Florida Markets Among the Best Places to Buy a Home
By Jennifer Riner
Whether you’re a first-time home buyer or seasoned real estate investor, buying a home can be a challenging process in competitive markets across the nation. In competitive markets with low inventory, bidding wars can leave many buyers feeling discouraged and financially disadvantaged. Fortunately, for Florida home shoppers, at least two major metros within the Sunshine State are now considered buyers’ markets.
A buyers’ market is one where home buyers are at an advantage. Supply exceeds demand, making this an ideal time to purchase a home. Home shoppers have more breathing room knowing that homes are likely to stay on the market longer, and typical side effects of buyers’ markets include a higher number of homes to choose from and lower home prices.
If you’re a home shopper looking for a better shot at homeownership, consider Tampa and Orlando, two of the top 10 buyers’ markets for 2017.
As the eighth-best home-buying market in the nation, Tampa has plenty to offer both first-time and seasoned home buyers. Over 13 percent of Tampa homes for sale saw price cuts last year. Plus, listings spent an average of 83 days on the market before selling. With a median home value of $179,600, up 11.8 percent annually, buying in Tampa is both affordable and potentially profitable. As home prices continue to rise, you do not want to wait to take advantage of buying a home in Tampa Bay!
Orlando is No. 9 in the nation for buyers, offering a relatively high percentage of listings that undergo price cuts during their lengthy stays on the market. In 2016, 10.6 percent of homes for sale in Orlando experienced price cuts and sat on the market for nearly three months on average. The median home value in Orlando is $200,500, up 10.7 percent since last year.
These buyer-friendly market conditions are expected to last through the year. Both Orlando and Tampa are appealing places to buy a home, especially considering the lack of inventory and skyrocketing prices seen in many other areas of the U.S.
Zillow is the leading real estate marketplace dedicated to empowering consumers with data, inspiration and knowledge. Visit the Zillow Blog for up-to-date research, mortgage advice, home buying tips, trends and more.
About Highland Homes
As one of Central Florida’s largest privately-owned home builders, Highland Homes is proud to build new homes designed for your life and priced from the mid $100’s to $300’s in communities throughout the Tampa and Orlando regions. In addition to modern design and efficiency, benefits of purchasing a new construction home include no bidding wars, lower annual maintenance costs, and the ability to personalize your new home at Highland Homes’ Personal Selection Studio. To explore purchasing a new home in Tampa Bay or Metro Orlando, visit www.highlandhomes.org.