Are you ready to buy a home? Well, you aren’t the only one. Whether it’s real estate in Tampa, or elsewhere, chances are you have competition. So, to get ahead of the curve, speak with your real estate agent in Tampa to get a feel for what’s happening in the market. Your real estate agent will have intimate knowledge of how the Tampa real estate market works. Just keep these four things in mind when you speak with them:
- Housing Inventory & Demographics
There aren’t enough homes for everyone. That is causing prices to rise and making first-time buyers frustrated with their search for starter homes. Everyone is having trouble buying in this type of market and is finding it hard to finance buying a home. Add the aging Millennial demographic and you’ll start to see how sparse it is to find an affordable home.
- Lending Industry
The Great Recession changed how the lending industry operates. A wave of regulations has led to tighter restrictions for consumers. That means the number of eligible borrows has drastically fallen. This is meant to ensure we don’t have a repeat of 2008, but it still affects current home buyers. Lenders are playing it safe by offering loans to safer bets. It also doesn’t look like the criteria will be loosened any time soon.
- Price and Location
Prices will absolutely vary by city. Homes on the West Coast tend to have very high price appreciation. The opposite is true for the East coast. But, even within these cities, there are different levels. Some places were hit differently due to 2008. So, pay close attention to these types of indicators as well as infrastructure projects, projected population growth and current population.
- National Price Trends
With all that being said, the housing market has made its slow climb back. Home prices have been rising and will likely continue their growth, albeit at a slower pace. Growth across the nation on average as shown a steady and stable trend, unlike the crazy bubble we have seen in the past.
Predicting what will and will not happen is tough. All we can do is look at the data and make assessments. Voice your concerns with your real estate agent and see what strategy you can come up with. Feel free to contact the Kelly Parks Team at (813) 579-2816 to speak with a realtor. Also, check out our blog for some more great tips. Let’s help you with your real estate needs!