Lawrence Yun, Senior Economist for the National Association of Realtors, delivered a strong encouraging message of "Real Estate Rebound" to the Greater Tampa Association of Realtors yesterday, June 14, 2007: "You can bet the house on it, five years from now you will be very happy you're in this business and located in Tampa". It's Yun's view that rising incomes and declining home prices should have stimulated real estate sales this past year but didn't due to the housing bubble scares from the media. But, Tampa seems to be hovering at the national average with regard to sales anyway, not so lucky are California, Miami and Naples. Yun's predictions for the rebound are based on a general list of economic trends including many speculators leaving the market, outstanding job creation in the Tampa Bay area, those financially secure baby boomers buying second homes and a hot topic right now in Florida -- pending reform of property tax and lowering of insurance premiums. Yun says hold on to your hats should the state Legislature succeed in bringing insurance premiums down, the real estate market here will explode like a sonic boom!
In addition, in an area like Tampa which enjoys job growth, sellers can hold onto their houses, decide to sell later, or just insist on a fair price. Add to that the fact that thousands of homes will turn into rentals, helping out the segment of the population who cannot afford to buy a home right now. Things should settle out nicely toward the end of the year.
Things are looking up in Tampa! We are following the progress of the property tax and insurance issues very closely, and can give you an update should you be considering a home purchase in the Tampa Bay area. Contact us anytime.