A lot of uncertainty in the market (in the world) is putting a pause on people’s discretionary spending. And if it’s happening with discretionary spending, we can certainly agree it affects the residential housing market that’s usually the single biggest purchase people make in their lifetime. So it’s easy to see where the housing market feels all but stalled out. 

Or is it? Year over year, yes. In Pinellas and Hillsborough counties we’re seeing a 4% to 15% drop in transactions (single family homes – condominiums). So, it’s slowed, but stalled out… not the case. 

As a realtor, it is my duty to inform my clients about what’s being seen in the market, and what can potentially be the strategy to navigate these times. 

When working on the listing (seller’s) side, I’m seeing the following patterns develop : 

1 – When it comes to single family homes, pay attention to the Open Houses. Feedback from prospective buyers is always gold, but I’m referring to turnout. How many people are you seeing come through the door? WIth so much inventory available, buyers cannot and will not go to every property. If your open houses have little or no turnout, you’re priced out of the market. 

(fyi – do NOT apply this mentality to condos)

2 – Do not get disgruntled by an initial low-ball offers. And certainly do not let your sellers decline to counter. Buyers are aware the market has shifted in their favor, and potentially smelling blood in the water, will go super low on the initial offer. I say let them as some situations may already be desperate and a seller will accept. But have your sellers remain calm and give a counter offer that they normally would give in a reasonable market. At that point if the buyers have sincere interest they will then pull up to reasonable ranges. This is the strategy to use ONLY after you’re confident you’re accurately priced in the market. 

3 – Condos – this is long haul territory. We are in summer aka off season and our Northern buyers have returned North. Local buyers are not as prevalent. We should see condo activity pick up starting September. Quick sales in this market will only occur if the price lever is pulled way low. So in short stay strong and know better times are coming. 

While I’m working with buyers, I have the following to say : 

When searching for homes, when the “right” one appears, treat it as such and go for it. Do not wait 1-2 weeks to present an offer, do not wait a week to respond to a counter offer. As I mentioned above, the year-over-year transactions are only down 4-7% on single family homes. 

I’ve seen buyers getting beat to the punch on a home they like, having to watch it go under contract to another buyer. Only play long cycle offer games if you have multiple homes on your list and don’t mind seeing a few go under contract. Otherwise “shoot straight and act correct”.