Despite the current climb of both mortgage rates and housing prices in the Tampa Bay real estate market, Florida homebuyers remain optimistic about their plans to purchase a home. Whether those plans are immediate, ready to take advantage of the optimal spring and summer buying months, or a task on a future to-do list, Americans are remaining positive about the state of the housing industry. But why now? One of the strongest factors pointing to this general belief comes from a Harvard University study and the Joint Center for Housing Studies:
“Even after the dramatic loss of equity and the high foreclosure rates, the early evidence suggests that people seem to believe that, over the long run, owning is still preferable to renting…The long term cultural preference for owning seems to have weathered the recent housing crisis.”
Potential Florida homebuyers not only recognize that homeownership presents more benefits over renting, but they are ready to make a move in the near future.
Americans Plan to Buy Real Estate in the Future
An additional survey found just how positive Florida homebuyers may be about the real estate market. Its participants contributed to the conclusion that “fifty-three percent of Americans expect home prices to increase by an average of 3.9 percent over the next 12 months,” according to Realtor Magazine and Fannie Mae’s July National Housing Survey of 1,000 home owners. “Only 6 percent expect prices to fall, a new low in the survey’s three-year history.”
And yet no matter how much housing prices climb or interest rates increase, St. Pete homebuyers are confident that the local real estate market is healthy or will continue on a path to be as time goes on. The survey found that seventy-four percent of participants believe now is the time to buy a home, with 40 percent believing now is the time to sell homes in the Tampa Bay area.
“The research on home-buying expectations supports the conclusion that very large percentages of Americans still expect to buy a home at some time in the future,” added the Harvey study.
It seems Clearwater homebuyers are of the belief that real estate is still a major part of the American Dream and their long-term wealth will only benefit from a home purchase; this study only illustrates that point further. Before rates rise even further, Tampa Bay area real estate will be a hot ticket, especially as we move into the summer months.
Are you ready to make a move? As your local real estate expert, I can help you find the property that best fits your needs in our area. Contact me today to discuss your best options for homebuyer success in Clearwater or St. Pete.
Charles Rutenberg Realty
1545 Belcher Road, Clearwater FL 33764
772-452-1098 | firstname.lastname@example.org