The Tampa real estate market continued to grow in 2018. Analysts forecast the rate of price increases to slow in 2019, making Tampa a bit more of a buyer’s market than it was in 2018. That said, housing inventory in Tampa is still low, so buyers will still have to pound the pavement to find their dream home.
One factor is a slowdown in new construction, which is affected by a lack of space to build and expensive materials and other building costs. Another factor is interest rates: though they dipped in the first quarter of 2019, they are bound to rise, and homeowners may be less likely to give up the lower rates they locked in a few years ago by putting their homes on the market.
If you are shopping for a home, there is good news. Experts expect 2019 to bring a little stability to the market, with fewer homes selling in a matter of days after eliciting multiple offers. Buyers should be able to have more time to consider a home purchase and avoid bidding wars.
But whether you have the leisure of weighing your options will also depend on your budget. More affordable homes ($400,000 and under) are in high demand, and inventory is low. The bigger your budget, the more options are available to you and the longer any single home will remain on the market.
Once you have found the right home, protect your investment by hiring a reputable home inspector, who can give you peace of mind that the house is in the condition you expect. If the home needs a new roof or updated electrical, you can factor those costs into the price and renegotiate with the seller. Second, hire an attorney to handle the title search and closing. Your attorney can ensure that the title is free and clear and help uncover any aspect of the property’s history that may not have been disclosed, particularly in cases of foreclosed properties.
Frank Charles Miranda, P.A. offers experienced real estate representation and works with his own licensed title insurance agents. To ensure a smooth real estate transaction, call us at 813-254-2637 or contact us online for a consultation.