Monday, October 27, 2014
Tampa Real Estate & Builder Pulse: New homes abound around Tampa
A New Home may be the very best option for you to review!
“Thousands of new homes are under construction in the Bay Area.” According to the WFLA and the Tampa Bay Builders association, Tampa Bay has been booming with constructions. Since 2011, the housing market has been steady, and new home building has been slowly increasing. This could be due to the continuously low interest rates on mortgages over the past 2.5 years. There are at least 3,000 new home construction starts in Tampa Bay this year, and there are still more coming.
Why new homes? There are many floor plans and color options to choose from. You will enjoy less competition in the contract and offer process. Enjoy the streamline procedure of one stop shopping in a new construction development. These are just a few of the innumerable options available.
Jennifer Doerfel, the current Vice President of the Tampa Bay Builder Association says that if consumer confidence stays where it is, there should continue to be an increase in building activity. This building activity has created hundreds of jobs in the Tampa Bay area, and will continue to stabilize the housing market through 2015.
The Tampa Bay Builders say their biggest challenge in this surge of activity is the lending community, of course. Although in the past several years it has been somewhat challenging for some to get a mortgage, the rates still remain low. Recently, mortgage applications have surged 11.6%. According to this article, the average contract interest rate for a 30-year fixed-rate mortgages with jumbo loan balances have decreased to 4.03%, the lowest it has been since May 2013. The average interest rate for a 15-year fixed-rate mortgage has decreased to 3.28%, also the lowest since May 2013.
If you are considering your real estate purchase options, you may want to consider buying a new home. Many of the stresses of purchasing a home can come from bidding wars with other home buyers. When purchasing a new house, not only will you be the first owner, but the only buyer. A new home in Tampa bay may be just what you want for your next home. Contact SI Real Estate with any questions you may have. SI Real Estate has fantastic connections with new communities, home builders, and lenders. We guarantee quality service and satisfaction to our clients!