OT - Tampa Real Estate Help

[PopsNole]

Yeah if you’re middle class and don’t already own you’re either renting or moving out to Wesley Chapel or Land o Lakes. Which is typical of “big cities” but crazy how quickly Tampa has moved that direction. I will say, good for those of us who bought at the right time. I have a 1/1 condo in downtown that’s basically doubled in price in 8 years.

I got lucky while I was in Cheval and somebody made a cash offer for our house back in 2017. I gave them a price I would sell for and they took it. Luckily bought my house in south Tampa in 2018 right before it blew up.

 

[RRNoles]

We are downsizing and just sold our house in East Lake Woodlands in Pinellas County. Even as a seller these prices are insane. It is hard to believe this is not a bubble waiting to burst. Although a bad time to be buying, I said that last year and prices are up 23%!!!

 

[itsjustme0770]

Everyone who’s saying the market won’t go down anytime soon… thoughts on how the rise in interest rates will affect home prices? I know many are buying with cash, but no way rising rates doesn’t curtail demand.

The Tampa housing market is absolutely insane. If you thought you were kicking butt in this town before, you’re just keeping up with everybody now. And if you were middle class before all of this and you didn’t own a home, you are in trouble now.

Intrest rates will slow the housing market. But supply and demand is not something you can negotiate with, so the housing market isn't coming down. This is not 2006-08 where people who had no business holding mortgages hold them. Equity in homes is at an all time high. There will not be a massive foreclosure crisis which is what drove prices to the bottom. Rates will also slow the increase in the cost of commodities, but given the demand for housing, they won't come down to pre pandemic levels. I think the great unknown is that a vast swath of people are now able to do their jobs anywhere they want to. And employees can demand it. And they are. Our office of 50 is now solidly 1/2 remote. Many of our employees have moved places they all want to live as opposed to where our office is and we had a record setting profitability year in 2021 and are off to a start that will surpass 2021 in 2022 so productivity is at least as good if not better. This new found mobility is causing huge housing demands in places that did not have the issue before. For example, one of our prized employees relocated to Whitefish Montana. Prices in that once sleepy little tow are up 50% year over year. So the demand is being created across the country by a very significant shift in population. The short answer is that you have missed the bargains (I sure did, I assumed that when the Pandemic hit the Steamboat market would crash-exactly the opposite happened) so now the project that I am building has double in cost. But its not going back down. If you find a place you like and can make it work, no time like the present. Good luck on your move.