The Tampa bay real estate market has received good news on two fronts: First, home sale prices have either risen or remained flat since January 2011, the longest period without a decrease since 2006, according to St. Petersburg Times, and second, the area is one of the top 10 cities in which to buy a rental property as rents are forecast to increase approximately 12 percent over the next three years, according to CNNMoney.com.
No one is celebrating yet, but if this continues over the remainder of 2011, it could signal that the area real estate market has hit bottom and has turned the corner. My most asked question in the past year is whether this area has seen the bottom of decreasing prices. Foreclosures have been hurting property values; however, according to the Times, foreclosure filings fell 22 percent in May, which was the sixth drop in seven months.
We keep telling our clients that once they read in the newspaper or hear on a TV news program that the bottom has finally arrived, then it has already occurred. If anyone is considering an investment property to rent or just looking for another home, it truly is the time to buy in the Tampa Bay area.
Barefoot Realty Group, 7500 Gulf Blvd., Suite A, St. Pete Beach, FL 33706 Phone: 727-360-7577; Worldwide Toll Free: 877-360-7577; Fax: 727-360-7578
