Why Most Tampa Sellers Are Falling Behind

The Tampa real estate market is continuing to change with nearly 50% of homes now selling below asking price. Instead of elevated offers and bidding wars, listings are sitting on the market for longer and more contracts are falling through. Let’s break down what’s happening, and how you can avoid the common pitfalls sellers and agents are making in this market.

RISING DAYS ON MARKET

According to the latest data, it takes 47 days to sell the median home right now in Tampa, up 51.6% from this time last year when it only took 31 days.

And it’s not just longer days on market we’re seeing:

• 19.5% of pending homes in Tampa end up with cancelled contracts. That’s 1 in 5 sellers having to start back at square 1 after months of waiting and negotiating.

• And 49.5% of homes are selling below asking price right now. This signals a return to a more “normal” market, and highlights the importance of having a good listing strategy.

HOW TO SELL SMARTER IN TODAY’S MARKET

Homes are sitting longer, more deals are collapsing, and sellers are leaving money on the table. The good news, though? With the right strategies, it’s easier now more than ever for sellers to stand out. Here are a few things to help:

1. Nail Your Launch Price

Pricing is the #1 mistake I see agents and sellers making today. Forget last year’s sold comps, buyers are shopping against ACTIVE comps. Your pricing strategy needs to be heavily-weighted against these active, comparable listings in your area. If you don’t price competitively from day one, your home risks going stale.

2. Increase Certainty with a Pre-Inspection 

A pre-inspection has a very high value-to-cost ratio. For a few hundred bucks, you can reduce a buyer’s doubts and speed up their decision-making cycle. A pre-inspection increases a potential buyer’s certainty that they are getting a good home. And psychology will tell us that when people are more certain about something, they will pay more for it.

3. Use Strategic Concessions as Leverage

Buyers simply have more power in this market. Get ahead and stand out. Think about offering closing cost assistance, repairs, and other concessions upfront to draw in more interest. This will help separate you from the competition, and lead to better offers and deals.

PLAN BEFORE YOU LIST

If you’re curious about the playbook I’m using to get the best results in this market, simply reply to this email and I’ll walk you through the proven strategies. No commitment. No sales pressure. Just clear, personalized information designed to help you reach your real estate goals.

Best,