If you’re thinking about selling your home, you may have been eyeing real estate trends in Tampa Bay. You may have done hours of research, but are still on the fence about whether to put your house on the market. Perhaps, you’re asking when the best time to sell your Florida home is. Is it possible to time the housing market or does it even matter for Florida home sellers? If this sounds like you, keep reading. Here are the top three reasons why the time to sell your Tampa Bay, FL real estate is now!

Low Supply Equals High Demand

Low supply of affordable Tampa houses for sale continues to drive up the housing prices and pressure prospective buyer’s budgets. New property listings are snatched up overnight, leaving behind minimal choices for buyers trying to break into the market. During the housing crisis of 2008, Blackstone and other big investors bought up much of Tampa bay housing and have been renting them out since. Most of those houses sit in the $100,000 to $300,000 price range. Because this price range is driving the market right now, individual homeowners with properties valued up to $400,000 are sitting on a great opportunity. The opportunity won’t last forever as Blackstone and others are expected to re-introduce these properties into the sale market soon.

Additionally, the Bay Area has a strong growth of new-home starts, and this category is expected to skyrocket by 20% in the next year. This would increase overall inventory, easing shortages and leveling out pricing booms. As an individual homeowner, the time to sell is now before these releases ease supply and demand.

Homeowner and Real Estate Taxes

Although the more significant homeowner tax deductions still exist under new tax codes, some of the changes will precipitate a decline in housing prices in the future— particularly for properties of inflated value or high real estate taxes. The threshold for writing off mortgage interest decreased from $1 million to $750,000 in home loan value. This means that anyone signing a mortgage with a value above $750,000 won’t get the same tax breaks next year as they received in previous years. This may drive buyers to look for homes in categories below that price range. Owner of high value properties should sell now before buyers are made aware of how these new tax code limitations.

Additionally, the old state and local tax (SALT) deductions, which included property taxes, were unlimited. However, a new tax code specifies that SALT deductions are now limited to only $10,000 annually. This means homes with higher real estate taxes won’t hold as much appeal as they might have. Now is the time to sell if you have a home in either of these categories.

Sell When People Are Buying

This probably seems obvious. However, the Tampa Bay housing market sees sales and growth throughout the year. So, instead of looking at seasonal trends, it’s important to look at the bigger picture. The market is in favor of sellers now with home price appreciation rising between 5-6% nationally over the last few years. That trend is expected to continue if housing shortages don’t improve this year. However, that level of growth simply can’t continue ad infinitum. Interest rates are beginning to climb after a long period of rock-bottom rates, which means buyer’s might forgo a mortgage if it’s outside their budget. Between interest rates, an increase in supply, and changes to tax codes, your window of opportunity to sell your home quickly and at maximum profit is closing.

NOW is the time to sell your Tampa Bay home!