While total home sales decline, investor purchases still remain above pre-pandemic levels. Four cities in Florida made Redfin’s top-10 list for investors. Tampa ranked No. 8 on the list at 24.7% of homes purchased by investors in Q1 of 2022, down 16.5% quarter-to-quarter. “Investor home purchases are falling for the same reason overall home purchases…
Headlines this week addressed many shifts in the real estate industry. The latest iBuyer report from Zillow showed a decline in market share for iBuyers from the previous quarter. Combined, Zillow Offers, Offerpad and Opendoor accounted for 1.7% of all purchases. Homeowners sold 12,652 homes to Opendoor, according to the report. On Tuesday, the online company…
The average cost for a gallon of regular unleaded fuel in the Tampa Bay area reached a new height on Monday at $4.76, according to data from AAA The Auto Club Group. Some experts warn that it could reach between $5-6 this summer. Real estate in areas where people have a long commute could see…
The housing market can turn on a dime, but it can also experience a slow squeeze. This is one big uncertainty real estate professionals are looking to answer. In a recent release, NAR’s Chief Economist Lawrence Yun said higher mortgage rates have increased the cost of purchasing a home by more than 25% compared to…
We received the horrific news that 19 children and 2 teachers were killed in a shooting at a Texas elementary school. I could not let this news go unremarked, but I recognize that there are no words to salve the hurt, anger, sadness and shock we all surely feel. Perhaps at this reading, you can…
Florida and, certainly Tampa Bay, continue in a familiar holding pattern, despite changes all around us. GTR Economist Elliot Eisenberg reports the region’s low inventory, a product of the continued hot market, will largely insulate us from the impact of higher prices and higher mortgage rates occurring elsewhere. Tampa remains among the nation’s fastest…
As rising mortgage rates are beginning to cool other markets, Florida’s increasing population is likely to keep our housing market in a relative status quo for a while, state-based researchers say. Conversely, Moody’s Analytics chief economist Mark Zandi cautions that “overvalued” housing markets could see home prices slip 5% to 10% over the next…
Topping our headlines today is the Federal Reserve’s approval of a half-percentage point increase in interest rates. While the Fed action is designed to curb record inflation, The Wall Street Journal speculates that borrowing costs for home mortgages, auto loans and business debt could begin to slow economic growth later this year. The average 30-year mortgage…
This week we are watching developments in two lawsuits with the potential to shift the industry significantly, as well as other disruptions, both positive and concerning. The National Association of REALTORS® and Realogy both say they will appeal a judge’s ruling this week that granted class certification in one of two federal commissions…
Today’s housing market remains hot but cooling, according to figures released this week by the National Association of REALTORS®. NAR reports total existing homes sales dipped 2.7% from February to a seasonally adjusted annual rate of 5.77 million in March. NAR economist Lawrence Yun points to rising interest rates and inflation for the decline. At…