Tampa Bay Housing Market with Liane Jamason

Josh Sidorowicz (anchor):

It has been one of the interesting paradoxes of this pandemic.

On the one hand, as we report so often, so many people are struggling with unemployment to pay their rent and their bills. On the other hand, this Realtor say it's unlike anything they've ever seen. Prices are soaring in houses. They aren't selling in days. They are selling within hours.

I spoke with bay area realtor Liane Jamason. She's been doing this for 15 years. She knows her stuff and she told me that at the rate we are going if no new homes were to come onto the market this area would essentially run out in less than a month. So, here's some of her advice if you're looking or if you're thinking about listing.

Liane Jamason (St. Petersburg Realtor):

Literally right now we have 27 days of homes left in Pinellas county and Hillsborough and Pasco are about the same. We're just at the lowest inventory we've had in 25 years. It's a crazy market.

Josh Sidorowicz (anchor):

Why is it so crazy? There's a number of factors and the pandemic is one of them right?

Liane Jamason (St. Petersburg Realtor):

Correct the pandemic is part of it. We saw a lot of sellers not wanting to put their homes on the market because they were afraid of having sick strangers coming into their homes, coupled with really low interest rates and coupled with people that are working from home now. And you know maybe both spouses need a home office or something like that and decided that they really need more space or they want that pool if they're going to be you know at home more and quarantining

Josh Sidorowicz (anchor):

Yeah, classic supply and demand now. You've got all these people interested in getting it and not enough to do it. And full disclosure here too for people who are at home I am like up to my eyeballs in this stuff right now. I am trying to find a home myself here. Liane is not my Realtor but you come highly regarded from who I am working with and it's a good time for buyers like you said because interest rates are so low but I feel like that's where the advantages end. If I'm a buyer, so what should buyers be doing? Especially first-time home buyers in a market like this right now.

Liane Jamason (St. Petersburg Realtor):

It's tough because you're up against investors out there too that are trying to take advantage. So you know it sounds crazy, but make cash offers if you possibly can.

If you can, you basically need to get out there and see a home that hits the market this morning, You need to go see it this morning or it's going to be gone.

You want to limit contingencies in your contract. Make your inspection period as short as possible.

Some people, I'm seeing, are eliminating an appraisal contingency so they're actually willing to pay over appraisal value.

You can also write a warm letter to the sellers in hopes that they will pick yours, but I think a lot of people are doing that right now.

Maybe put a little bit more money in escrow, it doesn't hurt either.

Josh Sidorowicz (anchor):

Yea. I'm like going to check…check…can confirm we've tried all of this.

So, what about someone who's already got a home? What do you tell them right now?

Liane Jamason (St. Petersburg Realtor):

If you can sell…sell it. Now is the time.

I think that when the foreclosure and eviction moratoriums end we're going to see more homes come in the market. I

I've had some people ask me, are we going to see another crash? No, I don't think so. Inventory is so low that if some of these people that have not been paying their mortgages are forced to sell, a lot of them actually have equity. It's not like it was in 2007/2008. So, those homes could come on the market and level the market out a little bit.

If you're wanting to sell, now is the time you're probably going to get multiple offers. I'm telling sellers list your house on a Friday, prepare to have an all-day open house Saturday and

Sunday and you'll probably have multiple offers by Monday.

I just had one of my listings get an off for $150,000 over asking.

Josh Sidorowicz (anchor):

Wow..wow..wow..wow. Yeah, medium home prices are up big time across all of Tampa Bay up 18 percent year over year in Pinellas to $330,000 is the median sale price right now. Similar story in Pasco and for the first-time median home prices for single-family homes in Hillsborough have cracked the $300,000 mark.

Now, as for those moratoriums that you heard or mentioned, they do end soon. Specifically, the nationwide order preventing evictions for unpaid rent that ends on Wednesday with the end of the month here President Biden extended that deadline once already since taking office for homeowners the moratorium on unpaid mortgages that goes until the end of June.


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