-2 Trends in the Tampa Bay Real Estate Market-
Summer is in full swing, and Tampa Bay’s real estate market continues to soar to new levels. Our real estate team is ready to help you analyze the current market and design the best possible homebuying or home selling plan for 2021. Here is a summary of trends this summer.
1) There are Interested Buyers and Rising Home Values in Tampa’s Housing Market.
Tampa Bay’s housing market is brimming with millennials yearning for a house to call their own, out-of-state investors seeking Florida’s tax breaks, and seniors wanting to downsize to the condo of their dreams. Factors affecting the current homebuying and selling process include:
- SELLER’S MARKET: Analyses of the seller’s market continue to show a tight supply of homes and rising prices across Florida. A misconception that home prices might suddenly drop like they did during the last recession could be holding some people back from reaping the benefits of today’s market prices, which appear to only be going up. According to recent reports, the median listing price in Tampa averaged around $345K, showing an upward trend of 15 percent since last year.
- ENVIRONMENTAL: Typically, Florida’s fantastic weather lures homebuyers near and far to the Greater Tampa Bay area. Although during the summer months, weather can play a role in slowing the real estate process, whether it is the afternoon heat or perhaps a storm delaying a few showings. This summer, there is also red tide to contend with at some waterfront properties. Florida’s red tide, temporarily caused by microscopic algae, has been in our news headlines for its effects on people, marine life, and birds. The situation in certain areas is improving, but waterfront property buyers/sellers can monitor NOAA’s Florida forecast at: https://oceanservice.noaa.gov/news/redtide-florida/.
2) There are Affordable Interest Rates and Positive Returns in Florida Real Estate.
As your Florida real estate experts, we emphasize that fluctuating trends are just pieces of the real estate puzzle. Whether buying or selling, we help customers understand the big picture for achieving a successful real estate transaction. Here are two financial pieces to consider:
- PROPERTY VALUE: An appraisal value determined by a licensed appraiser can ensure a property is valued appropriately as compared to similar homes in the area. The taxable value is also important to consider during our professional review, in addition to a property’s location, condition, and amenities. All these factors can help customers rest assured that a listing price and the sold price matches the true value of a property.
- INTEREST RATES: This summer’s interest rates remain at historically low levels, which translates to affordable monthly mortgage costs for today’s buyers; however, during the June 2021 meeting, the Federal Reserve implied that rate hikes will be coming within the next few years (likely 2023). The current low interest rates are a win-win when combined with the rapid increase in home values. These factors offer the potential of quick equity, in addition to long-term appreciation and Florida’s unique tax perks for homebuyers.
Contact Dick and Karla Nielsen today at 813-294-5786 for expert real estate advice and receive our free booklets to help you before, during, and after your move.