Is it a good time to buy a property in Tampa FL or Tampa Bay?

Yes, it is a good time to buy a property in Tampa FL or Tampa Bay. Last month well over 2,000 homes sold in the Tampa Bay housing market and nearly 1000 sold in the Tampa housing market (Tampa FL alone). Those numbers reflect on the amount of homes not commercial properties or land. Very impressive indeed.

Tampa FL

Tampa Housing market Forecast

My Tampa housing market forecast is pretty straight forward. Most likely Tampa remains one of the hottest real estate markets in the county. The amount of homes available has been increasing and interest rates have been as well. Prices have trended lower but interest in the homes is still very high as reflected in the purchase numbers and internet traffic on our websites. Our Tampa housing market forecast is still optimistic for those who look to purchase and hold their property for 5 years or more.

The Tampa Bay Housing Market

The Tampa Bay housing market includes a lot of rental properties. Rental properties here are coming at a premium in the hottest locations. I am not even referring to short term rentals. I am thinking South Tampa, Davis Islands, Downtown Tampa etc. Any home in good shape and priced right finds a tenant in days, not months. Because of this many investors purchase properties for the sole reason of leasing them, even if they are brand new. That is a factor in supporting local prices whether buying or selling real estate.

Real Estate Investing-Real Estate Investors

In Tampa FL and indeed in Tampa Bay as a whole real estate investors are scouring the online real estate markets searching for older homes to remodel or replace. There is just very little land left in the hottest locations. This prevents the slowing affect that older less valuable homes would typically have on the local market. $400,000 dollar homes rarely exist in South Tampa anymore. You will see million dollar homes right next to homes built in the 1950's that will eventually be replaced when they hit the market.

Tampa Home Prices-Closing Costs

Typically in Tampa 3% of your purchase price will be the amount it cost you in addition to the purchase price to handle the transfer of title and home purchase process. Add to that the 3-20% for a downpayment and you can see why most people move to North Tampa where there are more affordable residential properties for home buyers.

Start House Hunting & Contact A Local Real Estate Agent

To get the best price you need to be ready to purchase. Check those active listings daily but only within the list price range you are interested in. Debt is ok, if you can afford it. Contact us for assistance especially if your first time buyers.