Tampa Real Estate Market on the Move: February Update

-
Every once in a while we like to examine data compiled from Trulia about the local Tampa Bay real estate market. Real Estate Facts: Tampa has seen a 6.1% increase in median home sale prices from November 2011 to January 2012 compared to this time last year. Also increasing is the price per square foot in Tampa which is up 19.3% from this time last year. High demand and popular communities that are seeing more activity than others are Tampa Palms, Bayshore Beautiful, Old Seminole Heights, Hunters Green, and Ballast Point. Increases are nice to see in areas such as the ones listed above, but declining numbers also show signs of a rebound in some aspects. Research done by CoreLogic shows that foreclosures decreased by 8.4% in 2011. More stringent credit conditions helped these numbers drop as much as they have. Additionally, there is more caution being shown by lenders who have been scrutinized in recent years for the way loans and foreclosures were handled in the previous years. Banks are lending a hand in these decreasing foreclosure numbers by enabling borrowers to modify home loans more frequently, expediting short sale processes, and liquidating bank owned assets at fire sale prices. Clear Capital released a recent report stating that Florida will experience a bounce back this year as well. At one point Hillsborough County’s supply of unsold homes was cited at 25 months worth of inventory. With the increasing number of short sales and the declining number of foreclosures, this inventory has dropped to only 6 month’s of real estate inventory. They also predicted Tampa, Florida would be in the middle of the housing rebound nationally with a 7.4% increase in home sale price. Other Florida cities such as Orlando, Miami, and Jacksonville also top the national list of areas expected to see such increases. If you or anyone you know wants to further examine these real estate trends, kindly contact SI Real Estate today to learn out how we can make your real estate goals your reality. In this very long and forever memorable real estate correction, we are now well past the bottom of the market. And, if you strike now while the iron is hot, you can be one of many who derive benefit from solid information and the shift in the market. SI Real Estate: Your Tampa Source for Real Estate Updates, Trends and News.

Comments

condominium philippines said…
This post sounds exciting and interesting. I like it. It has a great content and I am impressed. Big thanks and keep sharing.


Charles A
March 1, 2012 at 3:50 AM
SI Real Estate Tampa said…
Thank you for following / reading Charles! 2012 is looking better and better, even as we head into the second quarter of the year. Stay tuned for this weeks blog post and thanks again for following SI Real Estate!
April 24, 2012 at 11:33 AM
Post a Comment

Popular posts from this blog

Featured Community of the Week – Beso Del Sol in Dunedin, Florida

-
Image
Can you imagine waking up each morning to a majestic view of the sparkling Gulf of Mexico waters? This all-inclusive resort condo community in Dunedin, Florida provides a perfect waterfront retreat. Situated directly on the Gulf, panoramic waterfront views overlook the St. Josephs Sound and Honeymoon Island, creating a tranquil setting that is far from the ordinary. Condo and community features include: · Fully furnished, all-inclusive studio, one and two bedroom units · Flat panel TV’s, stainless steel appliances, and granite countertops · Two waterfront heated swimming pools and hot tub · Fully-equipped fitness center and bicycle rentals · Onsite property management and housekeeping · Boat slips · All utilities included in HOA fees · Castaway Tiki Bar onsite with weekly entertainment Beso Del Sol Resort offers three wonderful floor plans to choose from with prices starting in the mid $100,000’s. Whether you are looking for a real estate investment, weekend retreat, vacation property
Read more

Renting is as Competitive as Purchasing a Home in Tampa Bay

-
Image
  The 411 on Tampa’s Rental Market   Tampa’s real estate market is one of the hottest markets in the country. Sunny weather, lower taxes, and quality of life result in an influx of new residents every week, however, the Covid-19 Pandemic substantially increased that number.   According to Fox News Tampa Bay, “"Every day, a thousand people are moving to Florida, and out of that, about 115 move to Tampa every day. You have all these people moving from New York City, moving from DC, moving from Connecticut, moving from Chicago, they’re from expensive cities, even from California! To them, Florida prices are affordable. Whether they’re home buyers or renters, they’re moving here with a lot of money to spend, which is jacking up prices.”   The rental rates in Tampa Bay and surrounding areas have increased 20% from last year placing Tampa in the top 5 metros for highest rent increases. This increase is a result of an extremely sparse rental inventory. At the moment, Tampa’s a
Read more

Real Life Real Estate...New Construction vs. Foreclosure

-
Image
A hot topic for potential homebuyers is, should I look Foreclosures, existing older homes, or New Construction? The hype lately seems to be on Short sales and Foreclosures. Bank owned properties are being snatched up by cash investors and we hear of bidding wars everyday in Tampa over bank owned properties. Investors have money to spend, and no desire to occupy the property personally, they can fix any issues that arise with no problems. It is very enticing for a buyer to see large discounts foreclosed and short sales but what else does a buyer need to consider when deciding on purchasing a home? SI Real Estate has helped three clients purchase a new Construction home in the last two weeks. What made these buyers decide purchasing a new home was better than foreclosure and existing home options? There is a great website being advertised by Lennar homes, “Buying a New Home vs. a Foreclosed Home” . This website highlights advantages of purchasing new construction. Buyers need to cons
Read more