Real estate inventory shortage is making buying a challenge in P - WFLA News Channel 8

Real estate inventory shortage is making buying a challenge in Polk

Posted: Updated:
LAKELAND, FL (WFLA) -

 

Maybe you've heard about a real estate inventory shortage. It's all the talk among industry insiders, and now real life home buyers in Polk County say the challenge is real. 
     
Exit Realty's Shawn McDonough doesn't sugar coat things for his customers.
     
"There's very few homes for sale, and the ones that are for sale that are priced correctly are moving in days," McDonough said. 
     
He offers a warning to first time home buyers in particular. 
     
"This is not going to be easy," he'll explain to prospective buyers. "Unfortunately I'm going to show you properties that by the time you decide you are ready to write up an offer on it it's already gone, or potentially once you do write an offer on it find out it went to somebody else," he said.
     
Christina Cannon and her boyfriend Charleton are feeling the inventory crunch. They've been in the market for their first house for about a month and have already been out-bid.
     
"We either ask asking or over and still it's just, it's nearly impossible it feels like, but we're trying," Cannon said. 

The problem is too few homes for sale. Just 582 active listings in Lakeland -- 690 if you count short sales according to McDonough.

Compare that to March of last year when there were 1,628  homes on the market. In March of 2011 there were 1,984 homes for sale. 

Stephen Simpson is one of the lucky ones who, after nine months of searching, finally landed a house to buy. But he says it was just perfect timing.

"There were properties around that property that were, on the day that the sign went up, they were gone, so it was that quick," he said. 
 
Industry insiders say the upside to lower inventory is higher prices which in the long run will entice other homeowners to sell, and that will ultimately improve inventory. 

 

  • 8 On Your SideMore>>

  • TPD claims training stories fell short

    TPD claims training stories fell short

    Thursday, August 21 2014 5:12 PM EDT2014-08-21 21:12:02 GMT
    The Tampa police department is responding to an 8 On Your Side investigation into a January shooting.The police contend the reports were incomplete and contained errors.The stories focused on a January 9th police shooting in Tampa and the lack of crisis intervention team training at T.P.D.
    The Tampa police department is responding to an 8 On Your Side investigation into a January shooting.The police contend the reports were incomplete and contained errors.The stories focused on a January 9th police shooting in Tampa and the lack of crisis intervention team training at T.P.D.
  • TPD responds to story controversy surrounding police shooting

    TPD responds to story controversy surrounding police shooting

    Thursday, August 21 2014 12:48 PM EDT2014-08-21 16:48:17 GMT
    Jason TurkJason Turk
    An 8 On Your Side investigation into police shooting and the lack of Crisis Intervention Team training at the Tampa police department is not sitting well with T.P.D.Police spokesperson Laura McElroy sent an email to News Channel 8 management with the subject line labeled, "The Rest of the Story
    An 8 On Your Side investigation into police shooting and the lack of Crisis Intervention Team training at the Tampa police department is not sitting well with T.P.D.Police spokesperson Laura McElroy sent an email to News Channel 8 management with the subject line labeled, "The Rest of the Story
  • Verizon insists on seeing Town N' Country man's birth certificate for credit report error

    Verizon insists on seeing Town N' Country man's birth certificate for credit report error

    Wednesday, August 20 2014 5:26 PM EDT2014-08-20 21:26:13 GMT
    James Woolever was shocked to find a bad mark on his credit report. Especially since it was for an "outstanding balance" from a Verizon account opened in 1979. He knew that couldn't be right, because he was just 6 years old then.
    James Woolever was shocked to find a bad mark on his credit report. Especially since it was for an "outstanding balance" from a Verizon account opened in 1979. He knew that couldn't be right, because he was just 6 years old then.
  • NewsMore>>

  • Clearwater history book creating controversy

    Thursday, August 21 2014 6:57 PM EDT2014-08-21 22:57:21 GMT
    A planned book on the 100 year anniversary of Clearwater is making some business owners angry.Clearwater will celebrate the century mark next year and the city plans to publish a book on their rich history.
    A planned book on the 100 year anniversary of Clearwater is making some business owners angry.Clearwater will celebrate the century mark next year and the city plans to publish a book on their rich history.
  • Governor proposes increase in education funding

    Governor proposes increase in education funding

    Thursday, August 21 2014 6:33 PM EDT2014-08-21 22:33:29 GMT
    File photo: Governor RIck ScottFile photo: Governor RIck Scott
    Gov. Rick Scott announced Thursday that he will propose an increase in per-pupil funding for Florida students if he is elected to a second term. His proposal calls for a $232 boost in per-student spending to $7,126. Scott and potential political opponent Charlie Crist have traded barbs on education in recent weeks, with Crist launching a bus tour around the state he called “Restore the Cuts.”Scott's proposal tops the ...
    Gov. Rick Scott announced Thursday that he will propose an increase in per-pupil funding for Florida students if he is elected to a second term. His proposal calls for a $232 boost in per-student spending to $7,126. Scott and potential political opponent Charlie Crist have traded barbs on education in recent weeks, with Crist launching a bus tour around the state he called “Restore the Cuts.”Scott's proposal tops the ...
  • Students arrive at USF Tampa for move in day

    Students arrive at USF Tampa for move in day

    Thursday, August 21 2014 6:21 PM EDT2014-08-21 22:21:26 GMT
    Dozens of events were planned this week to welcome new and returning students back to the University of South Florida for the fall semester.Nearly 5,500 students were expected to move into campus residence halls Thursday.
    Dozens of events were planned this week to welcome new and returning students back to the University of South Florida for the fall semester.Nearly 5,500 students were expected to move into campus residence halls Thursday.
  • Most Popular StoriesMost Popular StoriesMore>>

  • Haircuts for the Homeless

    Haircuts for the Homeless

    Wednesday, August 20 2014 11:38 AM EDT2014-08-20 15:38:55 GMT
    On his days off, stylist Mark Bustos gives free haircuts to the homeless of New York City. Here are some of the transformations.
    On his days off, stylist Mark Bustos gives free haircuts to the homeless of New York City. Here are some of the transformations.
  • 59 Arrested By Greenville Police In Latest Prostitution Sting

    59 Arrested By Greenville Police In Latest Prostitution Sting

    Tuesday, August 19 2014 9:30 PM EDT2014-08-20 01:30:28 GMT
    Greenville Police released information Tuesday that 59 people were arrested in a four day long prostitution sting.
    Greenville Police released information Tuesday that 59 people were arrested in a four day long prostitution sting.
  • VIDEO: Grouper snatches shark in one bite

    VIDEO: Grouper snatches shark in one bite

    Wednesday, August 20 2014 2:44 PM EDT2014-08-20 18:44:27 GMT
    Clip of video from YouTubeClip of video from YouTube
    One bite: that's all it apparently took for a grouper to eat a 4-foot shark in a video posted to YouTube, according to user Gimbb14.
    One bite: that's all it apparently took for a grouper to eat a 4-foot shark in a video posted to YouTube, according to user Gimbb14.
Powered by WorldNow

200 South Parker Street, Tampa, FL 33606

Telephone: 813.228.8888
Fax: 813.225.2770
Email: news@wfla.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.