Now is a Great Time to Buy your Tampa Bay Home

In December, the 2012 Real Estate and Economic Forecast Conference was held in Orlando. There, Florida Realtor® economists were hopeful for the obvious improvement with the Florida real estate market. Among other things, they determined that despite national and global headwinds, Florida’s real estate market is entering 2012 on an upward trend.

According to Florida Realtors Chief Economist Dr. John Tuccillo, “Our state is in a mini-recovery. Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”

In light of this, now is proving to be a great time to buy a Tampa Bay home.

Low Home Prices
Florida home prices have fallen dramatically since the mid 2000’s but now, according to 2011 Florida Realtors President Patricia Fitzgerald, “Prices appear to be stabilizing in many local markets across the state. This is another positive sign that the housing recovery is gaining strength.”

All-Time Low Mortgage Rates
Today, mortgage rates are at an all-time low. According to Freddie Mac, in November, the interest rate for a 30-year fixed mortgage averaged 3.99 percent--the lowest rate in the 40-year history of Freddie Mac.

Large Variety of Inventory
In Tampa Bay alone, there is a large inventory, in all price ranges, from which to choose your dream home or condominium. The number of sales continued its positive swing into the end of 2011, and Dr. Lawrence Yun, Chief Economist for the National Association of Realtors®, supported this by reporting that many Florida markets are showing that demand is picking up and prices are stabilizing by the show of recent drops in inventories of homes for sale. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”

If you have chosen 2012 as the year for you to make an investment in a Tampa Bay home, contact me, John Soliman. Buying a home is one of the largest purchases you will invest in, and you should have a Real Estate expert on your side to ensure you find the best home to suit all your needs. Call me at 813-442-3246.