5 Facts to Know About Tampa Bay Real Estate
The US housing market in 2021 is hot, hot, HOT.
Just how hot? In some cities, buyers are paying $1 million over the asking price to snag their dream home!
Are you looking for a South Florida home or investment property? What's happening in the Tampa Bay real estate market? Is this a good time to buy, a good time to sell, or both?
We'll answer these important questions and more, so keep reading!
- 2021 Will Outpace 2020
Despite the pandemic and a brief economic slowdown, the real estate market is booming. Many families are seeking larger homes in suburbs or rural areas with more space for home offices and entertaining.
Is the same trend happening in the Tampa Bay area? Absolutely! Since 2012, home values in the area have appreciated by 134%.
In fact, experts predict that only a handful of US cities will outperform Tampa's price growth and sales growth in 2021.
- Interest Rates Will Remain Low
Part of the nationwide frenzy to buy homes are near record-low interest rates across the US. 2020 closed with a national average of 2.66% — one of the lowest interest rates ever recorded. Although rates have crept up slightly in 2021, low interest rates continue to fuel a lot of interest in home buying.
What kind of interest rate will you qualify for, and what steps should you take to get preapproved for a mortgage? Be sure to include these questions to ask your Tampa Bay real estate agent.
- Population Density Will Increase
In the past decade, more than 150,000 people have moved into the Tampa Bay/St. Pete area. It's now the third-largest city in Florida, right behind Miami and Jacksonville.
Experts predict that population density will increase by 3.3% annually in the coming years. By 2040, there could be close to 3.8 million people who call Tampa Bay "home."
- Sellers Can Make a Fortune
Like much of the US, there's much more demand for houses than available inventory. This makes Tampa a serious seller's market, with most homes selling within seven days of listing!
Prices have soared since 2020, too. The median sale price in April 2020 was $260,000. By April 2021, that figure jumped to almost $314,000.
With lots of buyers and little inventory, sellers can expect to receive many bids on their homes — likely above the asking price!
- Buyers Should Prepare for Battle
It might be a seller's market, but that doesn't mean buyers are left in the lurch.
To maximize your chances of landing your dream property, be sure to get preapproved (not just pre-qualified) for a mortgage loan. This will allow you to act fast and make an offer when you find a home you like.
Another helpful tip: With sale prices so high right now, this is not the best time for house flipping in the Tampa Bay area. Wait for things to level out before you start searching for investment properties to fix up and flip.
Tampa Bay Real Estate: Get in on the Action
If you've been wondering about the South Florida real estate market, we hope the tips above have enlightened you. If you're looking for a home or investment property, talk to a local real estate agent today!
Now that you know more about Tampa Bay real estate, what's next? Our site has more great advice for you, so stay right here and continue browsing!