Certain areas of the real estate market are more affected than others in the Tampa Bay area. For example, Pasco had the worst decline when it comes to home sales, showing a 45% drop in Value compared to the height of the market in 2006. Pasco was an area where investors were gobbling up properties, a much higher ratio than other parts of the Tampa area. Now many homes are being foreclosed and because many of these houses were pre-fab and are significantly older, say 40 years on the average, they are selling as low as $56,000. The banks holding on to properties in the Pasco area are not holding on and helping their lenders but selling as cheaply as they can and getting out.
In the same respect areas like Seven Oaks, Zephyr Hills and Dade City are only seeing declines of 9% to 18%. It definitely makes one sit up and take notice. Research the area where you think you want to live. Certain areas will definitely hold their values better than others. Good construction, good neighborhoods, and good schools all equate to stronger market values.
If you would like to explore real estate in Tampa Bay contact me, Annete Bohannon, at (813) 979-4963. My team and I have an extensive knowledge of the Tampa real estate market and can help you find a property that fits your needs.
