At Dennis Realty, we were recently interviewed for a story on WTSP, Channel 10 News. We were asked to share our professional opinion on the demand for housing in the Tampa Bay area, particularly among cash buyers and investors. On our blog today, we want to share some of the information we provided to the reporters at Channel 10.
Housing Demand
New homes continue to be built in places such as Pasco County and the suburban Tampa area, and that’s because buyers can’t purchase them fast enough. All the new construction is a positive indicator for the local real estate market in general. It means that people are buying and they’re willing to pay the prices that the market is currently demanding.
Cash is King
Not all the homes on the market are brand new. There is still a lot of inventory that’s perfect for investors, meaning the property needs a lot of repairs. When you have a home that needs a lot of work, getting a mortgage is very difficult. These properties are attractive options for cash buyers. People buying with cash are often investors from out of state and individuals who may be buying a second home now and renting it out until they’re ready to move into it full time. Irresistible discounts can often be found if you’re prepared to pay cash for an investment property.
Home Values
The surging market and influx of cash buyers has been good news for local home values. Prices continue to increase, even for people paying cash, and that means holding onto your investment property is going to bring you greater long term returns. Instead of selling a property right now, you want to be buying one or holding onto a house that you currently own. We expect property values will continue to increase, and the market will continue to grow.
If you’d like to read the entire article, please click here. For more property management information please contact us at Dennis Realty, and we’d be happy to help you.
