Tuesday, February 15, 2011
SI Real Estate Has Its Finger on the Pulse of the Real Estate Market in Tampa Bay
Pulse 1 ~The Buyers Real Estate Market
Local, national and international buyers are purchasing real estate here in the Tampa Bay area and around Florida like there is no tomorrow. The real estate market is booming with sales. Real estate prices are fantastic, mortgage interest rates are great, and people are taking advantage of the opportunities that are available.
At this point in time, it is becoming more the norm to have multiple offers on properties for sale, indicative of the swarm of buyers into our real estate marketplace in Tampa Bay. First-time home buyers, along with move-up or repeat home buyers, and local and international investors are all jumping in with both feet to get their piece of the action during these unprecedented times.
Pulse 2 ~The Real Estate Rental Market
In an article titled, Cheaper to Buy Than to Rent in 72% of Largest U.S. Cities by Inman News dated January 24, 2011, “Despite the rising number of renters across the country, it is cheaper to buy a home rather than rent one in 72 percent of the 50 largest cities in the U.S., according to an index released by real estate search and marketing site Trulia.”
There has been a large influx of people entering the rental market due to the economic downturn. Prices are rising for rentals as a result. The economics of supply and demand are taking affect. Pete Flint who is the CEO and co-founder of Trulia stated, “Since the start of the 'Great Recession,' many former homeowners have flooded the rental market. Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets."
The article continued to say that it is less expensive to buy a two-bedroom home than to rent one in 36 out of 50 of the country's most populous cities. Interestingly, some of the cities include many areas that have been hit hard by foreclosures, such as Las Vegas, Phoenix and California.
Pulse 3 ~ The Sellers Real Estate Market
Although we are in a strong buyer’s market, sellers of real estate are also witnessing strong interest in their properties. Multiple offers are being made on many properties which lead to bidding wars and helps increase the price of homes, townhomes and condominiums that are on the market.
With all of the talk about it being a “buyer’s market” not as much has been said about the direct affect on the “seller’s market”. In an article titled, Home Price Stabilization Seen in Most Metro Areas during Fourth Quarter, Sales Up, Lawrence Yun, NAR chief economist, stated he is encouraged by the trend. “Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they’ve been selling well and housing supplies have trended down,” he said. “A recovery to normalcy requires steady trimming of the inventories.”
With buyer’s feverishly grabbing up real estate, inventory is being reduced leading the way to recovery in the real estate market and the overall economic health of this country.
Pulse 4 ~ SI Real Estate is Working in All Aspects of the Real Estate Market
SI Real Estate works in all aspects of the Tampa Bay area real estate market and truly feels the pulse of this marketplace. With expertise in buyer and seller representation, property management, bank owned/REO and short sale property acquisition and sales, finding a company more diverse in its offerings will be hard to find. Combine our real estate expertise with our superior customer service, as evidenced by our loyal client base, and you won’t want or need to look any further for your real estate company. Call SI Real Estate at (813)631-5144 today and put your finger on the pulse of the real estate market right here in Tampa, Florida. It is an exciting time to be in real estate!!!