Florida’s largest home offering helps potential home sellers stand out in the competitive market
Tampa, Florida. – Florida’s biggest home show wrapped up Monday after the weekend as dozens of vendors thronged the showroom at the Florida Fairgrounds.
The event was also an opportunity for potential home sellers to learn how to stand out for their properties in an increasingly competitive market.
“The great thing about home viewing is that you have experts in the industry [right here]”The Whole Wizard,” said Brian Santos, a graphic contractor known as “The Wall Wizard.” “It’s what’s so great about the house showing that you can meet and greet the people who are going to be in your house.”
Noah Rich, of Tomlin St Cyr Real Estate Services, said the Tampa Bay housing market has been seeing a significant increase in inventory over the past two months, but not at levels as it was before COVID.
Related: Will the Tampa Bay housing market calm down? Real estate experts say it is
“Interest rates are definitely a big factor,” Rich said. “We’re just over 6% for traditional home loans. I also think all the news stories about recessions coming in, that’s kind of scaring some buyers and slowing down the housing market.”
As the market is more competitive, the sellers at Home Show find themselves giving advice on how to make homes stand out.
“Many people want to raise the value of their home before they sell it to get as much of it as possible,” said Ziara Lyon, a designer at Floor and Decor in Saint Petersburg who was on the Home Show. “A lot of older homes will have five different types of tiles. You have one tile in the bathroom, one tile in the kitchen, one tile in the hallway, and then three different strips. So often, it’s one of the first things people want to do She…removed all those different floors and put one floor all over the house, except maybe the bathrooms.”
more: Florida’s eyes turn on property insurers’ ratings due to downgrade threats
According to Realtor.com, home prices nationwide are declining as well, driven in large part by rising interest rates.
Rich said the Tampa Bay housing market appears to be still in a pricing bubble.
“Over this next year, I think we will see a 4-5% increase in house prices, as the last two years have seen 20% on an annual basis,” he said. “I don’t think we see them regressing. I think we just see them stabilizing.”
Rich added, because homes stay on the market for longer, potential first-time home buyers have better chances of bidding on homes.