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1. Tampa Bay home equity continues to increase, despite home prices declining in other areas.
Households are considered equity rich, or "house rich," when the loan balance on the property is less than 50% of the home's estimated market value. In Tampa Bay, 66% of mortgages were equity rich in the fourth quarter of last year compared with almost 52% in the fourth quarter of 2021, which ranked No. 9 among all metros.
2. Housing market slowing, but not enough to dip prices. What You Need To Know
• The Tampa area is still seeing inflated prices for new homes• Demand for housing has kept a dip in housing prices from happening in Tampa Bay area
• Houses are staying on the market longer but still selling at inflated prices
3. Are buyers already coming back into the housing market?
The spring selling season, which begins around the Super Bowl should determine if the market will return to pre-pandemic typical levels of activity.
Remember, people always need to buy and sell houses, and while inventory remains constrained and we’re seeing multiple offers in some popular neighborhoods, an increase in inventory is expected to ease Buyer constraints. If you consider that many homes had 30+ offers that means that 29 potential Buyers had to move on. Those Buyers still need or want to buy. They may have pulled back when frustrated with the market and rates but are returning as things begin to stabilize.
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