You already know Tampa Bay is the place to come for great weather, gorgeous beaches and year-round fun, but did you know that the Greater Tampa metro area is also one of the best places in the country to buy your first home?
Realtor.com keeps up-to-date stats on the best places to buy across the USA, and, according to one of their most recent reports, Tampa-St. Petersburg-Clearwater rated as number two in the nation for first time homebuyers!
Statistics used to come up with this exciting news included a median home pricing of $169,900. This price was 13.34% higher than the 2012 measure. Further, the 21,062 homes listed at this time in 2013 was 34% higher than 2012.
First time homebuyers are a good indicator of the overall health of the real estate market. Steady sales mean there are ample properties available and many new buyers entering the market. In the vast majority of these cases, these buyers will be leaving the rental market. They will continue to own, upsizing as their incomes and families grow.
And the best news for these buyers – and all other Tampa real estate owners – the overall value of Tampa Bay real estate continues to increase.
Though it is one of the leaders, Tampa is not alone in this trend. According to The Business Journal, statistics from February 2014 showed that, nationally, home prices continue their steady growth, and single-family sales rates continue to be well above expectations.
According to Realtor.com, the site used five metrics to rate markets in 146 markets to come up with their rankings. They measured market popularity, home prices, home inventory, time on the market and employment levels. The site then defined these metrics against “typical” needs of first time homebuyers.
What are some other reasons buying real estate in Tampa Bay might be the right move for you?
Strong job market
According to the Bureau of Labor Statistics, employment in the Tampa Bay area is staying steady or growing in most sectors. Hospitality, mining and trade are all staying steady. Construction and manufacturing are both up.
Cost/Standard of living
Florida doesn’t have a state sales tax and the median home prices are low by national standards. Fuel and grocery prices are very reasonable when compared to the Midwest and Northeast. Plus, Tampa Bay also enjoys a high standard of living that includes convenient and plentiful shopping and entertainment options.
Living where people come to play
Sure, “tourist season” can get a little crowded in some spots, but you trade that for the benefit of going to some of the most attractive vacation destinations on the planet any time you please. The Gulf beaches, Bay fishing and world class theme parks an hour or less from your front door.
Taken together, it’s simple to see why so many first time homebuyers are taking a long, hard look at living in Tampa Bay. When you decide the time is right for you to buy, click here to contact one of our Tampa Bay real estate experts.