What you need to know when considering Tampa Homes for Sale

What you need to know when considering Tampa Homes for Sale

Looking to enter the Tampa real estate market? If you’re new to the area or just to the real estate industry, be sure to catch up on everything you need to know about Tampa homes for sale:

It’s a seller’s market.

Because there’s such a shortage of Tampa homes for sale right now, there are more buyers than sellers and as a result, home prices have been on the rise. If you want to buy one of the Tampa homes for sale on the market, work with an experienced real estate agent who can prevent you from overpaying just because of the lack of inventory.

Homes are undervalued.

Even though it’s considered to be a seller’s market in Tampa right now, compared to the rest of the country, Tampa homes for sale are still undervalued. Tampa homes for sale are still priced significantly lower than what they were before the recession. Other metropolitan areas including Denver, Dallas and Portland are averaging home prices above what was seen before the recession.

In fact, a recent Wells Fargo report showed that the Tampa Real Estate market is one of the most affordable metro areas in the country. This was determined by looking at what percentage of Tampa homes for sale would be affordable to median income earners. The only areas that Tampa falls behind are Charlotte, Jacksonville, Atlanta and Raleigh. This means that buyers can still snag a great deal on Tampa homes for sale even when it’s a seller’s market.

Tampa homes for sale are flipping out.

The Tampa Bay area recently tied with Las Vegas and Fresno for second place in house flips as a percentage of total single-family sales during 2015. Investors typically made a return on investment of around 66.5%, or $51,900. Because of these numbers, investors have flocked to the market hoping to purchase Tampa homes for sale that they can flip for a quick profit. For buyers looking for their new home, this could mean increased competition on the market, so rely on your real estate agent to use his or her negotiating skills to get you the best deal.

Strong forecast.

Many buyers may be wary of buying one of the Tampa homes for sale if they think this upswing in the market is just a fad. However, many industry analysts are predicting a positive five-year forecast for Tampa homes for sale. Although prices have increased in the last year, they are expected to continue to increase through 2020, so buying Tampa homes for sale now may pay off exponentially down the road.

Ready to explore the many different Tampa homes for sale but not sure where to start? Contact our team of real estate experts at Coast 2 Coast Realty by calling 1-877-585-7356. The professionals at Coast 2 Coast Realty will be able to assist you through every step of the home buying process, from finding the listing to closing and everything in between!