The rising real estate market in Tampa is intimidating for sellers and buyers. Many people express they want to let the market “simmer” or “ride the wave a little longer.” Although this is a thoughtful and respected choice, the market activity is smoking hot and not cooling off soon. In fact, with the growth in Tampa economically and industrially, these numbers may continue to rise, and it just might be time to make your move!
Why Tampa Bay?
While other cities shut down for Covid 19, Tampa Bay rose in popularity. Our city turned the nation’s heads with its beautiful views, water accessibility, outdoor activities, and overall development. During lockdowns, Tampa Bay could exercise outdoors and enjoy boat rides on the bay while socially distancing. We were able to open restaurants as soon as possible, as many included superb outdoor dining. Water Street continued to make considerable strides with new projects, including expanding our Tampa Riverwalk and new additions to our city skyline. Zillow predicts Tampa will remain “the hottest market in 2022.” Tampa quickly became a hot-ticket city attracting an influx of hungry investors, chilly Northerners seeking some warm rays, and even avid Tom Brady fans hoping to witness another Super Bowl Championship. There is no denying Tampa Bay is here to stay!
As exhilarating as living in a growing community may be, Interest rates are projected to rise by 7% this year. The prices of homes continue to increase while mortgage rates are historically low. The next few months may be the best time to buy in Tampa Bay! Although the mere sight of a high-interest rate may lead to an increased heart rate, not to worry! If you buy now with a high-interest rate on a reasonably priced home, you can refinance and lock in a new interest rate when the time comes. These numbers are projected to continue to rise by the end of 2022.
Fire Your Landlord
Rising popularity also leads to rent increases. We want to help you become your own landlord. Although it can seem daunting, Bay to Bay Brokerage wants to help you build your equity in Tampa. We want to help our clients make smart investments in property and experience stability in ownership. Not quite ready to buy? We can help you find reasonable rent in a location that works best for you! The future of Tampa is bright; we want to ensure you and your family can grow with the city!
Check out Water Street expansion plans here
Read why Zillow thinks Tampa will have the hottest market of 2022 here
Calculate potential Interest Rates here
Are you looking to rent or buy a home? Or are looking to discuss your options further? Please do not hesitate to reach out to us and let us know how we can be of assistance! We’d love to hear from you!