Why is demand so high for homes in Tampa Bay?

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Did you know the Tampa Bay home market is currently one of the hottest in the country? It’s a great trend for homeowners who are continuing to see their home value rise, but it’s also equally frustrating for buyers, who have fewer options, and less bargaining room.  The reason for the demand is two fold:

First, popularity. Over the last decade, Tampa Bay has started to shake off its reputation as “God’s Waiting Room”, a place where the elderly and Northern’s come to retire and enjoy the sunny weather and beach life. Now it’s one of Florida’s most Millennial friendly cities, akin to Austin Texas and San Fransico. The difference, however, is the price of living is still fair in Florida, and most of its homes are actually still estimated to be undervalued by nearly 15-20%.

Second, unlike most cities that have a consistent ebb and flow of seller’s leaving the area and new buyers coming in… Tampa Bay’s sellers aren’t leaving. In fact, 72% of them plan to stay in the area. The supply vs. demand difference is also fueling a new wave of construction around the Bay.

A recent Zillow study revealed some interesting facts about current buying trends.

Zillow broke the study into four categories based on whether buyers were looking to buy in their current location or move away to a new city.

Residents of Chicago, Houston, and Detriot were not only looking to move away, but outside buyers were also looking to avoid the area. 

San Fransisco, Los Angeles, and Orlando residents were looking to move, but outside buyers want in.

Residents of Salt Lake City, New York, and Atlanta were happy with their location, but outside buyer demand is low.

Residents of Tampa Bay, Denver, and Portland’s are not only rebuying in their area, but outside buyers want in too!

 

One thing is certain… it looks like the secret is finally out about Tampa Bay. If you’d like more information on the market or help with any other real estate goal, call me today!