TAMPA, Fla — Millennials are getting older and many are ready to buy their first home. The problem: buying a home has never been more competitive.
With less inventory on the market than ever, many are having a hard time scoring a spot.
"I've been doing this over 35 years, and I've never seen anything like it. It's really a very strong seller's market right now," said Martha Thorn, CEO, and realtor, at The Thorn Collection, Coldwell Banker Realty.
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According to real estate brokerage Redfin, half of the homes for sale in America right now sell in less than a week. Here in Tampa Bay, some go into contract in less than a day.
"If it's priced well, a home is going within 24 to 48 hours," said Patricia Valladares, a realator with The Thorn Collection, Coldwell Banker Realty.
Millennial Kyle Huber is finding that to be the case. He has been on and off shopping for his first home for a couple years. This time around, he is trying to be as competitive as possible. Even so, he is finding challenges.
"So, that's interesting to me that somebody listed a house for a certain price, right. And I really liked it. And so I came in what I thought was aggressive with $20,000 over the asking price and it didn't even show up on the radar. So I'm interested to see what that actually ends up selling for," said Huber.
Huber says he prioritized his education, career, and traveling for years. But now, he is ready to plant his roots more permanently in Tampa Bay.
"I hate to say, cliche, like American dream, right? But it's like you buy a house, you build a family, you kind of go through these steps. I think we've just delayed doing it because we've prioritized other things and I think I fall into that category."
Of course, he is not the only one at this stage. Thorn says homes at all price ranges are going quick.
"The buyers have to absolutely jump through hoops to get property right now there's very little inventory. When it comes on. There are multiple offers across the board. Not only in the $200, $400, $500,000, but all the way up to the $5 million there are multiple offers. It's an insane market.”
Part of the reason is that so many people are moving to Florida, thanks to more flexible remote jobs and more.
"Our prices are driven by out-of-state buyers right now. And we're getting so many out of state buyers, a lot of California people, a lot of New York people," said Thorn
Thorn says the best thing you can do is be prepared.
Be pre-qualified for a mortgage, know exactly what your max is, pursue a cash offer if possible. And buyers are also getting creative by other means, like by writing 'love letters' to sellers: explaining exactly why they love their home.
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