I thought I would share an email from a reader who wanted to know more about investing in the Tampa Real Estate market.Hello Rae.
I think Condo’s will probably see the most flexibility, due to a large portion of a development still available? Waterfront condo’s are always in season due to their location, in terms of renting or turning them over within a quick time frame?
I don’t want to rule out multi family units that are well placed, because if people can’t buy they will rent. Price point, I would like to stay 200k or less. As far as location, I want to stay within Hillsborough county. I hope this helps.
Answer:
We have 2,800 condos and townhomes on the market in Hillsborough County (Tampa) under 200K that are listed in MLS. Some developments don’t list all of their inventory so the numbers are probably even higher. There are too many to send to you in an email. You can do a search on www.tampabaydwellings.com it’s a map based search so it’s pretty easy to navigate. You can also save favorite properties etc.
Take a look there first.
I wouldn’t count on flipping anything quickly. We have 15 months of inventory we have to burn through before things will get back to normal. In a normal Real Estate Market the amount of inventory should be 3 months.
As far as renting, there are a lot of owners who couldn’t sell that are trying to rent their home or condo, so location and price will be a factor. Rentals remain strong in neighborhoods that are located in the best school districts.
With the new housing bill that just passed for first time homebuyers I would expect to see some of the renters start to purchase as well.
I’m hearing that you can expect a 20-30% increase in equity after five years if you buy now.
Read Tampa Housing Market Report I recently posted.
Let me know if you have any other questions.
