If a new year will mean a new living situation for you, it is important to start preparing now. Whether you’re planning to buy, sell, or rent a new place in the coming months, read the following tips to stay up-to-date on market conditions in the North Tampa area.
Don’t wait to buy your starter home.
Real estate experts expect that of the total home purchases made nationwide in 2017, close to 50 percent will be by first-time buyers, made up mostly of millennials. As this group of buyers transitions from renting urban spaces to owning in the country’s most desirable areas, like the upscale North Tampa neighborhoods, competition for “starter” homes could become intense.
Loans are no longer hard to come by.
During the downturn, without a 20 percent down payment, mortgage loans were near impossible to obtain; but, things have changed in recent years. Right now, buyers with credit scores in the 690 range are being approved for loans.
A clean, modern home moves faster.
Even modest makeovers, especially in the kitchen and bathrooms, will help your home to look more modern and more appealing to modern buyers. In addition to updating certain aspects of your home, remember to keep your home clean and tidy, with personal items and family photos tucked away for any showings to potential buyers.
Renters: consider buying.
Across the country, buying is beginning to appeal to renters, as owning a home has become more affordable, especially in large metro areas with low mortgage rates. Tampa is no exception. Ranked as the eighth most affordable market in the country by the National Association of Realtors, Tampa is a great market for renters to make the transition to homeowner and now is the prime time to do so.
The house isn’t yours until you settle and close.
Unfortunately, growing competition in favorable markets means that agents are using decent offers on homes to bid up prices for preferred buyers, who the agent believes can pay more and close quickly. No matter how friendly and reassuring an agent is, don’t assume the house is yours too early in the buying process, because you may end up sorely disappointed.
Know the market.
Do you know what distinguishes a buyer’s market from a seller’s market? Is competition high or low in your area? Knowing these things and understanding the state of the market helps buyers and sellers make informed decisions on important matters like, listing prices, bids, and throw-ins. For more information regarding the new market, [Click Here].