TAMPA, Fla. — Tampa is in the middle of what many are calling a housing crisis.
"It's been quite brutal," said Louie Talacay, a realtor who helps buy and sell homes in Tampa Bay. "Just the concept of wanting a three-bedroom, two-bathroom is a very tall order."
Thanks to a severe lack of available homes on the market and record-high demand between buyers competing for properties, searching for a family home is anything but simple. Unfortunately, Talacay and other housing experts do not see that changing any time soon.
“I honestly don’t expect it to become any less competitive," he said.
Talcay has some tips for buyers navigating the current Tampa housing market and the one to unfold in 2022.
Firstly, he tells buyers to act fast. The keys to your dream house could be handed to another buyer within hours if you sit and wait.
“Once someone sees something they like they have to move on it right away," Talacay said. "I’ve had clients where they had to work until 5 p.m. and we’re not even able to show them the home, but they still have to put an offer down if they think this is going to be a home in the right location that they’d want to live in.”
Also, cash-down payments are most attractive to sellers, right now. Talacay says sellers ask for 20-40% down payment, so save up to give yourself the best chance.
“If you don’t have cash in hand it’s a very difficult thing to get any offer accepted," Talacay said.
Finally, Talacay says it is all about keeping a positive attitude. Grow to accept the tight market and understand it may take a few tries before nabbing the house you want.
“Don’t get discouraged. I think that’s really important advice, right now, because if a home is desirable it’s going to have multiple offers, right now," Talacay said. "You absolutely will not win an offer situation where you didn’t even put in an offer.”