Florida’s Largest Home Show Helps Potential Sellers Stand Out in a Competitive Market
TAMPA, Florida. – Florida’s largest home show ended Monday after a weekend in which dozens of sellers packed into the Florida State Fairgrounds exhibit hall.
The event was also an opportunity for potential sellers to find out how to make their properties stand out in an increasingly competitive market.
“That’s the great thing about a home show is that you have industry experts [right here]”said Brian Santos, a painting contractor known as ‘The Wall Wizard.’
Noah Rich of Tomlin St Cyr Real Estate Services said the Tampa Bay housing market is seeing a sharp rise in inventory over the past two months, but not levels like they were before COVID.
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“Interest rates are definitely a big factor,” Rich said. “We’re at just over 6% for conventional home loans. Also, I think all the news about recessions coming, and that’s kind of scaring off some buyers and slowing down the housing market.”
With the market becoming more competitive, sellers at the home show found themselves giving advice on how to make homes stand out.
“A lot of people want to increase the value of their home before selling it to get the most out of it,” said Xiara Leon, designer at Floor and Decor in St. Petersburg, who was at the Home Show. “A lot of older homes will have five different types of tile. You have a tile in the bathroom, a tile in the kitchen, a tile in the hall, and then three different laminates. So often one of the first this what people want to do is…remove all these different flooring and install the same flooring throughout the house, except maybe the bathrooms.”
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According real estate agent.comNational home prices are also down, fueled in large part by rising interest rates.
Rich said the Tampa Bay real estate market still appears to be in a price bubble.
“Over the next year, I think we’re going to see a 4-5% increase in house prices, whereas the previous two years we’ve seen 20% year-over-year,” he said. he declared. “I don’t think we see them going down. I think we just see them stabilizing.”
Rich added that because homes stay on the market longer, potential first-time home buyers have better opportunities to bid on homes.