Monday, April 6, 2020 / by Aaron Barker
We might have a rough road ahead but it's not all doom and gloom. We hope you and your loved ones continue to stay safe and healthy. The coronavirus continues to dominate every aspect of our lives, and even though it can be hard to stay up to date with the latest changes, we'll try to keep you informed on how it's shaping our local real estate market.
Tampa Real Estate Market and Covid-19 - April
Tampa Real Estate Market and Covid-19 - Update
Posted by Tampa South Group on Friday, April 3, 2020
While we are expecting one of the worst quarters in history it's not all bad. Goldman sees 15% jobless rate and 34% GDP decline, followed by the fastest recovery in history with a 19% rebound in the third quarter.
Tampa sales inventory is down YoY -33.2% leaving an already low inventory significantly lower. Buyer demand combined with the lack of inventory could lead to prices stabilizing quickly and on the rise again before the Fall.
Stay tu ...
Saturday, March 7, 2020 / by Aaron Barker
The Coronavirus (COVID-19) has caused massive global uncertainty, including a U.S. stock market correction no one could have seen coming. While much of the news has been about the effect on various markets, let’s also acknowledge the true impact it continues to have on lives and families around the world.
With all this uncertainty, how do you make powerful and confident decisions in regard to your real estate plans?
The National Association of Realtors (NAR) anticipates:
“At the very least, the coronavirus could cause some people to put home sales on hold."
While this is an understandable approach, it is important to balance that with how it may end up costing you in the long run. If you’re considering buying or selling a home, it is key to educate yourself so that you can take thoughtful and intentional next steps for your future.
For example, when there’s fear in the world, we see lower mortgage&nb ...
Wednesday, January 29, 2020 / by Tyler Anderson
The real estate market is expected to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:
“Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter the market:
“The market is struggling with a large housing undersupply just as 4.8 m ...
Friday, July 5, 2019 / by Tyler Anderson
So far through Q2 of 2019, the market has remained relatively stable and we have seen consistent growth. The great news for buyers, is that interest rates have actually declined. At the current pace, we should end the year at roughly 5% year-over-year growth (YOY). Compared with 2018’s YOY at 7%, 2017’s YOY was at 9.2% and 2016’s YOY was at 14.7%. We are clearly slowing down and possibly leveling off. Typically, some of the strongest growth comes in the second quarter of the year (spring and early summer). Based on the graph shown here, we have seen little growth through March, April, and June--further indicating that we are leveling off. It’s important to understand that this still doesn’t mean we are in a price correction, or about to go into one. Rather, we will probably see what we had been projecting, with slowing growth through 2019, and an even more significant leveling off through 2020. For some people it may feel like we are going backwards ...
Saturday, June 15, 2019 / by Tyler Anderson
The Tampa Bay area does many things well, but transportation is not one of them. According to a Regional Competitiveness Report, Tampa Bay ranks last in transit ridership per capita, and last in transit vehicle revenue miles per capita. Tampa has made adjustments to make the city less congested and more walkable, but it hasn’t been enough. In 2018, the citizen-led initiative passed the vote with more than 57% in favor of a one percent tax increase to go towards the redevelopment of our roads and transit systems.
This one percent increase in sales tax is projected to be in place for 30 years, or until a maximum amount of $16 billion is hit. It is estimated to raise $276 million annually, and $552 million in the first two calendar years. Of the billions of dollars to be generated over the 30-year lifetime of the tax, 54% is slated for investments in roads and safety, while 45% will be allocated to expanding transit options (one percent is reserved for expenses related to ...