The Best Time to Buy Real Estate
The US national housing crisis is beginning to come to an end. Home prices in Tampa Bay, Florida are increasing much faster than predicted during the first quarter of 2012, and they are seeing improvement more than the other regions of the country. According to Clear Capital, a housing valuation and analytics company based in California, there is about an 8% increase in home prices in Tampa Bay since last year, making it number 6 in the country in terms of improvement in predicted prices. Clearly it is time to put money into real estate.
The fact that the Florida real estate market is topping the list should not be a surprise. The state was hardly hit by falling values and foreclosures when the real estate market crashed. However, the region saw gains in 2012. Please note this, in January, 2011, single family homes median prices fell to $110,000, but rose up to $120,900 in May, and to $130,000 in August. The next several month’s prices bounced up and down but did not drop below the May prices.
The total amount of Tampa Bay real estate for sale is now at a level that has not been seen for many years. There is about a 6-month supply of houses for sale, and to sell the entire inventory on the market, it takes about a month. One more thing, the market is no longer dominated by foreclosure sales. Homeowners are selling their homes as short sales, because it commands higher prices than foreclosed properties. Foreclosed homes are becoming fewer in the Tampa Bay market, so if you are in the area, it will not take long before you find it difficult to find properties at bargain prices
The state of Florida is the favorite of international buyers. A report ending March, 2012 by the National Association of Realtors says that Florida tallied 26% of international sales in the US. It has become a destination that is growing fast because it has been popular with real estate buyers for so long. The state has an international appeal to potential buyers from Canada, China, the UK, and other Asian and Western countries. People from these places like Florida for its proximity and the beaches and sun. Florida can be easily reached from both Europe, South America, and North America.
The real estate industry is no longer a local market. You can find properties all over the world, especially in Tampa Bay, Florida where the housing market is stabilizing. The worst days of Tampa real estate are over, and prices are rising. Now is the time to buy while you can still expect big gains in the 2nd half of the year. Now is the right time to increase your holdings in real estate.
Whether you plan to buy one or multiple properties, the fact that you are residing outside of the US can be overwhelming for you. There are details of acquiring, fixing up, getting the properties up for rent, and maintaining your properties. The professionals at Realnet are an acquisition and Property Management team that can help you through the process of selecting, buying, and taking care of managing your property and tenants for you. Call us now and let us know how we can be of help. (813)345-4158