Local real estate expert Irina Roth of Dalton Wade Inc recently provided insights on pressing questions about Tampa Bay’s property market. In an exclusive interview, Roth addressed concerns about market timing, hurricane impacts, and the viability of vacation rentals, topics on the minds of many residents and investors.
“So today the market is balanced. I would say it’s more calm. I would say that sellers are still thinking it’s 2020. Buyers are still thinking, I’m not sure what. So it’s just a little bit of disconnect sometimes,” said Roth, who has worked in Tampa Bay real estate since 2015 and has expertise in both traditional sales and vacation rental management.
The Tampa Bay real estate market has seen considerable volatility over the past decade, with the current period representing a correction from the extremes of the pandemic era.
How long are homes staying on the market now compared to last year?
“I want to say last year it was probably about a month to, like, 45 days at the most. I didn’t see it, at least not in my listings. I didn’t see it to be too crazy,” explained Roth. “But what I personally see is that now it’s way over 60 days. Either it sits over 60 days, or some of them sit over three months at this point, if it’s priced correctly, you’re probably looking at around 30 day until you close.”
Are buyers avoiding flood-prone areas after recent hurricanes?
According to Roth, “My buyers personally, again, that’s just from my experience. They’re looking for no flood zones and not non evacuation. So I’ve noticed that that they’re not willing to go into a flood zone, which is sometimes a lot of properties in flood zones didn’t even get flooded.”
Is the vacation rental market still viable after oversaturation?
“I do see that, like, even in my family, we do see the rate drop 100% like, it’s not, it’s not a bad thing. I think it’s just correcting itself,” she noted, adding that “I do know that all the good properties that, like we still have, or my friends and colleagues have, they’re doing extremely well.”
“A lot of properties in flood zones didn’t even get flooded. So it’s just really depends on how the drainage was, and there’s just many factors you have to consider. Yet, I moved inland and we got flooded. So it’s just it really doesn’t make any sense, if you look at it, and a lot of people in Tampa got fully flooded, like first floor is gone completely, but they’re not in the flood zone,” she emphasized.
Many buyers make decisions based on FEMA flood zone designations, but actual flooding patterns do not always match these maps. Drainage systems, elevation, and storm surge can create risks beyond traditional flood zone boundaries.
For those investing in Tampa Bay, Roth offered practical guidance: “Don’t buy the first thing you see, do your research, do a due diligence for sure. Maybe stay out of flood zone, just for the cost, you know, effect of it, because you still have to pay flood policy, all of that.”
Roth also pointed out that buyers can benefit from current market dynamics, noting they can “shop around, take your time, take three weeks if you want to, but at the end of the day, you can get a really good deal, save some money on the offer price up front, maybe get the closing costs covered.”
When asked about future trends, Roth expressed optimism about Tampa Bay’s long-term prospects, especially if proposed property tax eliminations for primary residences are implemented. “If our governor will actually be able to, well, whoever is going to vote for it is going to be able to be able to eliminate property taxes on primary residence, I think is going to drive more people here, for sure,” she concluded.