Situated in the coastal state of Florida, Tampa Bay is a metropolitan area boasting a population of over 4 million people. This can be largely attributed to its proximity to major cities such as Largo, Clearwater, St. Petersburg, and New Port Richey. That said, the Tampa real estate market has eclipsed major real estate markets in the greater U.S. with the same trend expected to shape up in 2019.
If you are in the market for a custom home, you should be keen to do thorough research and capitalize on opportunities available to you. This is because more home investors are thronging the area with large stakes thus inflating the home market prices. You will be guaranteed of a solid investment, thanks to the positive track record over the past 10 years.
Learn about the current state, future trends, and general outlook of the Tampa real estate market. Do this before you invest in a Tampa, FL home.
The Current State of the Tampa Real Estate Market
Are you aware that you will have the best luck finding an affordable home as a first-time buyer in Tampa? This is what a new Zillow housing report indicates. A majority of the homes on this category are detached single homes which are perfect for first time home buyers. The market for luxury homes in Tampa is also growing fast.
Check out our blog on the must-haves of luxury homes in Tampa.
The Future Trends in the Tampa Real Estate Market
Although Tampa is currently one of the best cities for first-time buyers to get an affordable home, things will change as the years go by.
Today, millennials are looking to own a share of the U.S. real estate more than ever before, and Tampa is increasingly being seen as an attractive place to buy a home. Over time, the demand for housing will outweigh the demand for it and this will cause residential property prices to go up.
With this expected rise in home prices, the best time to close a deal in the Tampa home market is now.
The General Outlook of the Tampa Real Estate Market
According to recent data, there is a record high rate of foreclosure in the U.S. home market. This is largely due to people taking up mortgages they can’t afford.
The unique thing about Tampa is that there is a strong focus on having stable jobs, meaning potential homebuyers can afford to pay their mortgages. This comes in handy for new investors looking for luxury homes in the rapidly growing real estate market.
Let a Tampa Real Estate Market Expert Help You Secure the Right Home
Unless you’re a seasoned real estate agent, deciphering the Tampa real estate market can be a daunting task. Buying or building a home in Tampa is a big investment so you need to seek out all the help you can get.
Don’t hesitate to contact us if you’re ready to own a piece of residential property in Tampa. You can never go wrong with us!