It’s not just the weather cooling down during the winter months in Pinellas County real estate as home prices also cool down. According to a piece by tbo.com, the Tampa Bay area is enjoying more moderate price increases after several years of gigantic gains. Figures by Florida Realtors show the average price of homes in Pinellas County recently rose by about 6 percent after 11 months of double-digit increases. Some months homes went up as much as 22 percent. For people who own homes in the $250,000 to $300,000 range, it’s smart to sell in the robust seller’s market. Homes under $300,000 are in high demand because that’s the range that most first-time buyers in Pinellas County can afford.

Dealing with record low inventory

Low inventory continues to pose a problem for home buyers in Florida where the median price for a home is about $230,000. To combat low inventory, first time buyers often work with established real estate agents as well as search the listing sites on their own. During the housing boom, aspiring home owners went so far as to knock on doors in the Tampa Bay area to find out if an owner was willing to sell. In the last few years, motivated buyers make the most competitive bid possible as well as write endearing letters to owners about how they will appreciate the home.

Understanding the real estate trends

Some millennials put off buying home because they expect inventory levels to increase. It’s not a good idea to delay home ownership, according to housing experts. Housing supply could remain low for many years to come. According to a piece by wsj.com, it’s difficult for renters to enter the housing market because so many home owners choose to renovate and remain in their homes. U.S. homeowner mobility is at a 30-year low, ironically the number of years it takes to pay off a 30-year mortgage. Owners live in their homes for an average of 10 years, the highest duration since 1985.

While it’s challenging to find a perfect home, there are still plenty of houses on the market throughout Hillsborough and Pinellas counties. Home prices often slowdown in the winter months in Florida, which makes it a good time to buy. Because it’s impossible to accurately predict the future with regard to real estate, focus on your personal home-buying goals. Consider buying a home that isn’t your “dream home,” but redecorating and improving it. At International Title Partners, we help people close quickly on real estate in Pinellas County. For more information about closing on your home in our Belleair Bluffs office or in the comfort of your own home, please contact us. We strive to make your life easier after the exhilarating house hunt.