As the pending sales and the value of real estate are beginning to decrease, the Tampa market shows the first signs of cooling. Prices of residential properties, however, remain high compared to last year.
What’s happening:
- In June 2022, 42.1% of Tampa sellers lowered their asking price.
- Buyers are increasingly reluctant to close the deal as owning real estate becomes too expensive.
Such trends emerged after interest rates exceeded 5% for the first time in 10 years. The number of mortgage applications reduced by 24% nationwide. An average of 6.5% of sellers lowered their asking price every week in June.
The volume of pending sales of residential properties reduced by 13% this June compared to the same period of the previous year, which has become the most considerable reduction since May 2020.
Many experts believe that the Tampa real estate market is going to become a buyer’s market if sellers increase the number of listings in summer. This means that investors who were waiting for the right time to maximize their returns will be able to make a lucrative investment in the nearest future.