It’s a new year and the perfect time to give your home a refresh! Maybe it’s even the perfect time to buy a new home. Tampa’s real estate market was on the rise in 2016 and you can expect it to stay that way into 2017 as well. So, what can you expect if you plan to make that big move this year? We’ve got a couple ideas for you, collected from sources all over Tampa Bay!
Perfect for first-time buyers
First time home buyers may have felt the suffering over the last five years as the real estate market has slowly and steadily made it’s way back. According to the National Association of Realtors (NAR), first time home buyers made up approximately 40% of the market. For three straight years, they have only contributed to 32%. In 2016 we saw that number rise to 35% and expect an even bigger increase in 2017.
Patience is the new dream home
The NAR recent data reports that the current supply of existing homes for sale is insufficient to meet the demand, and new construction is not keeping up. This means you will be touring and potentially competing with the same people interested in purchasing the same home.
Demand rise, prices rise
As with all things economic, if demand is increasing then so will the prices. Which also means it is a seller’s market! If you need to sell your home to considering moving into a new one then this might be the perfect time for you! It is possible you can list your home for the price you’re hoping to sell it for.
Start planning now! We’re not even one full month into 2017 yet and you might already be behind. Start the planning process if you’re thinking about buying, selling, or both. Expect the process to take a few months and always start with hiring a real estate agent to help. Of course, don’t forget we offer pre-listing home inspections as well as discounts on home inspections if it is your first time hiring us! Contact us or schedule a home inspection right here on our website.