-3 Tampa Real Estate Trends for Autumn 2019-
The leaves may not be changing colors, but milder temperatures are helping to make it feel like autumn around the Tampa Bay area. It seems the change of seasons, however, has not cooled the hot market for Tampa real estate, which continues to sizzle for buyers and sellers alike.
Tampa area home buyers ranging from millennials, to snowbirds, and everyone in between are actively looking to buy and sell homes, townhouses, and condominiums around Hillsborough, Pinellas, and Pasco Counties.
Here is a shortlist of Tampa real estate market trends.
- Positive Trends and Rising Statistics: Statistics are one piece of the real estate puzzle. National home prices were up nearly 4 percent in July compared with July of last year according to CoreLogic, and analysts are predicting even larger increases over the next year. Also, more than a quarter of millennials expressed interest in buying a home in the next 12 months. Trends have also shown Florida’s senior population is on the rise, as more and more out-of-state retirees are moving to Florida and buying homes as their new, permanent residences.
- Location, Location, Location: One of the best things about the Tampa real estate market is that we are located in one of the most attractive, waterfront regions with ample investment opportunities and many thriving communities. Our region offers Gulf Coast beach communities, downtown living, vibrant urban communities, and suburban neighborhoods for people of all ages and lifestyles. What’s more is that it is relatively affordable, too. The cost of living in Tampa ranks nearly 10 percent lower than the national average for comparable metro areas.
- Financials and Other Factors: The Federal Reserve has set interest rates at rather affordable levels, which means 30-year mortgages remain within reach for many qualified buyers. Although there are other financial factors, of course, driving real estate transactions in addition to mortgage rates. For example, there are various ways a home’s monetary value changes from year to year and from place to place, such as a home’s “appraised value,” which is determined by a licensed appraiser inspecting a property along with a comparison value of similar homes sold nearby. A “taxable value” is determined by your local county.
As professional realtors, we can help you determine an appropriate sales price or offer based on our professional evaluation of research, taxes, location, amenities, conditions, timing, and the latest market trends.