The Tampa real estate market is in a good place. There were a lot of predictions for 2017, particularly about home prices and what to expect. So has Tampa lived up to the hype? Check out what the most recent reports have said about the first quarter on the Tampa housing market.
Good, but not thatgood
According to the National Association of Realtors, home prices spiked 6.9% in the first quarter of 2017. Rising prices are an excellent sign of an abundant economy. In a new report by ATTOM Data Solutions, Tampa Bay homeowners who sold in the first three months of this year realized an average gain of $30,100 over what they originally paid. I think it’s safe to say that’s pretty good!
However, that average is still $35,000 less than what it was at the peak of the real estate boom in 2006. This same report has also showed that homeowners are keeping their homes longer. A result of the bubble burst back in 2008. Will we reach that peak once again? Possibly.
The Results: inventory in demand
As a demand of the housing market, in combination with homeowners keeping their homes longer and the increased prices, homes are in demand. Prospective buyers poured into the market to start the year as the job market also shows increases.
Another player that we might see soon are automated homes, which are now part of the mainstream. These new builds come equipped with built in automation – from the shutters to the security system. Ten years ago this technology was very high end but now average home owners can enjoy this type of automation.
So for now, the Tampa market is looking great! As long as the available housing can keep up with the demand you can expect prices to continue to rise and profits continue to increase. Don’t forget to give us a call to schedule your home inspection before you complete your home purchase.