Join Toni for a discussion regarding home value determinations and, what items give value and what items do not. You may be surprised.Web Page 1
Understanding the condition of the local economy is a prerequisite to buying or selling property in today’s volatile housing market. From the open market operations of the Federal Reserve, on a national level, to changes in employment rates and income, on a local level; demand for housing is increased or decreased by many different influences.
Florida has unique obstacles for potential homeowners to consider such as the high cost of homeowner’s insurance and the fluctuating market’s affect on property taxes. There are also the ongoing efforts of the local and state governments to promote new businesses and promote tourism whose success or failure directly impact our local economy.
If you have watched the real estate market over the past twenty years you have witnessed incredible increases and losses of value. In Greater Tampa, there are areas who have seen increases of value up to 20% over the past three years. As homeowners, we love to see our home values rise but we don’t want to see the kind of increase in values that led to the market collapse of 2008. Homeowners should benefit from a natural appreciation of value. For those who purchase property to ‘flip’, quick increases in value are nice. However, for a healthy market a steady 3% – 6% increase per year is preferred.
These and other various topics which address our local economy are discussed here. Your questions, concerns, and comments are welcome.CLICK HERE FOR OUR LATEST POSTS ON MARKET CONDITIONS