Friday, March 27, 2009

Tampa Bay Real Estate Market Updates

Something astonishing happened last month. Existing home sales unexpectedly rose 5.1% which is the largest jump in real estate sales in nearly six years.

First-time home buyers are taking advantage of the abundance of foreclosures and distressed properties throughout the country and getting great deals! Tax credit, low interest rates and listing prices are motivating people everywhere. For example: Buyers who can only afford homes under $100,000 are amazed to be finding properties they can purchase for this amount or less in neighborhoods that were previously thought to be out of their reach. SI Real Estate Investments just sold a 3 Bedroom, 2 Bath townhome for under $90K and the home was in excellent condition. Bank owned properties are for sale and amazing prices, in every area of Tampa, FL.

As the Tampa Bay real estate market and economy is struggling like other major cities to emerge from the biggest real estate downturn since the Great Depression, buyers are the ones benefiting from the current slump, benefiting to a greater degree than they anticipated.

The sales figures do not yet reflect the new $8,000 tax credit and the historically low interest rates designed to lure even more buyers into the real estate market. This credit should cause summer sales to rise again, but that always is dependent on the state of the U.S. economy. If Americans are unsure of their job security, they will not be buying homes.

At this writing, we have an estimated 9 months of inventory. That is half of where we began at 18%. Tampa has 500 pending bank owned properties listing now. So transactions are underway.

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