Local realtors say the Tampa Bay housing market is slowing down, but competition still remains high.By Casey Albritton

TAMPA, Fla. (CW44 News At 10) – Local realtors say the Tampa Bay housing market is slowing down, but competition still remains high.

This comes one day after the federal reserve raised interest rates by 75 basis points, the highest rates we’ve seen since 2018.

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Local realtors say although the housing market is starting to benefit buyers in other parts of the country, that’s not happening here in the Tampa Bay Area, and they say it’s because there’s not enough homes to be bought.

“Post pandemic, it has been, I don’t want to say a nightmare, but it has been extremely stressful. You have to restart the pr-approval process over and over and you get your hopes up for this amazing property,” said Aimee Carpenter.

Aimee Carpenter has been looking for a home in the Tampa Bay Area for two years.

“I would find a property and I would tour it within 24 hours and the next day we hadn’t even filled out the paperwork yet and we would get the notification that an offer had been accepted for over asking price with cash,” said Carpenter.

Local realtor, Candis Carmichael says it’s all because Tampa Bay is such a desirable place to live.

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“We haven’t gotten to a point where supply meets our demand and the builders can’t build fast enough, and when you think of Pinellas County, I focus on Pinellas, and there’s not much buildable land,” said Carmichael.

The federal reserve raised interest rates by 75 basis points on Wednesday, which impacts interest rates on mortgages.

“When the interested rate goes up, you’re paying more in interest, so what they are going to approve you for on a lender’s side is going to be a lower priced home,” said Carmichael.

Carmichael says the housing market has already adjusted to higher interest rates, meaning it’s a little more affordable to buy a home now compared to a couple months ago.

“Adjustments of sales prices, homes that were listed 30% higher than they should have been are now listed at actual price,” said Carmichael

She says the cost of a home still remains about 20% higher than it was a year ago, but with prices looking a little more realistic, it’s a good time to buy.

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“You’re going to see a more stable, normal kind of housing market going forward,” said Carmichael.