SI Real Estate Tampa and The Beaches

SI Real Estate has been watching the market in Tampa Bay closely this year. We have reported several times since the beginning of 2015 that the market is on the upswing, with statistics to back it up. Hillsborough County just released more first quarter data, and the real estate market is continuing to surge! Housing data released Monday by Florida Realtors showed 3,213 single-family homes sold, 28.6 percent more than February 2014. Buyers are finding that inventory is still thin, causing prices to rise. The Tampa Tribune interviewed Thomas O’Bryant, executive director of the Greater Tampa Association of Realtors. “Home prices are going up,” he said. In Hillsborough County, the median price for a house in February was $177,000, up 7.3 percent over February 2014. “Sales of townhomes and condos also were on the upswing in Tampa Bay (Hillsborough, Pinellas, Pasco and Hernando counties) The median price was $106,400, a 12.1 percent bump” from February 2014. We are seeing more activ...

In today’s real estate market, we are seeing more and more home buyers come forward in part from the low mortgage rates and increasing job stability.   The demand for home ownership continues to increase.   An increase in home prices is expected to continue throughout this year while our property inventory continues to be at an extremely low level.   Prices of homes in the U.S. rose by more than 12% since May 2012, which is the highest increase that the real estate market has seen in over seven years.   For most, this appears that the market is continuing to gain strength.   It is prudent to understand what impact home prices and interest rates have in the long run and how they may affect the rapid recovery of our real estate market in our Tampa Bay area.   Potential effects of recent mortgage rate changes may include a slight reduction in borrowing power of buyers.     However, it is possible that the rising rates could spark ...

Tampa Bay real estate homeowners, sellers, buyers and investors – take note! There is good news today for anyone involved with real estate. MSNBC.com reported in an article titled Mortgage Rates Fall to Lowest Level of the Year that mortgage rates have fallen to the lowest level of the year. Both 30-year and 15-year mortgage rates have dropped this past week. ”The average rate on a 30-year fixed rate mortgage dipped to 4.84 percent this week from 4.93 percent a week earlier. The average rate on a 15-year fixed-rate mortgage was 4.24 percent, down from 4.3 percent last week.” Home buyers will benefit from these near historic low rates. Home sellers will benefit as a larger number of buyers will be looking to purchase a home. Investors can cash in on the great rates with their investment purchases as well. Let us not forget those homeowners who already have a mortgage and would like to consider refinancing. Everyone stands to benefit! These low interest rates following on the heel...