With today's interest rates, your money has never gone further.
There may be no better time in history to purchase a 10+ year dream home!
The Tampa Bay real estate market is experiencing unprecedented growth due to a multitude of factors. In fact in 2020, home prices in Tampa increased by a whopping 12.4% up to an all time high of $327,116! Why? It's a combination of a decade sluggish new construction during the recession causing a massive shortage of supply, Tampa Bay growing in popularity for the new work from home population, and the Fed's policy on keeping interest rates low creating never before seen affordability. The latter is why we say buy your dream home now!
You may be asking why buy when the market is up? Well, for a few reasons.
1. We're talking about buying a dream home that you'd stay in for a long time. Real estate has traditionally appreciated 4% per year, even counting the Great Recession.
2. You get to sell your current home in history's greatest seller's market.
3. Again, the interest rates. As of the time this article was written, we have clients getting mortgages in the low to mid 2's. On a $500,000 mortgage, that's about $700 in monthly savings vs. a 5% mortgage (which is still historically low)!