Understanding Tampa home prices
Home prices are forever in flux. House values appreciate in the long term almost always. But, in real estate there are no guarantees.
When your property appreciates you have a more valuable asset to borrow against, and you'll make a greater profit when you sell. Property values in Tampa vary for many different reasons, so how will you be sure what you're purchasing this year won't depreciate the day after you close? The most important element is that you choose a real estate agent in Tampa who understands the factors that affect local prices.
A lot of people assume that the economy is the most critical factor affecting real estate appreciation. Clearly, interest rates, unemployment, job growth, government programs and several other national factors have a noticeable impact on your house's worth. However, your home's value and the factors that play the biggest role in its appreciation are particular to the local Tampa economy and housing market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is a priority to many families and will greatly influence home values. So when it comes to retaining their value, these communities typically appreciate better than others.
Real estate sales trends - What's the time on market? What was the selling price compared to the asking price? Some information can often be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have house prices risen or declined over the past 5-10 years? Is the community believed to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mixture of job types in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing? Each of these elements plays a part.