Tampa Real Estate – Find Your Opportunity

Change is constant, the question is: how can we take advantage of the evolving situation in Tampa’s real estate market?

The residential real estate business in Tampa is changing rapidly. New home builders are declaring bankruptcy, title agencies are closing, realtors are leaving the business, lenders are preparing for congressional hearings, and the related ecosystem is contracting. Coupled with tragic increases in foreclosures, divorces, etc…One can barely listen to the news lately.

From innocent homeowners who put down a 20%, to option-ARM “investors”, the decline in values has wiped out hopes and dreams. Tampa’s real estate bubble market gave birth to thousands of new “investors” who were not able to withstand the financial or emotional swings that have occurred; and the result is an unprecedented number of foreclosures. Though tragic on a personal level, the market is working on the macro level.

With each such story you hear, chalk up one more buying signal. Fear is a powerful tool. The best time to buy is when sellers are reacting emotionally and irrationally.

There is a silver lining to be found: affordability is increasing. As Tampa short sales, pre-foreclosures, foreclosures and REOs (real estate owned by banks) have changed the landscape, buying a home in Tampa just became much less expensive. 

Lower prices mean that first-time home buyers in Tampa have options. Move-up buyers are now seeing an opportunity. And Tampa’s luxury home market offers incredible value once again.

Investors are taking a fresh look at Tampa. With prices down by over 30% in many areas, buying investment homes makes sense again. Before the bubble, one could put 20% down and charge enough rent to cover all carrying cost. We have almost returned to pre-bubble levels.

Doug  Bohannon, Annette Bohannon and I have over 60 years of combined experience in  the Tampa real estate market, and we have seen these cycles before. It will take some time, but we absolutely know that prices will rebound. Now is the time to really look at this market.

The question to consider is: am I responding to problems and frustrations in a productive manner? Am I becoming caught up in the drama of discussing what happened versus finding a way to profit? If you spend more than five minutes wallowing in the drama, you are WASTING your time. What happened doesn’t matter, what you will do to change the game does matter.

What opportunities can you spot? What systems can you implement? What experts can you consult? What steps can you take today to capitalize on these tumultuous times? Great people, great leaders, great managers don’t point fingers or cast blame. Great investors can smell an opportunity and take action. Call Team Bohannon today to discuss your ideas. – by dale bohannon