Ok as we begin a new year many buyers still are looking into the crystal ball to try and find out if this is a good time to buy in the Tampa Real Estate market. Well me being in Real Estate and what I do for a living of course I am going to tell you it is a great time to buy, it certainly is not a sellers market, but what you should do is look at the facts and market conditions.
Is housing affordable? Yes When I say affordable I mean can you buy a comparable home and have a lower or equal payment in comparison to renting.
Are interest rates still low? Yes
Is the absorption rate down? Yes
Do you have a stable job? This is the key to whether it is a good time for you to buy. If you are secured in your employment and can afford it does make sense to buy in this market especially if you are a first time buyer.
Investment Opportunities
What you are now seeing is investment opportunities for new real estate investors but unlike what caused the Real Estate bubble due to speculation the new investors are buying with cash and not borrowing with that easy money the banks were so willing to give out. The affordability of buying real estate with a high capitalization rate is spawning more and more cash investors.
First Time Buyer Program
With the extension of the first time buyer credit many first time buyers are going to take advantage of the government incentive program and receiving the $8,000 tax credit. The program also offers an incentive to move up buyers who have lived in their current home for five years or longer. For more information to see if you qualify for the tax credit
Will Tampa foreclosures still dominate the market? Yes as a matter of fact I am sure a majority of the homes for sale in Tampa this year will either be short sales or foreclosures.
If you are ready to buy in 2010 we would love the opportunity to help you in your new purchase and you can begin searching Tampa Homes For Sale today , if you are not ready yet we hope you continue to come back to our website to check market conditions as we will be consistently updating it throughout the year.
Wishing everyone a happy, healty, and prosperous new year in 2010.
{ 7 comments… read them below or add one }
You are a brave soul to forecast the future, I am always scared to wade in the forecast waters. I think you have a good hold on your market though, and I hope you have a great 2010!
Hey Lisa not really forecasting it just providing experiences of what has been going in. The market will take care of itself. Real Estate is always going to be sold it is just a matter at what price and what people are willing to buy and sell at. Hope you have a great 2010 as well.
Experiences are best teacher! That’s what I’m looking forward to this article made by Dan. Being positive really motivates everyone to become productive. I am sure that this will be a good time of buying real estate property as tax credit law for first time buyers is on going. Good post! A challenging move!
I agree that the market conditions will dictate and it is still quite difficult to predict where we may be in 1-3 years. We have quite a few ARMs to reset from 2010 – 2012 creating more of an excessive inventory that we have now.
I know good Realtors like you guys like to make sure the roofs are cleaned, so the home shows and sells well.
Well, here is a great article for you to prove that a dirty roof is not just a cosmetic issue.
What are “HUD homes,” and are they a good deal?
I am not a Realtor In Tampa Mike, but HUD homes must be a great deal, because we see a lot of them sold and for sale in here in the Tampa area. Most of the time people find HUD homes through a Tampa Real Estate expert like Danny Nappi, who has the inside track on these HUD homes.
Many times these HUD homes are in great condition, but sometimes they need the roofs cleaned, so that is how we know about them. In fact, of the 6 HUD homes in the Tampa area we serviced recently, 4 HUD home buyers said they found their deal on a HUD Property in Tampa through Danny Nappi.