Local housing prices are starting to change

The Good News for Buyers, The Bad News for Sellers
Posted at 6:28 PM, Oct 17, 2016
and last updated 2016-10-17 18:28:31-04

In real estate timing is just as important as location and right now the timing is getting better for buyers.

Price reductions are becoming more common all over Tampa Bay.

A quick search of homes in the $400 thousand range and you'll find reductions of $50 even $100 thousand dollars.

So what's really going on here? Does it have anything to do with concern over the outcome of the presidential election and next year's economy?

Real Estate Agent Vince Arcuri says price reductions in the Tampa are starting to pick up,  but he says the reason has less to do with election anxiety and more to do with supply and demand.

The summer is over, the rush of buyers has subsided, and inventory is up.

"Which means as a seller you have to get a little bit more aggressive on price," says Arcuri

The good news:  

This is a smart time to buy a home. And if you're selling Arcuri says it's time for a reality check.

"If your home hasn't sold and it has been on the market for a couple of months, it's a wise move to reduce your price , because of the time of year we are in."

And whether Donald or Hillary makes it to the White House, just remember:

The summer is hot for sellers and the winter is warmer for buyers.