As you go about considering the timing of the buying or the selling of your home in Florida, including the Tampa real estate market, there are a number of factors that you need to consider and analyze. One of the more important factors that you need to keep in mind when it comes to the buying or selling of residential real estate in the 21st century is what is known as the housing industry. Perhaps more than anything else, the housing industry effects the price of residential real estate in markets from around the country, including the Tampa real estate market.
The current housing market inventory across the country at the present time is challenging to say the least. The same holds to be very true across Florida generally and in the Tampa real estate market as well. The November report from the National Association of Realtors sets forth that for the reporting period in question, there are nearly 4.4 million homes on the market for sale.
This is a significant inventory when it comes to the national real estate market. However, you do need to understand that the inventory situation actually has improved nationally and even to some degree throughout and across the Sunshine State.
The number of houses for sale in the July inventory report was approaching 4.6 million residences. Thus, the inventory situation at least is moving in what many experts are considering the right direction.
It is very important for you to understand the effects and impact of the inventory as it stands today. In order to sell all of the homes available on the market today, it would take 10.5 months. This figure actually is higher in Florida and even higher in Tampa Bay.
What is of concern is the fact that the amount of time it would take to deal with the current inventory is a period of time that is significantly longer over the estimate of one month ago. Last month's (nationally) inventory sales time was 9.6 months.
However, the inventory does appear to be dropping in most regions of the country. Most real estate experts agree that this is a bit of light at the end of the tunnel. These experts are indicating that there should be some relief in regard to the market and inventory beginning in the first of the year.
In considering the inventory report from the National Association of Realtors (NAR), it is important to understand precisely how inventory is analyzed and monitored. Inventory actually is monitored by the Association in its reporting in two ways. First, a consideration is made as to how many homes are available for sale. Second, a consideration is made as to how many months it would take to sell the total number of homes that are available for sale on the market right now and the current sales pace. When the sales pace declines, inventory measured in months will increase, even if the same number of homes are for sale.
Author Resource:-
Lance Mohr is your Tampa real estate expert, with over 10 years of experience and 15 years of investing. Please visit our Tampa Real Estate website and add our Tampa real estate blog to your favorites section of your browser.
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