How Much Is Your Tampa Bay Home Worth?

How Much Is Your Tampa Bay Home Worth?

If you have a Tampa Bay home for sale, you’re probably wondering what it’s worth. With market trends strongly favoring sellers, there’s no time like the present when selling your house.

Tampa Bay home values are at an all-time high, as people look to move up and over. Homes for sale in Tampa Bay, Florida are flying off the market, with record-breaking numbers.

To learn how to sell your own house in Florida and what your Tampa Bay home is worth, then this article has everything you need to know and more.

Benefits of Moving to a Tampa Bay Home

One of the best reasons to move to Tampa Bay is its affordability. On average, homes in Tampa Bay are 23% lower than the National Average. With property taxes averaging around 2%, Tampa Bay is an excellent, affordable choice.

If affordability isn’t reason enough to move to Tampa, Florida, local attractions might be. The Tampa Water Taxi Company offers various cruises, from dolphin sightseeing to the Tampa History Cruise. Family fun also includes The Florida Aquarium in Tampa Bay and ZooTampa at Lowry Park.

Aside from attractions, Tampa boasts a tremendous local economy. Healthcare, shipping, and finance provide jobs for residents. Tampa’s job market has increased by 2.3% in the last year, with an estimated 42.7% growth in jobs over the next decade. The National Average for job growth is 33.5% over the next ten years, making Tampa an excellent place to live and work.

The National Average for unemployment is 3.7%, with Tampa Bay coming in at 3.6%. If opportunities for employment coupled with affordable homes and beautiful weather are what’s important to you, then look no further than Tampa, Florida.

Tampa Bay Housing Market

COVID has caused a decrease in mortgage rates, with Tampa Bay rates dropping as low as 2.88%. With numbers this low, more and more first-time homebuyers are flocking to purchase homes. As such, the price of homes in Tampa is soaring through the roof, with multiple offer situations cropping up.

To understand the value of homes for sale in Tampa Bay, Florida, it’s important to compare prices to those of a year ago. The median price for a house sold in Tampa Bay is $304,278. When compared to the same time last year, this is a 12.7% increase or an increase of $34,395.

How Number of Bedrooms Affects Price

Housing in Tampa Bay area is more expensive depending on the number of bedrooms. The more bedrooms your home has to offer, the higher the sale price when selling your house.

In February 2021, the median price of a one-bedroom was $161,200. This was a 7.5% increase from the same time last year, where the median price of a one-bedroom home was $150,000.

Two-bedrooms sold for a median price of $224,800 in February 2021, a 14.7% increase from February 2020, where the median price was $196,000.

Three-bedrooms saw a 15.9% increase from February 2020. The median price of three-bedroom homes in February 2021 was $289,700, compared to $249,900 in 2020.

Four-bedroom homes saw a 9.1% increase in February 2021 when compared to the same month in 2020. The median price for homes was $428,400, compared to $392,800.

The highest increase in median sale prices came with homes boasting five-bedrooms or more. An astounding increase of 26.7% was noted in February 2021, bringing the median sale price to $788,000, up from $622,100.

Projected Sales Forecast for 2021

The housing market in Tampa is hot, with trends expecting to remain strong throughout 2021. Tampa Bay, Clearwater, and St. Petersburg are expected to see the most action throughout 2021.

Projections for Tampa home sales are for an 8.7% increase, while prices will climb 7.5%. in 2020, home values in Tampa saw a 10.4% increase.

The median home value in Tampa is $270,958, but the median list price is $299,900. The median price for homes that sold in Tampa is $291,000. Homes are selling above value, making the market hotter than ever.

In general, the median number of days a home is on the market in Tampa is 56. The average per square foot of living space is $186.

A sale-to-list price ratio describes the amount a house sold for compared to its asking price. Homes in Tampa have a sale-to-list price ratio of 99.3%.

Tampa has 87 neighborhoods, with Sunset Park being the most expensive. The median list price for a home in Sunset Park is $942,500 for a single-family home.

Comparatively, East Tampa’s neighborhood is the most affordable. Its median list price is $189,900 for a single-family home.

How to Sell Your Own House in Florida

The first step in selling your house in Tampa, Florida is by locating a realtor with the knowledge and experience to tackle this unprecedented real estate market. For a realtor with the experience to sell your home, helping you get top dollar in today’s sharing real estate market, check out this link.

Be sure to hire a real estate expert that has plenty of testimonials and a proven track record. Ask them questions about their ability to handle multiple-offer situations, and what their negotiation tactics are.

Your real estate professional should have a solid marketing plan in place, helping you reach as many buyers as possible while spotting serious buyers from those simply browsing.

Work with your realtor to find a real estate attorney you trust and to handle all the necessary paperwork. Don’t forget to find a reputable home inspector should you buy and sell simultaneously.

In addition to working with a team of dedicated real estate professionals, you may need to stage your home to give it more curb appeal. You can invest in landscaping, or power wash your home’s exterior. Something as simple as installing a new front door also adds instant curb appeal, enticing buyers.

Get Ready to Sell

If you’re ready to sell your Tampa Bay home, then there’s no time like the present. With record-low interest rates, buyers are champing at the bit for a chance to own a home in Tampa Bay. Be sure to work with a trusted real estate expert and to prep your home, adding as much curb appeal as possible.

With market trends expected to last throughout 2021, you’ll likely sell your Tampa Bay home close to the asking price if not above, and in a short amount of time.

To learn more about the Tampa Bay real estate market and for the latest in home, news, and entertainment, be sure to check out the rest of our website. Our articles are filled with the best information, no matter what your interests.