Tampa, Florida is considered one of the best places to invest in real estate. There are a host of interlocking factors that explain why Tampa is a hot destination for real estate investors, but from an investor’s perspective, Tampa is an incredibly strong real estate market with a growing economy.
Whether you are a seasoned real estate investor, or searching for your first investment property, you can find a good real estate investment in Tampa Bay.
So, here are some things you should know about Tampa real estate investing, and why it is such a desirable investment destination for real estate experts today.
Tampa Real Estate
The current median home price in Tampa is $150,400, notably lower than the national average of $188,900 and the Florida State average of $175,300. Tampa’s lower home prices show the opportunity for real estate investors to find outstanding deals, and aren’t an indication of an overall unhealthy market.
Last year alone, the median home price in Tampa rose a massive 10.3%, much higher than the national average growth rate of 4.7%. Next year, Zillow estimates that the median home price will increase another 2.4%.
Tampa was hit particularly hard by the 2007 economic crash, but markets are rebounding quickly and home values are increasing. And that’s only one of the many reasons why Tampa is considered a desirable market for real estate investors.
Tampa Bay Economic Growth and Housing Markets
Currently, Tampa Bay’s economy is growing and diversifying at an impressive rate. Tampa is the transportation center and economic hub of Western Florida. So as industry continues to grow, Tampa’s economy will continue to thrive. Compared to more tourist driven economies in Florida, such as the urban economy in Orlando, Tampa’s economy is widely diversified and has more potential for sustained growth.
All of these economic factors help draw people to Tampa, which is currently experiencing faster population growth on average than the nation. As more and more people look to move to Tampa, real estate markets will continue to improve, and prices will continue to climb.
Of course, property in Tampa Bay has a great deal of inherent value, thanks to the area’s beautiful beaches and desirable climate. Add economic growth and population dynamics into the mix, and it’s clear why Tampa is a desirable investment destination.
Rental Properties in Tampa Bay
While many types of real estate investments in Tampa Bay have great potential, one of the best types of real estate investment is rental homes.
Currently, Tampa’s population growth is being driven in large part by immigration, with many of the area’s newest residents relocating from South America, Central America, and the Caribbean. Many of these new residents are better economically positioned to enter rental markets than ownership markets, and rental markets are heating up at a faster rate than other markets in the Tampa Bay.
Plus, rental homes are likely to keep their value in Tampa Bay, since the area has a great deal of beauty and value that will continue to attract residents for years to come.
Rental properties are usually long-term real estate investments, and can be tremendously profitable in real estate markets like Tampa.
Tampa Real Estate Investing
Currently, Tampa is considered one of the hottest real estate investment destinations in the country. Tampa’s economy continues to heat up, and population growth is driving real estate prices. The coastal cities of metro Tampa Bay are also very desirable, and will continue to drive prices in the entire Bay area, independent of growing economic conditions.
Graystone Investment Group
Graystone Investment Group is an experienced Investment Group wholesaling properties in the Greater Tampa Bay market since 2005.
Unlike other wholesaling groups, we find properties that we resell to investors at discount prices, while also connecting them with private financing. We also coordinate with rehab and management companies we’ve worked with for years, at no extra charge.