Let us take a look at some of the newest real estate trends in Tampa and how they impact the lives of average American households.
1. Declining home prices
Reports have indicated that the average selling price of houses in Tampa has declined, and this translates to lesser impetus to sell. Real estate insiders have determined that upper middle class and middle class households change homes every six years. The unfavorable market conditions for sellers, however, might make these families decide to weather it out for a year or so.
2. High inventory
The increasing number of homes languishing in real estate listings in Tampa spells both negative and positive outcomes. The longer a property stays in the listing, the greater the chances of the sellers not getting the initial price they asked for. And with increasing competition from other agents and sellers, some might even settle for a reduced price just to get it off their hands. On the other hand, prospective buyers are now faced with veritably wide range of property choices. This also translates to the availability of extra, value-added features to discriminating households, who might just get the chance to purchase the house they have long been dreaming for at an affordable price.
3. Efforts of Florida lawmakers to alleviate real estate woes
This indicates that everybody is sitting up and taking notice of what the sector is going through and is putting efforts to find solutions to problems. The results may not be felt immediately, but everybody connected to this industry is still hopeful for long-term ways to fix mortgage and insurance predicaments faced by average households.
4. Reduction of interest rates
This trend might indicate recovery for the market and may prove right the expectations of Tampa still full of good real estate deals. Along with a weakening dollar, these conditions might provide impetus for foreign buyers to go real estate shopping, something that might offset the dismal sales of homes locally.
Julia Vakulenko is a licensed broker associate with Tampa4U.com Realty. She has one of the hardest working Tampa Real Estate team in Florida. Please feel free to copy any of Julia's articles as long as you credit her and a link to her website. Include our Tampa Real Estate Blog to your regular reading as well. Article Source: http://EzineArticles.com/?expert=Julia_Vakulenko |  |
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