If you’re part of the St. Petersburg real estate industry, the current seller’s market may seem highly volatile and unexpected. Although it presents plenty of opportunities for sellers, buyers are having more difficulty finding homes at affordable prices than ever before.
However, it’s important to keep in mind that home buying in Florida is still possible–especially if you’re willing to wait.
We’re here to help bring some clarity for realtors in St. Petersburg, Florida. Read on for our real estate market predictions for 2022!
The Housing Market Probably Won’t Crash
According to reporting by the Tampa Bay Times and data from Florida Realtors, most professionals in the area are confident that the housing market isn’t going to crash. This is because the conditions are significantly different than years ago.
For instance, the high demand is due to millennials coming of age and wanting to buy homes for their families. However, baby boomers are living longer and not putting their homes on the market.
Bubbles, on the other hand, usually begin through speculation–not through actual demand.
Inventory Shortage is a Concern
Although we probably won’t see the market crashing as it did 12 years ago, the shortage of inventory is still a big concern for buyers and St. Petersburg realtors alike. For instance, the cost of construction materials increasing over the last year means that far fewer new houses are being built.
This is why some St. Petersburg real estate agents are telling their buyers to wait. With mortgages past due at record levels and foreclosure moratoriums expiring, many are expecting that distressed properties will go on the market.
Will Prices Decrease in St. Petersburg Soon?
If you’re looking for homes for sale in St. Petersburg for a buyer with a tight budget, you may be wondering whether they’ll be decreasing anytime soon. Unfortunately, Wallet Investor predicts that prices will continue to rise into 2022 and may become more steady as the years progress.
This means that investors who are paying in cash shouldn’t wait. Homeowners who are happy with where they’re living now and just want an upgrade may find it more advantageous to stay put.
Predictions for Realtors in St. Petersburg, Florida: Keep Researching
When it comes to accurate predictions for realtors in St. Petersburg, Florida, it’s important to keep in mind that everything is in flux.
In this pandemic year, no one can be 100 percent sure of what will happen in the future with the market. The best you can do is to continue to research the newest data on home sales and investors in your local area.
Remind clients that want to buy a home now that it may be wise to wait for prices to stabilize again. This is because almost any home will be far above its appraised value.
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