Its no secret that in the last few years, it was not the easiest time to sell your house. There were so many things stacked against the average home owner that most advised: Wait. Maybe you tried to list your house, only to take it back off the market disappointed. Maybe you decided that a larger house could wait just a few more years. Maybe you found finding a renter was easier than finding a buyer.
The great news is that the home market in Tampa, and specifically Carrollwood is not only showing signs of improvement, but it is looking like a sellers market. Here are a few facts about the current housing market that are music to a sellers' ears.
Prices are up.
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Compared to home sales in second quarter of last year, this year's market shows that home sale prices are up almost 15% in Carrollwood. The average 3 bedroom, two bath house, with a two car garage last year went for $187,383. This year? $214,851.
Inventory is low.
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In the last year, large investors have purchased many of the bank owned, short sale and distressed properties. As June ended, there were only 112 single family homes on the market in Carrollwood. Based on the current rate of sales, that means that there is less than a two month supply of homes on the market. It also means less competition for the seller.
They are going fast!
One of the best indicators of how the housing market is doing is to see how long homes are sitting on the market before they are sold. In the last few years, a huge inventory of bank owned properties and short sales were flooding the market. Last year, in the second quarter, the average days a home sat on the market before going to contract was 59 days. This year for the same time period, houses sat on the market an average of 13 days. So not only will you get more money, but you have the potential to sell quick!
People desire move-in ready homes, not fixer uppers.
If your home is in move-in condition, this gives you an upper hand when going to sell. There are still a few bank owned properties and short sales on the market. These tend to be fixer uppers at a discounted price. This makes it harder for the homeowner who needs full market value to sell their fixer upper. With so few homes available, the move-in ready homes will be highly sought after for those buyers who are not looking for a home renovation project.
What should you do if you are considering selling your home?
If you are considering selling your home, talk to a licensed real estate agent about what you might expect to sell your home for. If you have put off any home improvement projects, consider getting them done. Factor the cost of these improvements with the payoff when selling to make the best decision. If I can help, give me a call. Let's start a conversation.
Jessica Kingsborough is a Realtor Associate at Action 100 Realty. She has over ten year's experience in the real estate field and is a member of the Carrollwood Area Business Association. She resides in Carrollwood with her husband and two daughters.