Understanding TAMPA home prices
Real estate prices are constantly moving up and down. Over a long enough period of time, home values generally appreciate. But there are no "sure things" in real estate, of course.
When your property appreciates you have a larger asset to borrow against, and you'll see a larger profit when you sell. There is a variety of reasons why property values in TAMPA rise and fall. So, how do you know what you're purchasing now will appreciate over time? Choosing a REALTOR® in TAMPA who recognizes the factors that influence local prices is the most important factor to consider.
A lot of people guess that the economy is the most critical factor affecting real estate appreciation. Clearly, interest rates, employment, business growth, government programs and several other national factors have a measurable influence on your property's value. But the most important issues that determine your property's value depend on the local TAMPA economy and housing market.
Access to services - Most people want homes in the areas with the best and most convenient places we go often or everyday, like our work and schools. So when it comes to retaining their value, these regions consistently appreciate better than others.
Recent sales - Your real estate agent should give you information on the recent real estate sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the area is thought to be?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair mixture of business in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing? Each of these pieces plays a role.
It's smart to know the factors that affect your property's financial worth. Get an assessment of your property's value here
. And if you have any questions, call me at 813-625-0401 or e-mail me