Tampa is experiencing soaring home prices, here's why

Why You Should Move to Tampa Bay Now. Insider Edition

Author – Jessica Sladky

There are several reasons Tampa is consistently ranked in the nation’s top cities to live in. We have year-round warm weather, amusement parks, low cost of living, great neighborhoods, world famous beaches, and championship sports teams. There is something for everyone here. These are the top 6 reasons people are buying homes in the Tampa Bay area this year.

1.      Weather

Our annual weather averages 74 °F (23 °C), according to www.timeanddate.com. Our warmest months of the year are July and August with highs reaching the mid 90’s (approx. 34 °C). Our coolest month is January, with lows around 50 °F (10 °C). That’s right, you guessed it! Living in the Tampa Bay area is like living in a tropical paradise. It’s always a good time to enjoy outdoor activities. Whether that’s our gulf coast beaches, our major league championship sports teams, local markets, or brunch with friends. Beware of our summer, afternoon showers. They start around 3pm and usually end by 4pm. Just make plans to take a break at that time and wait for the shower to pass. These showers make all of our lush, tropical landscape flourish with vivid colors, all summer long.

2.      Cost of Living

Salary.com has the cost of living in Tampa 5.6% lower than the national average. They use 5 major categories to score the cost of living for an area: housing, food, healthcare, transportation, and energy. This means, you should definitely consider setting down roots in Tampa and purchasing a home. Where else can you live in a tropical paradise with a lower-than-average cost of living? A statement released in January by Tampa Electric that their prediction was accurate. “Last year, Tampa Electric (TECO) predicted that the economic recovery would likely cause natural gas prices to rise with the increase in demand. As a result, starting in January 2021, the average Tampa Electric residential customer's energy bill increased 8 percent to $105.25 for 1,000 kilowatt-hours (kWh) of use, which is still less than customers paid in 2018 and still 20 percent below the national average.” This is huge. Living in Florida means that your AC is constantly running almost every month of the year and keeping these costs as low as possible, is a must have.

3. Great Neighborhoods

Remember the days when you would drive down your street and wave to your neighbors, and they would actually wave back? Yes, that still happens around town. We have several tight knit communities that offer neighborly living. They also boast great schools, community events, and many amazing people. Topping off the list, according to Niche.com, is Harbour Island for its upbeat, safe and friendly neighborhoods. It’s also an easy walk to community attractions like the Florida Aquarium, Sparkman’s Wharf, a load of restaurants and bars. This neighborhood is mostly populated by young professionals and families. Historic Hyde Park is right down the road from Harbour Island and has some of the best schools in the district. It has a great night life scene and offers a great urban and suburban mix. Most residents in this area own their homes. Carver City rounds out the list with its close proximity to the Tampa International Airport, Raymond James Stadium and many local restaurants and coffee shops. This neighborhood is one of the safest in town and scored an A for diversity on Niche.com.

4. Amusement Parks

Did you know, that living in Tampa means that there’s always an amusement park no more than 30 minutes away. Busch Gardens and Adventure Island are great places to visit. They both offer year-round passes for Florida residents that are affordable. You can also save money by bringing your drinks and snacks for the little ones too. Usually around February, they start offering free preschool passes for all children 4 or under. Talk about a family friendly place to enjoy our amazing weather. Busch Gardens is jam packed with rollercoasters like, Cheetah Hunt, Tigris, and the new Iron Gwazi. If you have lived in Tampa for a long time, you will remember that Gwazi was the biggest wooden rollercoaster that has now evolved into a new iron legend. Per Busch Gardens themselves, the Iron Gwazi is North America’s tallest hybrid roller coaster and the fastest and steepest hybrid coaster in the world! That’s right, you read the correctly, In The World!  If Busch Gardens gets too hot, head over to Adventure Island across the street. Adventure Island has towering water slides that is sure to get your blood pumping and adrenalin going, all while cooling you off. Or, if you’re more like me, grab a drink and head over to the Rambling Bayou (aka lazy river). Adventure Island notes this as, a half mile trip that will take you through a colorful rain forest, waterfalls and even a little rain and fog.

5.      World Famous Beaches

Florida’s gulf coast beaches are some of the most beautiful in the world. Our coastline features white sugar sand and crystal clear waters. Take a 20-40 minute drive and head over to Clearwater Beach, Florida and enjoy the family friendly Pier 60. During the summer, Pier 60 turns into an evening movie beach party. Bring your blankets, chairs, and coolers and enjoy a movie under the stars. You can also find local artisans, live entertainment, and some of the best grouper in the Tampa Bay area. If trendy Clearwater Beach is not your vibe, head a little further south to Treasure Island. Treasure Island is more laid back with tons of local restaurants and bars. This St. Pete beach is great for families looking for a quieter, less populated beach to enjoy. Whichever Tampa Bay area beach you decided to visit, make sure you keep your eyes peeled for whimsical seashells and shark’s teeth.

6.      Everything Sports

Tampa Bay is known throughout the nation for having championship sports teams. This year we’re celebrating, the Tampa Buccaneers for winning Super Bowl LV, the Tampa Bay Lightning for winning the Stanley Cup, and the Tampa Bay Rays for making another World Series debut. I remember when we first established a hockey team in Florida. We all kind of looked at each other and laughed. We weren’t sure putting an ice hockey team is sunny Tampa Bay was the best move. Watching this team develop, grow, win, and capture the hearts of so many fans has been a journey I can happily say I have watched since inception. I couldn’t be happier to say the Lightning belong in Tampa Bay. Watching my neighbors proudly displaying their home team flags, and people of all ages proudly wearing their favorite team’s merchandise reminds me of what an amazing community we’ve built. If you haven’t experienced the energy of Game Day in Tampa Bay, what are you waiting for? If you don’t have anyone to hype up game day for you, visit any of the local sports bars, you are guaranteed to find your kindred spirits there. Relax, enjoy the food, have a drink, and be prepared for lots of cheering.

Curious About Local Real Estate?

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Get Pre-Approved for your Mortgage

One of the most common mistakes buyers can make is not getting themselves pre-approved by a lender. Imagine spending weeks looking at homes worth $250,000 only to to find out, when push comes to shove, your debt to income ratio will only support a home up to $200,000.

You might not think that is a big deal, but in many markets there is a tremendous difference in homes just $50k apart. It could force you to look in areas you were not prepared to look in. The price difference could change the number of bedrooms, lose you the upgraded kitchen, in a nutshell it changes your expectations for the worst and you walk away deflated and beaten by the market.

Getting the pre-approval can help you set your expectations and allow you to focus in on the homes and communities you can afford!
Click here to get your pre-approval from Ocean Blue Mortgage!

Americans Are Fleeing California and New York for Florida and Texas: Study

A new study revealed that Americans are continuing to flee New York and California for places like Texas and Florida in recent months. 

“Despite the 2020 pandemic, this year Americans are following similar moving trends as prior years. Millions of Americans are moving either to start a new job or to move home,” said a report (pdf) from North American Van Lines, a trucking and moving company. By Jack Phillips Read More!

Search for Homes in Florida!

Why This Is a Great Year to Sell Your Vacation Home

Tampa Bay Home Insider: Now is the time to buy.

Author – Jessica Sladky

With low interest rates and rising home values, now is the time to buy. Homes are expected to increase by ateast 10% through 2022. The median home listing price in the Tampa Bay Area, according to realtor.com, is $299,000. This is up approximately 7% since last year. There are not many investments that have this high of a return rate (ROI) and it’s expected to continue to climb over the next couple years.

Did you know, the Tampa Bay area has been consistently ranked in the top cities to live in for the past several years. Some of our major surrounding cities in Tampa include Wesley Chapel, Land O’ Lakes, Lutz, Clearwater, St. Petersburg, Plant City, Ruskin, South Tampa and Riverview. Many people are flocking to these areas because of our year-round outdoor living. Whether your next home has a large outdoor space or a small one, you are guaranteed to enjoy it most days of the year. There are a few days sprinkled throughout the winter that dip down into the 30’s and 40’s. You may laugh at us now, but once your body acclimates to our weather, you will be wearing your winter coat and boots on these days just like the rest of us.

We have some amazing new developments a little north of Tampa, Mirada and Epperson that offer lagoon style living. It’s 5 o’clock somewhere right? Both man-made lagoon developments have been constructed to offer the best lifestyle while reducing your carbon footprint. If you choose one of these developments, make sure to budget for a golf cart. They have their own special lanes throughout the entire community, making it easier to get around, saving you gas and mileage on your vehicle, and helping reduce pollution. Not to mention, the upfront golf cart parking spots in every parking lot! If that doesn’t convince you, these communities come with ultra-WIFI built into each home and a central community space with loads of activities. These activities include, Christmas Golf Cart Parades, movies at the lagoon, and all types of family focused events. In addition to a plethora of outdoor activities such as, kayaking, inflatable obstacle courses, white sandy beaches, as well as delicious food and drinks. The best part is that the homes in these developments are affordable if you purchase soon.

There are many new builds in and around the Tampa Bay Area. Make sure you have a very qualified realtor on your side before you go and view these homes. A good realtor will be able to negotiate with the builder because we have firsthand experience dealing with them and expert knowledge of construction pricing. We can also guide you through their long tedious paperwork process and maybe even get you an upgrade or two.

If you’re looking for a more historical home, head over to Seminole Heights and check out our Florida Bungalows and Craftsman’s. Some of these homes are more than 100 years old and many have the original hardwood floors. Can you say jackpot! If only those floors could talk. Seminole Heights is bustling with small local businesses, renown restaurants, and cool outdoor hangouts. Shuffleboard anyone? This community is always finding ways to engage everyone who lives nearby. Whether that be their famous markets, cool speakeasy’s, or their beautiful parks along the river.

Or perhaps the old Florida charm in South Tampa is more your style? Lined with palm trees and grand oaks, South Tampa offer luxury estate homes, many bay front or within walking distance to Bayshore Boulevard. Davis Island offers luxury homes close to downtown Tampa or how about a newly constructed downtown condo in the Altura Bayshore?

Don’t worry, we have many communities like this throughout the Tampa Bay area. Working with an expert realtor from Team Z Realtors, will help you find your perfect home in no time. Did you know that using a realtor to buy a home costs you nothing? At Team Z Realtors, we will treat you like family and make sure you get the best deal possible. With a market like this, now is the time to buy. Sign up here Tampa Realtors - Tampa homes for sale Florida to start viewing homes.

P.S. We also have access to homes that aren’t always listed on Zillow, Realtor.com, or the MLS, because we’re just that good!

Save money selling your home

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Is it a good time to buy a house in Tampa FL?

Of course there is not a simple black and white answer, that would be too easy. Withe the covid-19 virus still rearing its ugly head the expectation would be for home prices to begin to drop. However that has not been the case so far. 

Listing inventory is down compared to this time last year and has caused a pike in home prices with competing offers. Interest rates are still at an all time low with no real signs of increasing.

Buying sooner than later could be the wise decision!

Market Report Tampa, Florida

Tampa, Florida

Market Snapshot: Estimated Home Values

Thismap layer shows the average estimated home values, based on the AVMsand RVMs® for properties in an area. Source(s): Public recordsand MLS data where licensed; updated Quarterly.

Median Est. Home Value

$258K

Updated: 6/30/2020

About this Data: Estimated home values are generated by a valuation model and are not formal appraisals. Valuations are based on public records and MLS data where licensed. The metrics shown here reflect All Residential Properties data.

Tampa, Florida

Market Snapshot: 12-Month Change in Estimated Value

Thismap layer shows the change in estimated home valuesover the past 12 months, based on the AVMs and RVMs® for properties in an area. Source(s): Public recordsand MLS data where licensed; updated Quarterly.

Median Est. Home Value

$258K

Updated: 6/30/2020

About this Data: Estimated home values are generated by a valuation model and are not formal appraisals. Valuations are based on public records and MLS data where licensed. The metrics shown here reflect All Residential Properties data.

Tampa, Florida

Market Snapshot: Concentration of Distressed Properties

Thismap layer shows the concentration of distres ed properties, in areas where RPR has MLS data. Source(s): MLS data; updated Quarterly.

About this data: The metrics displayed here reflect distressed property counts (listings and public records) for All Residential Properties as of 7/29/2020.

Market Snapshot: Sales Price

Tampa, Florida

Thismap layer shows the average sales price for properties sold in the previous six months, in areas where RPR has MLS data. Source(s): MLS data; updated Quarterly.

Median Sales Price

$280K

Updated: 6/30/2020

About this data: The Metrics displayed here reflect median sales price for All Residential Properties using MLS listing data.

Market Snapshot: List Price

Tampa, Florida

Thismap layer shows the average listing price for properties in the previous six months, in areas where RPR has MLS data. Source(s): MLS data; updated Quarterly.

Median List Price

$313K

Updated: 6/30/2020

About RPR (Realtors Property Resource)

Realtors Property Resource® is a whollyowned subsidiaryof the National Association REALTORS®.

RPR offers comprehensive data – including a nationwide database of 164 million properties – as well as powerful analytics and dynamic reports exclusively for members of the NAR.

RPR's focus is giving residential and commercial real estate practitioners, brokers, and MLS and Association staff the tools theyneed to serve their clients.

This report has been provided to you bya member of the NAR.

About RPR's Data

RPR generates and compiles real estate and other data from a vast arrayof sources. The data contained in your report includes some or all of the following:

Listing data from our partner MLSs and CIEs, and related calculations, like estimated value for a propertyor median sales price for a local market.

Public records data including tax, assessment, and deed information. Foreclosure and distressed data from public records.

Market conditions and forecasts based on listing and public records data.

Census and employment data from the U.S. Census and the U.S. Bureau of Labor Statistics.

Demographics and trends data from Esri. The data in commercial and economic reports includes Tapestry Segmentation, which classifies U.S. residential neighborhoods into unique market segments based on socioeconomic and demographic characteristics.

Business data including consumer expenditures, commercial market potential, retail marketplace, SIC and NAICS business information, and banking potential data from Esri.

School data and reviews from Niche.

Specialty data sets such as walkability scores, traffic counts and flood zones.

Update Frequency

Listings and public records data are updated on a continuous basis.

Charts and statistics calculated from listing and public records data are refreshed monthly.

Other data sets range from daily to annual updates.

Learn more

For more information about RPR, please visit RPR's public website: http://blog.narrpr.com

The Tampa Housing Market

The phone is still ringing, the online showing requests and property inquiries are still coming the in and we are now showing homes both in person and virtually. 

According to Amy Scott in her May 8th article titled Housing Market Show Signs of Thaw she states "Strong buyer demand hasn’t faded, and some now think April’s downturn was a pause so agents, buyers and sellers could figure out how virtual home selling works" and I am in total agreement. 

The activity level for home buying has definitely made some corrections to leftist. We are seeing what would have been strong home buyer candidates who have lower credit stores, but may have qualified in the past being turned away by current lender standards. It has become harder for mortgage brokers to shop these loans and we are seeing necessary scores in the 660's. That's not to say there are still not lenders able to finance loans at the old 580 score. It's simply a matter of identifying those lenders and making sure the you are using a lender who underwrites their own loans and has the liquid capital behind it.