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Housing market booming for sellers; real estate expert recommends buyers think outside the box

US home sales slump in February
Posted at 9:09 AM, Mar 26, 2021
and last updated 2021-03-26 09:09:55-04

WESLEY CHAPEL, Fla. — Homeowners who are looking to sell are reaping the benefits of a hot market.

Brandon Paulson and his family are seeing that first hand.

The family of four is moving back to the Tampa area from Mississippi.

Paulson is no stranger to the real estate game, but this time around the playing field was a race against the clock and other buyers.

"The house listed, I think we saw it about 2:00 in the afternoon by 5:30 we were the first ones to call in and set up a walkthrough and by 7:00 we had an offer in," Paulson said.

His realtor Autumn Etheredge said the market is unlike any she's seen in her more than a decade of experience in the housing field.

"It's been crazy busy. I would say since January it has been non-stop," Etheredge said.

Etheredge said she's seen shifts, but nothing like what is happening now with the housing market.

"A normal balance market has about six months of inventory and right now inventory for single-family homes is less than one month," Etheredge said.

Like many other things, one could blame the pandemic.

Etheredge said with more people working from home they're looking for more space and the Florida sunshine is drawing northerners who have been locked inside due to the pandemic.

The growth in Wesley Chapel is proof.

In 2020 the average sale price for a home was about $274,000.

In the first quarter of 2021, the average home is selling for more than $342,000 and 100% of sellers are getting their asking price or above appraisal value.

Etheredge said the market is so hot right now buyers have to get creative in their approach and how they make an offer.

"Think about what the seller would prefer. Would they prefer to rent the home back from you for a few months? Would they prefer a contingency above appraised value," Etheredge said.

Right now she said every extra effort counts.