Florida ranks as the toughest state in the country for home sellers, and Tampa Bay sellers are feeling it as listings sit longer and offers get harder to come by.
A recent ranking by Underwood Law Firm compared state housing markets using real estate data and placed Florida last for sellers. Texas and South Carolina also ranked among the states facing challenges.
Local numbers point the same way. Redfin data shows pending sales in Tampa Bay are down 5.9% year over year, and homes are sitting on the market for an average of 70 days.
Vincent Arcuri, a Realtor with Real Broker LLC, said the homes he has been showing have lingered longer than expected. He said buyers are up against a stack of rising costs.
“You’ve got higher interest rates, you’ve got skyrocketing insurance costs, and obviously, you’ve got property insurance that’s doubled in the last five years,” Arcuri said.
Arcuri pointed to property taxes as his first reaction to the ranking, saying they “seem to be skyrocketing like a runaway train.” He said taxes factor directly into affordability because buyers are focused on how much they can put down and what their monthly payment will be.
He said the market has shifted sharply from the pandemic years. “The bidding wars of the COVID era are gone, and your people are happy to get the one offer on their property today,” Arcuri said. One Pinellas County home he has been showing has already taken several price cuts.
Lawrence Yun, chief economist for the National Association of Realtors, said the slowdown could help buyers who can still afford to purchase. “Homes are sitting on the market for longer, so those who are still financially capable, it is a great time to take advantage of the buyer’s market that is developing,” Yun said.
Some homeowners trying to sell say they are putting their plans on hold until November, when voters will decide whether Amendment 3 passes. They said the measure could deliver tax cuts for homeowners.
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