WHAT'S REALLY GOING ON WITH THE HOUSING MARKET IN TAMPA?

By Corrie Forcet, Realtor® of The Forcet Group | KW Suburban Tampa

You don't have to be a real estate guru to see that the Tampa housing market has dramatically evolved over the passed two years. But Florida residents aren't the only ones taking notice - if you haven't already heard, Tampa has made headlines and is attracting the attention of real estate and finance experts across the internet. Yahoo Finance released an article about the Tampa Bay market that every homeowner or prospective buyer in our area MUST know about. We are here to break it down for you.

The article begins by reminding us that Tampa Florida was rated 2022's hottest housing market by Zillow at the beginning of the year. The city outranked other markets due to its number of potential buyers, scarcity of homes, home sales, and flourishing job market. Tampa's home values are also expected to grow at their fastest pace this year.

But let's keep this simple. What exactly does this mean for those desiring to sell and buy in Tampa over the next year?

SELLERS:

1. Increased Property Value: Fannie Mae predicts housing prices will increase 10.8% in 2022 and an additional 3% in 2023. You can sit back and enjoy as you watch your equity rise.

2. Your home sale will likely attract a LOT of attention: For the past two months, in Tampa, the list price to sale price percentage has averaged 101%. This means that sellers are consistently receiving above asking price.

3. Increased homeowner's insurance: As mortgage rates rise in Tampa, insurance rates will follow suit. It's important to anticipate this change and budget accordingly.

BUYERS:

1. Creating realistic expectations: We have the objective data to prove that the home prices you are seeing are indeed standard, and most likely here to stay. Realistic expectations will save you time and frustration while putting you in the best position to be a preferred buyer.

2. First time buyers are being singled out by new construction: Many builders are selling to primary buyers only because of the market situation. Consider looking at new construction and townhomes for first time buyer's success.

These are just a few highlights, but there is so much more to be uncovered. If you are curious about buying or selling, reach out to me and I can explain all the fine print and what the market trends mean for your future plans.