As Tampa Bay’s real estate landscape shifts, homebuyers face a different environment than even a year ago. But with the right guidance and tools, navigating the housing market doesn’t have to be overwhelming.
That’s the message from GTE Financials’ CD Thornton and Steven Schertzer. Together, they’re helping buyers rethink what’s possible—and how to prepare.
A market in transition
In 2021, homes were flying off the market within days—if not hours—often with multiple offers, well above asking price. Schertzer remembers listing his home that summer and receiving 25 offers in one weekend. Today, it’s a different story.
“Homes are staying on the market significantly longer,” he said. “The upside is that seller concessions are back. Buyers may now be able to negotiate thousands of dollars in credits toward closing costs.”
The shift has also put pressure on sellers to present move-in-ready homes with strong curb appeal, as buyers now have more options to choose from. And the process of working with agents has evolved too.
Following a recent lawsuit, involving the National Association of Realtors, commission structures have changed. Buyers may now be responsible for their agent’s fees if the seller doesn’t agree to pay them.
“It’s critical that buyers understand the buyer-broker agreement and read their contracts,” Thornton said. “You don’t want to be caught off guard, especially in a high-demand market.”
One of the most common misconceptions among first-time homebuyers is that an FHA loan is the only path forward. But there are other financing options that may be a better fit, depending on the type of buyer and their long-term plans.
“Too often, people take a one-size-fits-all approach based on something they saw on TikTok or heard from a friend,” Schertzer said. “Every scenario is different, and it’s important to sit down with a loan officer who can walk through multiple options.”
Borrowers are encouraged to explore, and compare, scenarios, not just by rate, but by total cost. Some lenders may advertise low rates that come with high discount points or added fees. Schertzer emphasized that rate shopping should include reviewing official loan estimates line by line.
“It’s not just about the number you see up front,” he said. “It’s about the lender fees and what it really costs you, in the long run.”
One example is the 15/15 Adjustable-Rate Mortgage, designed to provide long-term savings with less short-term risk. The product offers a lower rate than a 30-year fixed loan, but is fixed for the first 15 years, with a single adjustment afterward.
It’s a compelling option for buyers planning to stay in their home for a decade or longer, especially when rates remain high.
There are also specialized programs like its medical professional loan—which provides up to 100% financing with no mortgage insurance for nurses and other healthcare workers—and multiple down payment assistance options.
“These are conversations buyers wouldn’t have known to ask about unless they sat down with someone,” Thornton said.
Timing the market and managing expectations
Many prospective buyers are holding out hope for interest rates to drop. But both Schertzer and Thornton warned that a drop in rates often leads to more buyers entering the market, which drives up home prices.
“Once rates go down, demand goes up and that pushes prices higher,” Schertzer said. “That’s why you hear the saying, ‘date the rate, marry the home.’ You can refinance later, but you can’t go back in time and get a lower price.”
Whether buying a first home, second home or an investment property, the key is planning and partnership.
“It’s about more than just getting a loan,” Thornton said. “It’s about building a plan, understanding the full picture and knowing you’ve got a team behind you who’s in it for the long haul.”