What does that mean for Tampa Real Estate in particular? The Tampa Bay area is home to many luxury homes that are more attractive than the lofty price tags of homes located in South Florida and large metropolis locations such as Orlando and Jacksonville. The coastal and tropical aspect of Tampa coupled together make it an excellent location for real estate investments and attracts many foreign buyers for that reason. Tampa Bay is also a multi-generational destination, attracting many diverse age groups with city-life, beaches, recreation, education, technology and all of the goods and services that cater to the Tampa lifestyle.
Falling mortgage rates as of late are fueling increased purchasing power for home buyers. The 30-year fixed-rate mortgage plunged from 7.2 percent in mid 2001 to the 3.9 percent standing of today. This is allowing for a lot of room for current homeowners to upsize or downsize depending on their needs, see a reasonable return on their real estate investment in their Tampa property value, and first time home buyers being able to jump into the real estate game with smaller down payments.
With the flexibility in mortgages and financing available to buyers, the real estate market will continue to grow not just in the US, but particularly in the Tampa area. Currently, Tampa Bay and surrounding areas are showing a shortage in available homes for sale due to value and price being well-balanced for all of the amenities this location provides potential home buyers.
If you would like to know what your Tampa area home is worth or would like to find the perfect place to settle down, please contact me for personalized assistance with your real estate needs. I look forward to hearing from you!