Thursday, February 27, 2014

Tampa | One of the 10 hottest housing markets for 2014!

Tampa, Florida is one of the most attractive markets to get into in the entire country. After going through a harsh foreclosure stretch, the local economy has been picking up tremendously in recent years, and a vast group of investors have realized the potential of the Tampa’s metropolitan region and decided to move their businesses to Tampa Bay.  Companies like Bristol Myers, Amazon, and other major players are investing into this region by opening up new offices and distribution centers.  This investment creates new jobs and opportunities, and increases the overall productivity of the economy in the greater Tampa Bay.

Already existing franchises such as The Tampa Bay Buccaneers, The Tampa Bay Lightning, The Tampa Bay Rays, Convention Center, the Tampa Bay Partnership, the Regional Transportation Authority, and many others have been working with the Chamber of Commerce, Tampa’s Convention and Visitor’s Bureau, supporting the entire metropolitan area in order establish Tampa as one of the most desirable business markets in the United States.  Tampa is now an international destination city!

The real estate market is growing at a steady pace as well. The economy is nearing a full recovery. In 2013, home prices climbed 14.6% and they are also expected to rise in 2014 by another 8%. Even though the prices are growing, the median home price in Tampa Bay is $177,000 which is below the national median of $207,000.  We are following the newest trends in the industry so we can ensure that our customers make educated decisions for themselves while purchasing or selling a property.  Additionally, local and national builders have been aware of the shortage in inventory in our region.  As such, large real estate development projects have commenced since last year and are moving forward to complete the number of homes available for sale.  Projects are underway reaching down from the Brandon/Riverview and south to Apollo Beach.  North Tampa from New Tampa, Wesley Chapel, and Land O’Lakes area into Trinity are also part of the big picture.  

Not only is Tampa a beautiful place to live, work, play, but real estate investments have also been on the rise since the market took the incredible turn 7 years ago. In a report conducted by All Property Management, Tampa is ranked as the 2nd best city in the nation to invest in rental property! The 2014 First Quarter Report awarded Tampa a 94% rental property score based on steady job growth rate of 3.4%, increasing rent at 4.01%, a housing appreciation rate of 7.3%, and a great rate of return on rental investment at 10.13%. We are also one of the top 10 places in the country to move to!

Our team of real estate professionals is proud to be able to represent and assist people living in the Tampa Bay area with their real estate needs for so many years now. Our diligence and hard work make us stand out in this industry. If you are relocating to Tampa Bay or if you have been living here for years, SI Real Estate takes pleasure in being able to help our customers with finding real estate solutions, whatever your goals may be!  Find a perfect home for many years to come!