Expect prices in Tampa Bay to drop even more

April 29, 2010

We hear so many different opinions on the subject of home values and the overall real estate industry that it is very difficult to know who or what to trust. I’m here to tell you that nobody really knows and anyone who claims to be an expert on the subject is trying to sell you something.

As someone who lives and breaths real estate I can say with complete confidence that I don’t know what the future holds. All I know for certain is that there are too many homes on the market for the quantity of buyers, and as a result prices are down and will remain down. If you’re looking to sell now or in the immediate future you need to face the music. You’re not going to get what you probably feel you deserve for your home should you decide to sell in 2010.

According to Inman News

National home prices were up slightly in February from a year ago — the first annual increase in more than three years — but are expected to give up those gains and more later this year, according to a report from First American CoreLogic.

First American CoreLogic’s LoanPerformance Home Price Index showed prices up 0.3 percent in February from a year ago, compared to a 0.5 percent year-over-year price decline in January.

The index currently shows a 30.6 percent decline in national home prices from an April, 2006 peak, or 21.7 percent if distressed properties are excluded.

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3 Responses to “Expect prices in Tampa Bay to drop even more”

  1. Jonathon S. on April 29th, 2010 12:18 pm

    Excellent post, Chris. I couldn’t agree more. I predict prices will continue to decline for at least the next year. Not a pleasant thought, but very probable.

  2. Marcus45 on April 30th, 2010 12:21 pm

    Well at least your honest. LOL

  3. Chris O'Connor on April 30th, 2010 12:35 pm

    Until we sell off the current flood of foreclosures and bank-owned properties in Tampa Bay we’re not going to see the prices start to stabilize. And the reality is there will be even more foreclosures entering the market over the next year.

    In any situation there are winners and losers. Now is an excellent time to buy real estate in Tampa Bay Florida. The key is to buy at a price today that will take into consideration the probable price of tomorrow.

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