Having decided to move to Tampa Bay, you now have many questions about the real estate market in this fabulous city. Should you buy or rent? What are the best neighborhoods? What is a fair price to pay for a home in the area? When is the right time to buy houses in Tampa, Florida to get the best deal? First of all, you should know that Tampa Bay ranks 29th among the nation’s top 100 housing markets for 2018. In fact, the entire Florida market is expected to perform well in the upcoming year, according to the Tampa Bay Times.
The Tampa housing market is rated based on factors such as employment growth, unemployment, and household growth. In all categories, the Tampa Bay area fares better than the national average. This area stands out above others in the category of new home starts which is predicted to rise by more than 20 percent in the coming year. What this means to buyers is that there won’t be a shortage of existing homes for sale, which keeps prices down.
Can You Afford a Median-Priced Home in Tampa Bay?
According to Keith Gumbinger, Vice President of HSH.com, home prices in the Tampa Bay area are relatively affordable. A buyer would need a salary of around $54,627 to afford a median-priced home of $238,700.
Currently, home buyers in Tampa Bay have an advantage over those in other major cities such as Orlando and Miami, where home prices are rising much more quickly. In comparison, Orlando buyers need an annual income of $61,700 to purchase a median-priced home of $269,000. In Miami, they need a salary of $78,337 to buy a median-priced home at $353,000.
With those figures in mind, it’s not hard to see that Tampa Bay is in better shape than many large cities, even those outside of Florida such as New York, San Francisco, Boston, Portland, and Denver.
According to Zillow.com, the high, middle, and low-priced home markets in the Tampa Bay area are in decent shape when compared to Orlando or Miami. Much of this is the result of low-interest rates which have helped keep homes affordable. The low rates also allow buyers to purchase a more expensive home than they normally would choose.
Of course, you also have the option of renting Tampa housing. The median rent price in the area is around $1,500. Also, many people who are planning to relocate to the area decide to take a short-term rental. This type of arrangement gives them time to explore neighborhoods and get a better feel for what part of the city is right for their family.
Forget the Guesswork, Let the Experts at Tampa Bay Realty Help
After reading statistics from various experts, you’re probably still as confused as ever. This decision is a big one for you and your family, so you don’t want to make a bad choice. The team at Tampa Bay Realty can make this process easier. We are familiar with the current market trends in this area and can help you find the right home at the right price without all the stress. Whether you’re looking for a year-round residence or other Tampa housing, we can help you find the right home at the right price. Take a few minutes to explore our listings and get a feel for what is available. To learn more, give us a call today. One of our skilled representatives will be available to assist you.
