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Builders Increase Spending And Low Housing Inventory
The Commerce Dept stated on Monday that U.S. Builders increased their housing spending 3% on Construction projects in October due to the surge in housing. It was the largest gain in 5 months!
New home sales were also up... coming in 17% higher in October since the same time last year. This uptick with new construction is most likely due to the huge spike of a 29% jump of residential spending in the last 3 months!
Locally, housing inventory in Tampa is way down from a year ago. It is feeling like a seller's market inside of a buyer's market. Tampa home buyers are fighting over the small amount of Tampa homes for sale due to the large amount of investors picking off the good deals.
Local investors are even having a harder time finding good deals because national companies are coming in and buying up all the short sales and bank owned foreclosures. Almost every Tampa home for sale is receiving multiple offers if priced correctly and in decent condition.
In Tampa, national investors seem to be outbidding or overpaying market value for Tampa short sale and REO properties, making cash offers with no contingencies and putting down large downpayments of up to 100%... making the chances much slimmer for a 1st time homebuyer or buyer that needs a mortgage to get the home under contract.
Currently with only about 2 months of total housing inventory on available single family homes in Tampa, new homebuyers are being left with overpriced inventory or new construction which is normally priced higher than resales.
We are running out of Tampa area homes to sell and need inventory. If you or anyone you know is thinking of selling their home please contact me right away.
Realtor Michael Valdes was born in Tampa Florida and has lived and worked in the Tampa Bay area his entire life. He first got into the real estate industry working for large corporations such as JPMor....
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