Well, if you are the one who is a fan of buying at the lower rate and selling at a higher price, then it is highly recommended not to buy a home in Tampa till 2009. Be it non-transient state, it is not suggested to buy a home and especially, in Tampa real estate market then.
During the foregone recession in Tampa, the home values dropped up to 60% on an average. For an instance, if you brought a house in Tampa from Tampa home for sale in 2006 for $25000, then you would be amazed to hear that the house is worth just $10000 in 2009. This is the reason that most were refraining from buying houses in Tampa and Tampa real estate faced a recession.
Nevertheless, in today’s context, it should be noted that Tampa Real estate scenario has taken a 360-degree turn and the market is looking much healthier. The restricted lending rules have removed the liar and the much notorious no doc loans that have enabled hundreds of people to purchase houses without documenting their respective incomes. Interestingly the ones qualifying for mortgage loans are enjoying the historic low-interest rates. Well, the ones who wish to sell in popular areas like South Tampa, Largo, and parts of St. Petersburg- they have little or no trouble in luring potential buyers.
It is estimated that the average home value in the Tampa area has raised upto11.9% since th4e last year. It reports is t4oe be believed, nearly 1.4% hike has been witnessed in price rise in Tampa Bay in the month of January, the figure is far more than the stateside average and the maximum of any major Florida metro.
On the contrary, it is found that California markets have witnessed a comparatively slow rise. On the other hand, some nontraditional Southern states are beginning to show a spark. Among others, Orlando and Miami also rank as the top 10 fastest appreciating markets.
The slowdown can be attributed to the upheaval in the cost of living on the West Coast of the country with the home shoppers struggling to find cost effective alternatives.