buy a house in tampa bay now
Found in the St. Pete Times: The online edition of Forbes magazine, with help from business prognosticator Moody’s Economy.com, touts the Tampa Bay area as the No. 1 place in the country to buy a house. From the Forbes article (I bolded):
Tampa is a perfect candidate for a V-shaped recovery, according to research from Moody’s Economy.com… The local economy remains strong, and subprime lending is relatively low. Tampa’s problem? A high investor share that lead to high vacancy rates. When the market turned sour in 2005, more than 25% of Tampa homes were owned as investment properties. Investors are quicker to flee during a downturn, thus creating a glut of available housing stock. In Tampa’s case, vacancy rates now stand at 3.5%.
“As investors exit, the market revives,” says Mark Zandi, chief economist at West Chester, Pa.-based research firm Moody’s Economy.com, as fewer speculative buyers results in a more stable market. “Tampa’s a pretty affordable market and first-time buyers can come in once prices fall.”
Based on Moody’s Economy projections, Tampa should burn off its excess inventory and hit a price trough in the first quarter of 2008, at which point prices are expected to increase by 10.6% the following year.
So go buy a house, huh? I mean, assuming you can afford the insurance and property taxes, that is…
Tags: development, economy, moving
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July 26th, 2007 at 10:40 am
Sellers are freaking out right now. I am hearing about crazy price cuts from builders and even private sellers that can afford to cut price. They are all paying the closing fees and with the expected rise of foreclosure and short sales coming in the next few months that should only continue.
$20k off your mortgage makes up for rising insurance if you find the right deal and a house you love.
July 26th, 2007 at 12:46 pm
only 20K? if anyone wants mine in s tampa for 20k off, ill sell it now…
September 1st, 2007 at 3:00 am
We’re are seeing incredible deals for home buyers ready to act - wonder what they’ll all be saying when the market starts shifting and they missed the bottom. Great info - I’ve with you if you’re thinking of buying now is the time
December 25th, 2007 at 9:58 am
I’m actually looking for a home with at least and acre and preferably a new community. Something different than the norm here in Florida but must be nearby Tampa. Has anyone ever heard of Lake Toscana? Here’s their website: http://www.laketoscana.com. A friend of mine suggested I take a look there and perhaps at another development just North of there in Brandon. Looking for feedback from people who are searching for the same thing. Where else should I try?