Tampa Bay Real Estate Update

Greetings From The Purtee Team In Tampa Bay!

Tampa_Skyline copyForget the recent floods and the traffic, pay no heed to the summer heat and humidity – Tampa Bay really is the place to be according to Money Magazine. (https://www.facebook.com/pages/The-Purtee-Team-Realty-Executives-Adamo/103150156409986?ref=hlThe magazine on Monday ranked Tampa as the best large city in the Southeast and one of five “urban gems” across the United States offering an abundance of culture and amenities at “livable prices.” The ranking lauded Tampa’s robust job market and affordable property prices while highlighting the city’s “international aspirations” with events like the Tampa Bay Lightning’s Stanley Cup run and the Bollywood Oscars. Our pristine beaches are always ranked at the top of any list.  St Pete beach was recently named #1 city beach (Clearwater Beach has already had that honor).Absorption_July_2015 copy

 Tampa Bay is definitely on the radar for the place to be and there is a vast amount of new development throughout the Bay.  So convenient to have the beautiful beaches, the amazing transformation of downtown St Petersburg with its waterfront location and upscale museums and restaurants.  So how does this affect the real estate market? Record breaking tourism, mega large headquarters bringing thousands upon thousands of new jobs, and several tough northern winters are dramatically escalating demand.

In Pinellas County which includes the beaches, the last several months have seen record high absorption rates resulting in a seller’s market and frenzied buying, especially at certain price points and in certain locations.  Single family homes have surpassed condos in growth primarily because of the still tight financing guidelines for condos. However, we are seeing signs of improvement there. 

Out of 3203 listings of single family homes at the beginning of July, there were1304 sales!  The highest percent of sales (33.2%) were in the $200,000-$400,000.  In condos, 2452 listings resulted in 750 sales.  The same price range represented 21% of the sales. 42.07% of condo sales were under $100,000.  In this total of 2054 sales, 50% were purchased with cash. A glimmer of hope on financing is that conventional loans rose to 32%.

Whether you are considering buying or selling, this market is on the move and you seriously want to have a knowledgeable realtor on your side with experience in negotiating a possibly touch transaction.  If you are a seller, take a look at preparing your home to show the best it can (See Blog).  Appraisers are having a difficult time keeping up with the market… they are required to look backward while we agents are able to look at the future.  Maneuvering through getting your home to appraise needs experience. Considering listing your property? Contact us to get a better understanding of the market and what your property might be worth today. Contact Us About Selling Your Home.  If you are a buyer, you really need a realtor who can fight for you.  The agent’s fee is paid by the seller so there is no cost to you to have this help in securing a property.  Financing – do not even start looking until you have been pre-qualified and know the price you can afford.  Internet shopping… there are lots of great websites with tons of information, BUT bargains and deals are negotiated.  They do NOT magically appear on the internet. Our VIP Buyer program is free of charge and well worth the advantage you get!

See what others are saying about the PURTEE TEAM (Testimonials).  We are here to help! Contact us Today!  and BIG NEWS!! Our website should be totally mobile friendly by the 1st of September and you will be able to customize searches and navigate the site right from your mobile device… we want to give you the latest technology to go with our knowledge and expertise! 

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