Tampa Real Estate Shrinking Inventory of Sellers Market causing obstacles and bidding wars

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Andrew Duncan, Tampa Bay's #1 Realtor and Expert, talks to Arnie Diaz of Waterstone Mortgage on The Duncan Duo Real Estate Show to about the housing shortage in Tampa Bay and how more and more home buyers are not finding the home they are looking for. They are running into multiple offer situations, though it's not happening in every price point but it'll more likely to happen in the average and lower price points. Inventory continuous to be a problem.

Arnie adds that there are a lot of frustrated home buyers now who are getting beat out by other people because of the competition. He suggests that it's really best to have everything done, specifically getting pre-approved for a mortgage, in order to compete with the cash offers or other buyers who have not been pre-approved yet. 

They also talk about the difference of pre-qualifying for a loan and going through the whole process of underwriting and getting qualified. The process of pre-qualification is only based on the information the borrower provides to the lender without having them validated. There is still a chance that the borrower could not be approved for a loan. Oftentimes some of the information provided are not accurate. Until everything has been validated and documented, that will be the only time the borrower can be guaranteed to be approved for a loan. 

Andrew talks about how some buyers pass on some homes that need repairs thinking they will find something better or won't encounter the same issue with the next house. Some decide to up their budget thinking they'll find a perfect home but because of the rising home values and interest rates, holding off would only cost the buyer more.

To address the issue of the shortage in the inventory, the builders are having more opportunities open up for them because they have to create it. They talk about some of the developments that are coming in the next few years.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

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