Tampa Bay house prices fall while demand remains high

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TAMPA, Fla. (CW44 News At 10) – Local real estate agents say the Tampa Bay housing market is slowing, but competition remains high.

This comes a day after the Federal Reserve raised interest rates by 75 basis points, the highest rate we’ve seen since 2018.

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Local real estate agents say that while the housing market is starting to benefit buyers in other parts of the country, it isn’t happening here in the Tampa Bay Area, and they say it’s because there aren’t enough homes for sale.

“After the pandemic it was, I wouldn’t say a nightmare, but it was extremely stressful. You have to restart the PR approval process over and over and you get your hopes up for this amazing property,” said Aimee Carpenter.

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Aimee Carpenter has been looking for a home in the Tampa Bay Area for two years.

“I would find a property and I would view it within 24 hours and the next day we hadn’t even filled out the paperwork and got a notification that an offer had been accepted for more than the asking price in cash,” said Carpenter.

Local real estate agent, Candis Carmichael, says it’s all because Tampa Bay is such a desirable place to live.

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“We haven’t gotten to a point where the supply meets our demand and the builders can’t build fast enough, and if you think of Pinellas County, I’m targeting Pinellas, and there’s not a lot of arable land,” said Carmichael. .

The Federal Reserve raised interest rates by 75 basis points on Wednesday, impacting interest rates on mortgages.

“If interest rates go up, you pay more in interest, so what they’re going to approve you on the side of a lender is a cheaper house,” Carmichael said.

Carmichael says the housing market has already adjusted to higher interest rates, meaning it’s slightly more affordable to buy a home now compared to a few months ago.

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“Sale price adjustments, homes that were 30% higher than they should have been, are now listed at actual price,” said Carmichael

She says the cost of a home is still about 20% higher than it was a year ago, but with prices looking a little more realistic, now is a great time to buy.

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“You’re going to see a more stable, normal kind of housing market going forward,” Carmichael said.