We are entering the fall season in Florida, but there continues to be hot weather. You might be asking if Tampa’s real estate market is still hot. We have a bit of a “yes” and “no” answer.
First, several analyses of housing market trends from last summer show there has been a tight supply of homes coupled with rising prices across Florida. Our state has seen a rise in northern investors optimizing Florida’s tax perks by purchasing vacation homes and rental properties, specifically in south Florida. According to Zillow’s July 2018 Market Report, however, the Tampa area is reporting a general slowdown in home-value growth due to there being more homes on the market than last year. It is too early to declare a buyers’ market, but experts predict this is a sign that buyers are beginning to back away from rapidly escalating prices.
While the annual U.S. growth is at 8 percent this year, Zillow’s report says Tampa’s growth slowed to 10.6 percent for a median home value of $205,900. With that said, we’d like to emphasize the importance of remembering that statistics and reports are one piece in the puzzle of a successful transaction. As real estate professionals, we are here to explain all of the potential factors to our customers. Remember there are several ways a home’s monetary value varies from year to year and from place to place:
- Appraised Value: Determined by a licensed appraiser inspecting a property along with a comparison value of similar homes sold nearby.
- Taxable Value: Determined by your local county.
- Sales Price or Listing Price: What a professional realtor helps you determine based on research, taxes, amenities, conditions, and neighborhood.
- Sold Price: The final amount paid for the home.
Additional Factors in Florida
Our team monitors everything going on in the Greater Tampa Bay area, including the weather impacts, crime rates, and environmental concerns, such as the red tide crisis. Florida’s red tide, temporarily caused by harmful algae, has been in our news headlines for several months. According to NOAA’s National Ocean Service, “a red tide or HAB results from the rapid growth of microscopic algae. Some produce toxins that have harmful effects on people, fish, marine mammals, and birds.” We understand that red tide does not have a direct impact on our customers with inland properties, but it is important to monitor as concerned residents and beachgoers. For NOAA’s forecast for red tide in Florida, visit https://oceanservice.noaa.gov/news/redtide-florida/.
Our team has the training and professional experience to help you analyze the current market and lay out the best possible home buying or home selling plan for your family. Contact Dick and Karla Nielsen today at 813-294-5786 for helpful information and Florida real estate advice.