For over the past few years, the state of Florida has made a great step in their economic recovery. Their job market considerably improves and their population number has grown. In fact, Florida has become the third most populous state in the US today and this has provided a huge impact on the housing market of the State of Florida. New construction in the Tampa bay market will be great especially as Metrostudy, Florida’s top notch provider of research and analysis on the residential real estate development released a forecast that Tampa should expect to have a fantastic year for the growth in Florida’s real estate market.
According to the Metrostudy’s forecast Tampa-St. Petersburg – Clearwater Market is recognized as the hot housing market. Here are the Metrostudy reports:
– Top no. 6 on the list of the Top Markets for Median Home Price Increase
– Top no. 9 on the list of the Top Markets for Gain in Homeownership Rate
The homeownership rate from 2014 to 2015 in Tampa Market is expected to increase by 65.8%. in addition to this, the median home price is projected to increase for 6.5% that is equaled to %164,641 in 2015. This is why, new construction in the Tampa bay market should be expected to grow with the positive reports that increase and growth staple Tampa’s real estate market. In addition to that, qualified buyers are given a 3% down payment that opens an opportunity for home buyers that are in the lookout for a new house in Tampa, Florida.
According to the study against buying and renting, its shows that buying a house is 43% cheaper than renting in Tampa Bay. This makes big news for every first-time homebuyer. In addition to that, Tampa Bay market’s inventory in active homes, it shows that is it is in its lowest level ever since the Tampa real estate market crashed. It is a fact that people are not keen on wasting their money renting a house and new construction in the Tampa bay market provides a greater opportunity to those who want to own a house. Though this can be a big challenge for homebuyers as lack of inventory is preventing them from finding a suitable house to buy.
It shows that many potential buyers are being forced to rent as they thought that it is way cheaper than buying a property. Which in fact, homes are very few in the market. That is why, new construction in the Tampa bay market is the city’s opportunity to grow their real estate market as there will be many houses to be built and sold in the area.
As the real estate in Tampa Bay is expected to increase, new construction in the Tampa bay market is the great start of the homeownership rate to increase and for the home buyers to start looking for the ideal property for them. Stylish home designs can be bought at a very affordable price and lets you choose the design that you want for your new home.