The Tampa-St. Pete-Clearwater area is always a popular tourist spot and favorite among locals, but what exactly is causing the recent winning streak for the real estate market here? Fortunately for those looking to move to the area, you are thinking the same thing as many others.
The area is full of an educated population, great employment ratings, homes in a variety of price ranges, and a wonderful part of Florida. For those looking to sell, you couldn’t choose a better time. The competition is best now because many sellers are holding out in hopes for a better sale later and short sales are decreasing making the market more normal now. If you’re ready to sell in this hot real estate market, take a look at why it’s the perfect time for the Tampa-St. Pete-Clearwater area.
Why it’s the perfect time
One of the best perks about selling in this area is that any month is a good month to sell. While homes sales were booming over the summer, the curve was only subtle. This means that you don’t have to wait for a certain time of year; there are buyers hungry to get a piece of the action in this part of Florida. The only time of year you’ll see a subtle decrease in sales would be January and February, but it’s not going to be much of a decrease.
It’s perfect that the short sale phase has run its course. It was going strong for a while but it has now passed. The market is approaching a more normal status where the sale of traditional homes is up approximately 17% and short sales are down just over 40%.
Pretty soon you will struggle with the competition of other sellers. Fortunately, many are using this time to hold out in hopes that an even more superb market will allow for a higher demand of their home. Instead of having your home blend in with the other homes that are all trying to find buyers, list it now and beat the rush.
Why does this area seem to be on fire?
Buyers love an area where they can find homes in a variety of price ranges. They love that there are options for any income, status, and lifestyle that can live in this highly desirable area. Tampa Bay tends to have homes in just about any price range making it attractive to most people. You can also find lower price ranges in the Oldsmar or Palm Harbor areas ranging from $150k to $300k.
People are also likely to get relocated here because this area is hot for jobs right now with many employment opportunities coming from outside of agriculture. With more jobs, more people are going to be in the market for homes. Sellers can also take advantage of the fact that the area draws in educated people, and an educated population is more likely to buy. The number of bachelor’s degrees has grown in the last 15 years by around 40%, even higher than DC, Los Angeles, and New York-New Jersey.
With a housing a strong and active housing market with homes selling at enormous prices and houses flying off the market in both Hillsborough and Pinellas Counties, it’s no wonder sellers are eager to get their home listed and buyers are eager to swoop them up. For these reasons, the Tampa-St. Pete-Clearwater real estate market is on fire and not cooling down anytime soon!