Realty experts all agree that investing in Tampa real estate is a great idea. This part of Florida has always been a popular tourist location and now it is expanding even more with focus on the downtown areas and paying attention to the arts community. You may be wondering how to invest in real estate in this area. If you are considering relocating to the Tampa Bay or St. Petersburg areas, there are a few things you should know before you invest in a new place of residence.
The Tampa Florida Real Estate Market is Successful Because of Their Strong Economy
A city’s economy can have an impact on how successful your Tampa Real Estate investment will be in the future. Currently Tampa has a very good economy. If it remains so, those who invest in real estate today could make a desirable profit when they decide to resell their home in the future.
Tampa’s economy is worth more than $130 billion and is supported by a number of Fortune 500 companies. Thes include Jabil Circuit Inc., WellCare Health Plans and Publix Super Markets.
Along with these top-rated companies, there are also 19 brands that are headquartered in Tampa. They bring in an annual revenue that totals more than $1 million.
The City of Tampa has a very low unemployment rate that has helped boost the economy as well. Tampa’s unemployment rate is at 3.1%. The State of Florida is at 3.6%. The national average unemployment rate is at 4.1%.
Understanding Tampa’s Housing Inventory
With the U.S. housing market low due to housing inventory shortage, it is currently a seller’s market. This will often discourage real estate investors from buying property due to the higher rates. But, knowing how to invest in real estate and doing so can help to add balance to the real estate market and provide more leverage for the buyers.
Balancing out the housing market in Tampa can be accomplished by making plans for housing inventory expansion. Doing so will allow real estate investors to invest in property that will have an impact on current housing prices and offer buyers more variety overall. So even if we are in a seller’s market, if you want to make an impact on Tampa’s housing inventory, it is also a great time to buy.
Learn About the Return on Investment with Tampa Real Estate
One major reason why investors should choose to invest their money into Tampa area real estate is the return on investment they will receive. Even if they pay out a high price for a home, the median rent for these real estate investment properties can bring back a substantial return.
The current median rent per month in Tampa is $1,575. Therefore, the real estate market has a price to rent ratio which is at 11.8. That is a good number for those looking to invest in real estate property to resell. Keep in mind that while this means an investor will get back a good return on their investment, it doesn’t mean that the property itself will be a quick sell or fast to go off the market to renters. Other factors such as the local economy, unemployment rate and population growth will help determine that.
Learn More About Current Tampa Florida Real Estate Trends by Contacting Tampa Bay Realty
Do you have questions about how to invest in real estate? Would you like to find out what the current properties in Tampa have to offer? You can learn about investing in Tampa Florida Real Estate and which properties will provide the best return by getting in touch with the experts at Tampa Bay Realty and Investment Group. They can help you find the right property to invest in that will provide you with the best overall results. For more details, give them a call at 1 (813) 515-4882.