Generational Buying Market Trends: Why Investing in Tampa Makes Sense
Buying is better than renting in the Tampa area because of baby boomers retiring to the area. Moreover, millennials are also gravitating to the sunshine state to be close to their parents and because of their ability to live anywhere in the age of telecommuting. In other parts of the country, market trends point to a decrease in home sales. Yet baby boomers continue to move to Florida.
Moreover, the Tampa Bay area is also bucking the trend of more foreclosures as people are able to sell for profit. According to an article by TBO.com, several cities across the country had three months in a row of increased foreclosures. Cities experiencing the early signs of a housing decline include San Francisco, Philadelphia, Houston, and Los Angeles. Consider just a few of the reasons why investing in a home in the Tampa area makes solid financial sense. Whether buying a home as a vacation rental, second home or primary residence, the home prices are still within reach.
No. 1: Millennials are finally moving to the suburbs
Millennials and “hipsters” loved the city life for the past decade. But now economists see a shift. In the Tampa area, millennials gravitate toward Brandon, Riverview, and Ruskin in Hillsborough County. In Pasco County, young people love Wesley Chapel which spills over to nearby New Tampa. According to a report by TBO.com about housing, trends to watch most millennials can’t afford to live in downtown St. Petersburg. They are more apt to look at entry-level and starter homes. Home builders in the Tampa area are not only building for the first-time buyer but for multi-generational families looking for spacious homes to accommodate large extended families.
No. 2: Homes have the features people want
Whether you buy a recently renovated home or a new construction house, home sellers, as well as builders in the Tampa area, are all about contemporary, energy-efficiency as an open design. People moving to Tampa from other parts of the country are often surprised by the generous square footage with a lower cost per square foot compared to the West and East coasts. Experts point out boomers and millennials drive home design trends in Tampa. Some of the features to expect to include wide hallways. But the wide hallways are not just for walkers and wheelchairs. They also accommodate young parents with strollers and large, bulky furniture that has to be moved.
No. 3: Home prices will likely go up
While no one knows the future, most economists predict home prices will continue to go up in the Tampa area as more baby boomers move to the area. Normal home appreciation is just 3 percent, but homes in Tampa tend to appreciate more quickly because of the demand. Some people worry about another housing decline. But home prices in Tampa have plenty of room for appreciation compared to other markets.
House hunting is an enjoyable process in the Tampa area. But it’s important to work with a good, reputable real estate agent who knows the area. Most newcomers want answers to questions about HOA’s (homeowner associations) as well as CDD (community development district) fees. Tampa is home to a lot of master-planned communities which means added amenities such as swimming pools, tennis courts, clubhouses and basketball courts. Depending on your generation and interests, one community might fit your needs better than another.
At Team Chais, we help people discover the best neighborhoods in Hillsborough, Pasco, and Pinellas counties. Find out how much your Tampa-area home is worth. If you are new to the area, it’s time to explore real estate. In most case, owning a home is far superior to renting a home. You might be surprised.