Is this a good time to buy real estate in the Tampa, Florida area?

I'm a mortgage broker in Tampa and work with several Realtors and appraisers and other real estate professionals. I think we have a very large gap still between what the buyers perceive they should pay and what the sellers think they should get.

Many sellers are still looking at last years prices thinking they can and will get 10-20% more than last year. In MOST cases, that is not a reality. Also, many buyers are thinking they can buy houses for 2002 prices. There is just an enormous buy/sell gap. This is causing houses to pile-up like I-4 in rush hour!

I think it is a very good time to buy provided you are patient, that you find a seller who is realistic and that you are realistic.

Also, historically speaking, interest rates are fantastic right now. That doesn't mean you should pay too much for a house, but if rates go up - it is very simple to see how this impacts the comparative price of homes.

Also, there are many creative ways to get into a house b/c the market is a little slow for sellers.

Be patient, know what you want and where you want it. I'm not 100% sure you will get everything you want, but it certainly seems to have turned into a buyers market.

Happy house hunting!

Joe...

Excellent time to start and do your homework... Most homes for sales have been on the market for more than 1 and 2 yrs. By now, we can say the market has been correcting himself.. Take advantage of low interest rate on Mortgage and a lot of houses for sale to choose from. From January to May is always a good time for buying in Florida.

i live in Florida and the prices have definitely plateaued or even fallen, a good way to see if you can get a deal is ask how long the house has been on the market, a home by us has been on the market for over a year so if they need to move they would need to take an offer. you can offer on any home you want and all they can say is no and you keep looking.

IMO, prices still may slide a little in Florida. I know the market in vacation areas of Florida is still down.

it only matters if you are an investor. You're not an investor, or you'd already know the answer. Yes, it is a good time to buy and live in Tampa.

Be Very careful!

Every area is different.

In So. CA, the market hit it's top in the summer of '05 and is still going down! Many neighborhoods are already down 15%+! Consider that the average sales price in San Diego is appx. $570,000 and you get an average LOSS in value of $85,500 in just about 18Mos!!

The BIG question is will the dropping real estate markets in CA , Vegas, Boston Wash D.C. Fla, N.J., etc. spread to most of the US?

For a real 'insiders' view on this, I would suggest a real eye opener read at:

http://www.brokerforyou.com/brokerforyou

http://www.brokerforyou.com/

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