Just a note about Tampa Bay’s Real Estate Market.
Some of you heard me say that we were “At the bottom” back in December. Hey, with many years as a Systems Engineer, I kind of know how to use a computer to help me collect and crunch data!
Today, we’re all hearing it on the news. Real Estate is beginning to recover. I recall a number of sources stating that the “Real Estate Bubble Burst” is what started this “Global” economic delema. It may have been the “Straw That Broke the Camel’s Back” but we had a lot of other horrors lurking in our economy. We can see them much more clearly now. Personally, I think that the root to most of these problems is greed, but that’s just me. Perhaps it truely was ignorance and poor judgement. Apparently Real Estate will also lead us out of this economic downturn.
Today , at least here in Tampa Bay, we are seeing home prices starting to climb. Mind you, this climb isn’t going to get us to the summit of Everest any time soon. We are also receiving multiple offers on those properties that are fairly priced. We haven’t seen this sort of excitment in the real estate market for several years now.
We have far fewer homes on the market today than we had 6 months, a year and even longer ago. Fundamental to business is Supply and Demand. Folks, supply is dwindling and demand is growing.
Just last week, Freddie Mac issued a statement calling for more prudent appraisal methods. this was to moderate a previously issued rule that has led to painfully low appraisals which in turn have eroded home values.
All this adds up to this: Tampa Bay Real estate has passed that theroetical bottom. Mortgage rates are still extremely low. And, inventory is shrinking. If you are one who has been sitting on that fence between buying or selling and not, fall off that fence and take advantage of this rebounding market now.
