Time to Buy: Tampa Housing Market Shows Consistent Improvement

For anyone in the Tampa Bay area waiting on the sidelines for the housing market to show signs of recovery before buying a new home, that time has come. According to the National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI), economic indicators show that Tampa Bay has been steadily improving for at least six months. 

 

According to the study, permits, home prices and employment have all been steadily increasing and are projected to continue to rise. “The economic indicators have been and will continue to look very favorable,” said Jennifer Doerfel, Executive Vice President of the Tampa Bay Builders Association (TBBA). “We are finally beginning to feel more secure in the market, and the association will continue to do all that we can to support our members as we look into a very bright future.”

The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. It measures three sets of independent monthly data—employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau—to get a mark on the top improving Metropolitan Statistical Areas. 

While tough conditions continue to prevail across much of the country, momentum is building in areas such as Tampa Bay that are showing consistent, measurable improvements in economic conditions.

These steadily improving economic indicators should give potential home buyers more confidence, but they are far from the only reason to buy a home. 

Owning a home is the foundation of the American Dream. The emotional benefits should be considered just as much, if not more than, the potential financial advantages. A home is a place to create family memories and build a sense of stability, pride and accomplishment. At the same time, it serves as a long-term investment that can provide for children’s education and a home owner’s retirement. 

Not even the most well-connected, smartest economic experts can time the market to make sure they buy at the lowest point and sell at the top. Tampa Bay is on the upswing. With competitive prices, interest rates at record low levels, and plenty of banks willing to make loans to qualified borrowers, if you’ve been thinking about making a move, now is the time. 

To find out more, contact TBBA at www.tbba.net or call the office at 813-571-8222.