As everyone knows, the effects of the downturn in our economy in recent years have been countless and devastating to many. From unemployment and foreclosures to tightened and often-slashed budgets for education and municipal, state, and municipal services, Americans face a distressing situation, one which has given rise to multiple theories as to both its root cause and its future.
Among the victims of the economy has been Tampa FL real estate—and all those involved with that field. Brokers, realtors, buyers, sellers, renters, inspectors, and investors, for example, have been caught in a fluctuating, unpredictable, and sometimes unforgiving market for the last few years now. Most have stayed the course, waiting for conditions to improve. And things are, indeed, looking brighter. New housing starts are up, interest rates remain low, home prices are beginning to stabilize, and mortgage applications are increasing.
And then gas prices began to soar, possibly derailing any progress that has been made. How will this latest assault impact the Tampa FL real estate market? Although some experts believe that the higher prices at the pump will not deter potential buyers who are mentally and financially secure in their plan to purchase a home, others take a less rosy view. According to economist Chris Cagen, “I think higher gas prices will impact home buying this year, particularly at the lower end. It isn’t just the tightening of money. Higher gas prices affect people’s mood on a direct and frequent basis. They send a signal about the economy and about what the future itself may be like. This makes people more cautious and will hold some people back from buying.”
Location of purchased Tampa FL real estate will also become a factor. In a recent Coldwell Banker survey of its brokers and agents, three-quarters of respondents said the recent jump in gas prices had influenced where their clients chose to live. The main client concern was commute time to work: 89 percent of respondents said buyers look for homes closer to work, and 93 percent said a continued rise in gas prices would prompt more homebuyers to choose to live where commute times are shorter.
There is even one study done by economists at the University of California, Berkeley, and Oregon State University which suggests that the U.S. housing crisis that started in 2007 and eventually led to a worldwide financial crisis was triggered by rapidly rising gas prices. Their paper makes for very interesting reading.
When buying or selling property in today's real estate market, it's important to have confidence in your Tampa FL real estate professional! In order to be the best, I have earned the CRS (Certified Residential Specialist) and ABR (Accredited Buyer's Representative) designations. I have also been awarded a National Award of Excellency by Realtor.com. This demonstrates my desire to stay on the cutting edge of the Tampa Bay real estate market. My commitment as your Tampa area REALTOR® is to provide you with the customized real estate service you need!
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As an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime! That's why my goal is to KEEP YOU INFORMED on trends in the Tampa FL real estate market using the latest sales statistics in Tampa. With prices and interest rates at historic lows, now is the right time to buy real estate in the Tampa market!
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