 2007.

If you've been on the fence about buying a home in Tampa; and after reading this article you decide to start your search process, please contact us.

Read more about the seller tax credit in Florida

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Rae Catanese and Michelle Jordan

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