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Experts say homes are flying off the market even during uncertain times

Posted at 5:36 PM, Aug 19, 2020
and last updated 2020-08-19 18:00:36-04

The housing market is booming even during a time that seems very uncertain for many.

But with more people working from home, analyzing your house to see what’s missing and what could make things better seems to be very common right now.

“When we both worked from home, we both work together in the same room so we started thinking it would really be great if we had a house that had separate spaces,” said Molly Staggs.

Right here in Tampa, homes aren’t staying on the market for long.

Staggs and her husband put their house up for sale last Thursday and by the following week, they had buyers under contract.

Over the course of 2 1/2 days we had more than 50 showings,” she said.

Low mortgage rates that fell because of coronavirus are enticing more folks to not only sell but buy as well.

30-year mortgage rates dropped below 3%,” said Molly Boesel, the Principle Economist at CoreLogic. “People are like 'wow this has never happened before I really better do this now.'”

Micaela Morenz, a Realtor with Blake Real Estate, has been one busy woman lately.

She says the one thing she tells folks looking to sell their home, “Price your home appropriately. Don’t get greedy! Don’t try and make that extra 10 or 15,000.”

And that’s because the market is so competitive the price will likely drive up naturally. Staggs sold her house $15,000 over asking price.

“We’ve done a lot of work on it, we really like it a lot but we had no idea that someone would like our house that much,” Staggs said.

But will it last?

“If I had that crystal ball I would be a very wealthy woman,” said Morenz, laughing.

And, while rent prices are still going up, they are rising at the slowest growth rate in over a decade partially because unemployment didn’t hit the Tampa Bay area as hard as other parts of the Country.