Market Conditions in Tampa>Question Details

Rob, Both Buyer and Seller in Tampa, FL

Why $40,000?

Asked by Rob, Tampa, FL Mon Mar 26, 2012

7103 S DE SOTO ST, TAMPA FL increased its asking price to $220,000 today. It's been on the market for over six months at $180,000. Why would they increase by such a substantial amount? The property is not moving at $180K, so $220k seems like the wrong direction to move.

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A good deal is always in the eye of the beholder. Many times items on sale go unnoticed even when they are at rock bottom price.
It is within the sellers prerogative to change their price at any time .Can you blame them they are testing the market to see how they can recover their losses. As you know some properties have lost over 50% of their values in the last 4 years.
Many sellers are encouraged by recent news of an improved market and responding by firming up their price and fishing for a better sale price. I agree with their marketing strategy and why not? It does not take a genius to give away the farm. Real Estate is on the mend.... by the time most people on the sideline notice that they will be surprised that the bargains are slowly disappearing.

The price increase got your interest now the question is what are you going to do about it ? Debate it?
Knowing what you know why not take advantage of it? Make an offer? The greatest risk is finding excuses and doing nothing about it.
1 vote Thank Flag Link Mon Mar 26, 2012
Gabriel, this is a question about market conditions, not specifically about said property. I ask because I needed insight. You're welcome.
Flag Mon Mar 26, 2012
Rob - the time on market is due to the type of sale not for the pricing of the property. Even in the Interbay and Port Tampa area which is out of the Plant High School District there is a high demand currently and houses are selling at over $100 a square foot. Once you get into the Plant High School district you are finding homes are anywhere from $125 a square up to over $250 a square foot in some of the more popular areas. $220,000 for newer with granite, etc is actually a pretty good deal right now.
1 vote Thank Flag Link Mon Mar 26, 2012
Also, this is not assigned to high deman Plant High so if the schools are important you may want to search within the boundaries of Plant. This is Robinson High and they do have a fabulous exclusive International Baccalaureate Program but it's very competitive to get in and many students cannot qualify.
0 votes Thank Flag Link Mon Mar 26, 2012
Hi Rob,

This is a pre-foreclosure, Short Sale.

On a Short Sale the asking price may or may not be in the realm of possibilities of being approved to sell by the lender.

The $180k asking price was NOT approved and the buyer who went under contract in Dec of last year backed out of the deal when the "required" sale price determined by the lender (based on the lender's appraisal or broker price opinion) is $220k.

If you want to buy it at $220k you better hurry because once a short sale is actually "approved" they go quickly.

Most likely the Seller will not waste time with an offer below $220k--unless no buyer appears willing to pay that price after a few weeks. You may be able to get up to 3% of the sale price paid towards your closing costs, though.

So if you're not yet working with a Realtor and would like to see listings and also find bank owned (the best bargains in this market) you're welcome to sign up for a ListingBook account on my website:

All the best,
Alma Rose Kee PA
Future Home Realty
0 votes Thank Flag Link Mon Mar 26, 2012
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