Tampa Area Market Trends
Fellow Floridians, we remain positioned for an exciting year in real estate. It’s been a long climb, but Tampa Bay’s real estate market is back on top. According to a Zillow report from late February 2017, Tampa ranks third as the nation’s fastest appreciating housing market. The home market tracker noted the average home value at $181,200 went up 11.9 percent over the past year.
Home prices have certainly been trending upwards in recent years. In 2016, Tampa saw its greatest gains in six years according to figures from Florida Realtors. Single-family home prices rose 14 percent between 2015 and 2016 for our four-county area. Certain aspects of these positive trends could be related to strong job growth and Tampa’s improved economic landscape. With that said, inventory has still remained a bit tight in recent years, and the number of sales in the region has not increased as quickly as the prices.
What does this all mean for you? First, if you’ve been holding off on selling until the market improves, you can consider it safe to come out now. As for buyers, this could be a great time to find your dream home before interest rates and values rise any further. Besides looking at the current market, you must also contemplate your own situation before buying or selling. Take a hard look at your own personal finances and weigh the options for what’s best for your family’s living situation. Whether you’re older with enough savings to close with cash, or you are a first-time buyer needing financing — your decision to buy should be based on whether it’s the right timing for you. As real estate professionals, we are always available to help our customers consider all of the options in order to make informed decisions in any market and at any age.
Millennials and boomers, specifically, are poised to dominate this current market, according to Realtor.com 2017 National Housing Forecast. The lure of affordability and location typically make certain neighborhoods very appealing for younger buyers, which is why millennials are attracted to places like Largo and Seminole Heights. Realtor.com also forecasts that baby boomers will comprise 30 percent of the nation’s buyers this year. We have been certified in helping with the needs of seniors and snowbirds that are buying and selling condos, townhouses, and single-family homes in and around the Tampa area.
It’s always our pleasure to help adults of all ages buy and sell homes – as well as build brand new homes. As full-service real estate professionals, we can research the current market and align you with top-notch experts and services in all matters of the home. Call Dick and Karla Nielsen today at 813-294-5786 for helpful information and real estate advice about Florida’s current real estate market.
