TAMPA, Fla. – Florida’s Largest Home Show continued through Labor Day after a weekend that brought dozens of vendors to the Expo Hall at the Florida State Fairgrounds. The event gave potential Tampa Bay home-sellers a chance to figure out how to make their properties stand out in a competitive real estate market.
Noah Rich, a REALTOR® with Tomlin St Cyr Real Estate Services, said the Tampa Bay housing market is seeing a big increase in inventory over the past couple of months. But the levels aren’t quite like they were pre-COVID.
“Interest rates are definitely a big factor,” said Rich. “We’re just over 6% for conventional home loans. Also, I think just all the news stories about recessions coming, and it’s kind of scaring some of the buyers and slowing the housing market down.”
Home prices are also declining nationally, fueled largely by rising interest rates, according to Realtor.com.
“Over this next year, I think we’re going to see a 4-5% increase in home prices, where the previous two years we’ve seen 20% year over year,” Rich said. “I don’t think we’re seeing them go down. I think we’re just seeing them level off.”
Rich added that because homes are staying on the market longer, potential first-time home buyers have better opportunities to make offers on homes.