Tampa is experience a heatwave; not just with the weather, but in the real estate market. It’s great news for your hometown and a big reason why many are making the move to calling Tampa home. If you’re considering listing your home in Tampa or moving to the area, you’re going to learn quickly that it’s a seller’s market with so many wanting to be here.
This is all because of a number of factors, like the number of job opportunities to the city having such a large variety of price ranges to accommodate every budget. If you’re wondering what it is that makes Tampa such a hot real estate market, take a look at the list below that makes it clear Tampa is the place to be.
It’s a seller’s market
The good news for any families thinking about selling their home this year is that Tampa is a seller’s market without a doubt. While you’re ready to upgrade or downsize your home, many are eager to swoop up your property to start their new Tampa lifestyle. There are several reasons why sellers are benefitting from the hot market right now.
First, you’ll notice that jobs are becoming available left and right leading many around the nation to choose to come to Tampa for the excellent opportunities. You’ve probably seen the unemployment rate steadily decline since 2015, making Tampa a great place to get employment and a new home. Tampa is already obviously a great place to live, between the location, the weather, and the attractions, making employment opportunities here a no-brainer for those in other parts of the country.
Next, it’s important to note that more and more 25-34-something’s are getting their education with bachelor degrees rising by over 30,000 in the Tampa-St. Pete-Clearwater area from 2000-2012 and another 40% growth ever since. While other areas of the country have enticing reasons to pull people to living there, Tampa’s education rates take the cake. For sellers, selling to millennials that are highly-educated is a breeze because they are eager to buy post-university.
Another reason that selling is easy in Tampa is that it’s always a good time to sell. If you were living in the northern part of the country, you’d have to avoid the winter snow and the unpredictable spring and fall climates, while Tampa homes can be sold literally any time of year.
While home sales are popular in June and July and tend to lessen in the January and February, there is always going to be someone ready to buy all year long. Sellers are also benefitting from the competition with other sellers, since many are still holding out for a higher price while you are getting yours sold now while the market is so hot.
Buyers are excited to buy
Not only are sellers enjoying the hot market, but buyers love the large inventory and the quick closings. It’s a good buying market because home builders are optimistic and there are many housing starts to prove it. This has been improving since 2010 more and more. Buyers also love that they can purchase existing homes in a huge variety of price ranges, making this an attractive area for the wealthiest and the simplest of budgets. Find homes as low as $150-$300 in neighborhoods like Oldsmar and Palm Harbor, and million dollar waterfront homes. With an active market, it makes it easy for a buyer to come in any time of year for a job opportunity and start a life in Tampa.
For potential buyers moving to Tampa, this is a great time to find a huge inventory and quick transactions on the perfect home for that new job opportunity. For sellers, this is the perfect time to make money on your sale and find a huge market of buyers. For these reasons, Tampa’s real estate market is hotter than ever!