Tampa Real Estate Outlook 2021
2020 was a strange year for real estate. Six million homes were sold despite pandemic and recession, and the average sales price was up 5%. There were record low mortgage rates of course, but Tampa’s real estate market has a few more things going for it.
In an article published on the last day of 2020, Forbes real estate contributor Ingo Winzer published his market outlook for 2021. Its key takeaways point to continued good news for both Tampa homeowners and those looking to buy this year.
MIGRATION TO MORE AFFORDABLE HOUSING
Even with as much appreciation as Tampa homes have enjoyed over the last five years, our prices remain very affordable when compared to many markets across the country. People will always move toward jobs and away from expensive housing, so the migration patterns that made Tampa the #1 relocation destination in 2020 are expected to continue unabated.
RISING HOME PRICES CREATING OPPORTUNITY
Local Market Monitor has identified Tampa as a top-five market for rehabbing properties to higher values. According to Forbes real estate contributor Ingo Winzer, “In real estate, the proof of the pudding is always in the eating; if home prices rose well this year, they’re very likely to rise well next year.” Although there won’t likely be good opportunities for flipping properties during our price boom, rehabbing older ones for resale at higher values is an excellent strategy.
STABLE ECONOMY
In even better news, Local Market Monitor has also identified Tampa among the top 15 markets where job loss is likely to be small, thanks to our diverse economy.
Carrie Rowland is an Accredited Buyer’s Representative,® Certified Probate Real Estate Specialist,® Military Relocation Professional,® Graduate of the Realtor Institute® and a Realtor-Associate at RE/MAX Alliance Group in South Tampa
