Sunday, May 19, 2024

Real estate professionals forecast the Tampa Bay area market for the upcoming year

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Housing Market Forecast for 2024 in Hillsborough County, Florida: Experts Weigh In

The housing market in Hillsborough County, Fla., is experiencing some changes as we head into the new year. According to a recent Redfin report, home prices are slightly down, with the median sale price sitting around $400,000. This news comes as a relief to potential buyers who have been facing high prices in recent years.

Local real estate experts are optimistic about the market in 2024, citing a decrease in interest rates as a major factor. Lauren Swoboda, a real estate agent with Compass Real Estate, noted that interest rates are starting to come down, with some clients being quoted in the high 6% range. This drop in rates is expected to bring more buyers back into the market after a period of stagnation.

Swoboda believes that a 6% interest rate could be the magic number to entice buyers, but acknowledges that it may still be out of reach for many, especially first-time home buyers. Despite the challenges, she reassures potential buyers that homeownership is still possible, even in a competitive market.

Real estate economist Ken H. Johnson also weighed in on the current state of the market, predicting that prices will level out in the next few years. While high home values and interest rates may be daunting, Johnson believes that incomes will eventually catch up, making homeownership more attainable for all.

For those struggling to afford a home, Swoboda recommends looking into homeownership assistance programs, such as those offered by HUD. These programs can provide valuable resources and support for buyers looking to make their dream of owning a home a reality.

Overall, experts are optimistic about the future of the housing market in Hillsborough County, with hopes for more affordable options and increased opportunities for buyers in the coming year.

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