How Come Prices Haven't Come Down Much in Tampa?

Actually housing prices have come down in Tampa FL just not that much. There are several reasons for this and a couple of them were actually fairly predictable. Lets take a look at a few of them based on my opinions. Yes I am wrong at times just like we all are. Just give these things a little thought and see what you think. If you lie enter a comment below.

Tampa Housing Market

A Twist On Interest Rates 

Most people who purchase a home will return it to market in 7 years. The homes being re-sold and showing up on the market should have been  purchased around 7 years ago on average. What were the interest rates like until post Covid? That's right they were at historic lows that I had never seen of before in my life. We may well never see them again. 

I have an interest rate that is ridiculously low. I know of a couple of others who are paying less than 2% interest on their mortgages. Would you sell that home? Of course not if you could rent it out for a profit or break even. In a few years that trend will go away and the average seller will have higher interest rates and more homes will arrive on the market. If I were to sell my home, good by great interest rate, forever.

Living In A Highly Desirable Place

To those of us who were born in FL or have lived here seemingly forever we often forget how much other places stink compared to here. People all over the US and the world want to move to Tampa FL and take the hurricane risk. The lure of our weather, the water and sensible government is a powerful draw. Foreign money (out of the area) will displace many residents by driving prices higher as people migrate here.

Foreclosures Near Non-existent

As of today the number of foreclosure filings is still very low. It has trended upward but very slightly. Other local markets like Lakeland have seen a much greater decline in pricing. That is no wonder as Lakeland has no real attractions. Expect this market to be pricey for quite some time. Especially in the hottest areas as land is so scarce. That is this weeks take on pricing in Tampa FL.