Moving to Florida 🏡 How Buyers Stand a Chance in a Crazy Real Estate Market

By now you've probably heard about the low inventory real estate situation here in the Tampa Bay area, and I'm sharing my advice for how to best navigate this housing market. As of March 2021, Hillsborough County only has three weeks of single family home inventory, when a balanced housing market would have about six months worth of homes available.
Take a close look at your finances, because you might have to get creative. It is very normal for a buyer right now to guarantee to pay a certain amount over appraised value. In order to win that contract, you may have to put down a larger down payment or the seller might want you to put more of an escrow deposit down.
It's going to be difficult to get sellers who will accept a contract contingent on the sale of your home, so you may need to tap into other money sources such as investment accounts.
For those lucky enough to be a cash buyer, you are likely to win the contract in a multiple-offer situation if it's the same price as finance offers.
Be flexible, but don't settle! There will probably never be the perfect house, but cosmetic items can be changed. Be flexible on the "wants," not as flexible on the "must-haves."
Why even jump into this housing market right now? My buyers are choosing to proceed for several reasons including historically low interest rates, the ability to work from home, and out-of-towners looking to leave more expensive states.
Moving to Florida 2021 🏡 What You Need to Know
• Moving to Florida 2021...
Buying New Construction Homes in Florida 🏡 Things You Should Know
• Buying New Constructio...
Melanie is a Tampa Bay area Realtor with Smith & Associates. She loves Tampa Bay area area, houses, and helping clients buy and sell real estate.
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Call/text me if you are looking to buy / sell a home in the Tampa Bay area! 813.368.6084
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[@MelanieLovesTampaBay]

Thanks for watching! I'd recommend these videos to check out next: Moving to Florida 2021 🏡 What You Need to Know kzbin.info/www/bejne/pnuUd3Stmsmggsk Buying New Construction Homes in Florida 🏡 Things You Should Know kzbin.info/www/bejne/imGniXt9ZcuWZ9E

[@FlyingChief1101]

For anyone looking to buy a home in the Tampa Bay area, Melanie is an excellent agent to use. Like many of you, we found her on KZbin through her excellent and informative videos and reached out to her when we were finally ready to move. We found her to be very experienced and knowledgeable. More importantly, she was great to work with with great advice throughout the process. We highly recommend her for any buyer or seller in the Tampa Bay Area.

[@MariaAndersenCrypto]

Thank you!

[@Aldoshein]

Awesome vid - love the plain n simple explanations and insight. Thx.

[@julhe8743]

Great video Melanie, you are always providing valuable information. 💯💯💯💯

[@mariarod6134]

Excellent information on this unbelievable market. People can’t move fast enough to Florida. I’ve never experienced such urgency to move from clients. Great tips for both sides on everything you deal with daily.

[@EricLarkin]

Great explanation of the market and some very sound advice on presenting a successful offer

[@MariaAndersenCrypto]

Extremely valuable content! Thanks a lot!!!

[@timothybilecki8932]

Another great video Melanie.

[@victoriahoarealtor]

Content is so good!

[@mtebor]

After looking a few resales in Clermont we decided to go with a newbuild. The one resale home was only a year old and they were charging more than the newbuild because it was immediately available.

[@biznakrivera]

Great information!

[@dpar44]

Great info Melanie! I've experienced this myself since January as a buyer. Getting to the point where I'm thinking either new construction or just take my time and let it balance out. It's crazy trying to get an offer in and the home is pending within hours sometimes, especially with all the soul searching it takes just to be comfortable making an offer after checking all the "wants and needs" boxes.

[@MelanieLovesTampaBay]

Ugh...I know...it is so hard for buyers right now. So many good, qualified buyers are stepping back for a while because of the insanity. New construction has been successful for my buyers this year but you need the flexibility of being able to wait for a house to be constructed. Sending you good luck 🍀 in your search!

[@james5460]

It's nice to see someone being realistic about RE reality. So many others are sitting there working their mouths claiming a crash is just around the corner and you just need to wait and you'll get your dream house for half off. All the hoping and dreaming and wishing and scheming is not going to manufacture a housing crash, you've got to work to buy a house in this market.

[@donnahughes8409]

Great video full of information. I love all your videos. What’s is the best company to find if you are not buying but lease and moving to Florida from out of State?

[@Purple_Revolution99]

Thank you

[@Columbus1152]

If the bubble pops and interest rates increase, there will be a big increase in inventory and drive prices down. Maybe not as much as 10 years ago, but still have to consider over valuation.

[@mayurgandhi5576]

Good information Melanie.....will be in touch in 2022

[@toddhanson5047]

I've seen a 500 percent increase in available homes in Florida in 6 months I'm going to wait.

[@douglasmichals7760]

Thank you for the video Melanie! Do you think that rising insurance rates have or will put a damper on demand as an offset to lower mortgage rates?

[@DOUGandNIKI]

We are here shopping right now...it's crazy!

[@sidehustletips]

There's 5000 places available to buy in Tampa area. What on Earth are you talking about?

[@FollowLeonIsMyRealtor]

@@sidehustletips That doesn't mean the market isn't still crazy...what the hell are YOU talking about?

[@jessicagraterol8330]

Geez I need to move by summer I’m so not ready

[@Euorgos]

I am constantly getting phone calls, texts, and letters from real estate agents who want to know if I want to list my house with them. Lots of them every day. This tells me that there is a shortage of houses here in Tampa and Realtors are getting desperate.

[@FollowLeonIsMyRealtor]

This market is unbelievable!

[@justinrieckhoff8796]

Hi Melanie! Any suggestions on rentals? Currently in Brandon, and looking elsewhere. Would love to have your expertise. Just moved here in May.

[@dulciecattrell3498]

This crazy market has been very distressing to me. We were planning on moving to Florida this year, a plan that has been in the works for many years, but watching home prices go through the roof and houses sell for tens of thousands over asking, has me thinking my dream has gone bust. Oh well, maybe in a few years when everyone who thinks they wanted to live in Florida is bugging out.

[@vincentpadovano7855]

Its going to happen...all of the people moving there because of the virus will realize that they jumped the gun...they will be selling in no time.

[@hipmoma]

@@vincentpadovano7855 I don't believe that at all. People now work from home! I'm one of them. I've seen the Tampa Bay Area prices increase a lot in the last 6 months. People buy homes in the worst neighborhoods and under $200k impossible even in the hood

[@mjh5437]

@@vincentpadovano7855 People are movng to Florida "because of the virus"? What do you mean? The virus is nationwide.

[@Yyyppp789]

Hello, what part of Florida is better for families, jobs, schools and safety. For example the Atlantic area or the golf area. Thank you.

[@giangseattle]

How is Punta Gorda vs North Port or Bonita Spring?

[@celpower]

I am not ready to buy, don’t want to overpay, specially not knowing any areas. New build would be tempting, but even those are hard to find. I am ready to be down there early April, I am in desperate need of help finding a non scam rental. If you can help sending me a person I can use I would greatly appreciate. Looking for anywhere around Largo, so from St Petersburg’s to Tampa is game.

[@natrone23]

Bubble go pop!

[@hipmoma]

I don't think it will. I think next year you'll see another $50-$100k higher... FL is open and many other states stagnant

[@michaelharrington5227]

Hi Melanie. I read this on a Florida Facebook group and others agreed... Is this accurate? “We just put an offer on a $395,000 single family home. Our out of pocket cost with an FHA loan will be about $55,000” everyone says closing costs are crazy expensive. Your thoughts?

[@oyh1016]

Hello, so I'm currently living in Gainesville, VA (not FL - LOL) in a condo I purchased back in 2018 but I plan to sell it and relocate to the Tampa, FL area (actually, w/n a 30-40 radius of Tampa -- central part of FL; ie: Sebring, Brooksville, Bartow areas to name a few) but not until Feb-Apr '22. Being that I plan on investing n a MULTIFAMILY home preferably new or newer (no older than about 15 yrs) should I even bother to start looking at multifamilies now or should I wait w/n 4-6 months of my relocation to do so? Oh, and also, I kinda 'prematurely' got a real estate agent who's been sending me houses at nauseum daily n also had my credit pulled by a mortgage broker.....I should've waited a few months till after the summer to have that done!!!

[@ScottCugno]

I’m looking at a place in Westshore Palms Tampa, FL. Is this a decent neighborhood?

[@BrisLS1]

Seems like if you have a house to sell, and you want to buy; it is a neutral market to you. Or not so, because in the bidding wars they won't let you submit a contingent offer? Interesting market. I guess it's as good a problem to have, as the opposite, where nobody wants your house, even though some seller is offering you cash at closing.

[@cinesvi]

How can I locate a great realtor?

[@jessicalea9460]

Moving to Tampa area this summer. My criteria … safe neighborhood, most possibility for house with a boat dock, great high school, within 20 min from downtown... would South Tampa be the best fit?

[@FollowLeonIsMyRealtor]

Depends on your budget.

[@sugarbear1225]

👍🏾

[@sixstringb71]

Melanie, how different is Ft Meyers area market compared to Tampa??

[@derbykat411]

John Buffington It's the same, it has all gone up. I live in Fort Lauderdale and we plan on selling when my husband retires in January to move over to the west side Naples, Bonita Springs, Cape Coral somewhere in that area and the prices in homes have really increased and as soon as they are listed there is a contract on them! I have been looking for months and have seen the price of homes increasing in Florida, especially on the west coast as homes were so much lower there.

[@genwe1894]

How is Cape Coral? Is it low inventory too?

[@derbykat411]

Be careful where you look in certain areas of Cape Coral. Septic and well water

[@mariepaukowits1709]

Off topic but we are from nyc and it’s liberal. Would you say Tampa area is conservative or liberal? We are looking to moving to conservative area. I know Florida is generally conservative but not sure about Tampa. Thanks

[@jamesblanton3744]

Tampa is a moderate area will be more conservative than NY but not right wing also area of the city will make a difference

[@Euorgos]

Tampa leans liberal. As a New York Liberal snowbird, I fit in nicely.

[@pures1n]

Depends where in Tampa, just like how Manhattan, Brooklyn, Queens are liberal and staten island and long island are conservative.

[@derbykat411]

The most liberal area in Florida is Miami-Dade and Broward County that's Fort Lauderdale and Miami

[@manuelseda9197]

How would this crazy market benefit new agents that have no business?

[@FollowLeonIsMyRealtor]

Marketing yourself.

[@laker4life36]

TAMPA RAPTORS

[@SuperQdaddy]

Everything i like is under contract...im tired of looking

[@flipflopstrucker7772]

Buy a new house..

[@Hawlkeye-e9p]

500,000 and up the market is great. 400 and down lmfao. Your screwed.

[@elainej3392]

I disagree with the statement that if you are a cash buyer offering the same amount as mortgage buyers you will win the contract. The properties I am making offers on in your area in FL (sight unseen) within hours of them hitting MLS all have multiple other cash offers well over asking price. One house I tried to buy had 10 all cash offers! Also, you can never get your offer accepted if you see the house first because by the time you see the property it will be under contract with another buyer!

[@jenniferduggan696]

The point of what Melanie was saying is that someone paying cash will (almost) ALWAYS win the contract over someone who needs financing, because cash is more of a done deal and the closing can happen quickly. You are comparing cash offer vs. cash offer and Melanie is comparing financing offer vs. cash offer. Big difference.

[@natrone23]

I’m not paying 280k for a dump.

[@FollowLeonIsMyRealtor]

What do you consider a dump?