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I wanted to touch on an important topic today - housing inventory and days on market.
We're constantly asked how long it should take homes to sell in the Tampa Real Estate Market. It's really a loaded question because there is no truly correct answer. Real estate is hyper-local, so the "right" days on market really depends on your specific neighborhood and what's happening in that area.
Real estate is hyper-local, so you can't always cast a wide net.
What we're seeing right now is that most homes are selling within 60 days, but some are taking longer. The higher the price of the home, the longer it may take to sell because the buyer pool is smaller. Likewise, the cheaper the home, the larger the buyer pool, and the faster it's likely to sell. Some neighborhoods have houses that experience a bidding war within a week, and others that have houses that take six months to sell.
What's happening in Riverview may be different from what's happening in South Tampa or New Tampa. As an agent, we can look at your specific area and give you advice. Generally speaking, you want to look at statistics for days on market compared to your neighborhood, and remember that prices affect it as well.
Generally, right now we're seeing most homes sell more quickly due to low inventory, especially well-priced homes. Days on market can be interesting when it comes to marketing strategies as well. I think if you see homes sell in one or two days, sometimes that's a little too quick. We coach our agents to encourage our home sellers to leave a little bit of time to feel things out and make sure we're not leaving money on the table.
Remember, the supply and demand curve varies from neighborhood to neighborhood. For a more specific look at your area and what you should expect if you're buying or selling, email me or give me a call for a complete analysis. We're here to help!
