Happy Thursday!

There are lots of construction plans developing in Pasco this week.

We have new info on NFL stadium plans, and more funding to improve the safety of our roads in Tampa and Pasco.

We are also taking a look at the real estate market predictions for 2024 and what you need to know to navigate the Tampa market in the coming months.

Enjoy.

—Sean

🏈 A new NFL stadium is not top of mind for Hillsborough commissioners as sales tax renewal looms

Driving the news: Talks of a new stadium have buzzed through Tampa this year among NFL fans.

However, Hillsborough County commissioners say infrastructure will be the primary focus of a new community investment tax, not a new stadium.

Details: Hillsborough County is one of the fastest-growing counties in the country. The CIT is one way to ensure that the county has the infrastructure to support its growing population.

The current CIT generates about $200 million per year but expires in 2026. Commissioners expect in-depth conversations on the possibility of renewing the tax to begin in early 2024.

Why it matters: A new CIT could help the county address its backlog of road, sidewalk, and transit projects.

Between the lines: Some commissioners have expressed interest in using a new CIT to fund stadium renovations. However, others say that a new stadium is unlikely to be on the table.

What’s next: Commissioners will begin discussing the renewal of the CIT in early 2024.

A vote to put the question on the ballot must occur 180 days before the 2024 general election.

The bottom line: The renewal of the CIT is a major decision that will have a significant impact on the future of Hillsborough County.

Commissioners will need to carefully consider the needs of the community and the various funding priorities.

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🚗 Tampa collects another multimillion-dollar federal Safe Streets grant

Driving the news: The city of Tampa and the Pasco County Metropolitan Planning Organization have received federal transportation grants to reduce deaths and serious injuries on the road.

Details: Tampa will receive $2.6 million to pilot demonstration speed management treatments along priority corridors.

The Pasco MPO will receive $320,000 to develop an action plan to address transportation-related fatalities.

By the numbers: Tampa has received over $20 million in federal transportation grants in the past year. The Pasco MPO has received over $1 million in federal transportation grants since 2022.

Why it matters: The grants come as the federal government has prioritized equity in its transportation funding decisions.

The Urban Institute reports that cities and counties with fewer local government workers per capita have received less competitive grant money.

The big picture: The grants are part of a larger effort to improve safety on the nation’s roads.

The National Highway Traffic Safety Administration reports that traffic fatalities increased by 10.5% in 2021, the largest annual increase since 2005.

What’s next: Tampa and Pasco County will use the grants to develop and implement their transportation safety plans.

The bottom line: The federal transportation grants are a welcome boost for Tampa and Pasco County’s efforts to improve safety on the roads.

🏠 Home price forecasts for 2024 are divided among the experts

Driving the news: Economists are divided on their predictions for the housing market in 2024.

Details: Fannie Mae, CoreLogic, Zillow, and the National Association of Realtors (NAR) all predict that home prices will continue to rise in 2024, albeit at a slower pace than in previous years.

Moody's Analytics and Morgan Stanley, on the other hand, predict that home prices will decline in 2024.

Why it matters: Home prices have been rising rapidly in recent years, making it difficult for many people to afford to buy a home.

A slowdown in home price growth could make it easier for people to buy a home, but it could also lead to a decrease in wealth for homeowners.

The big picture: The housing market is cyclical, and periods of rapid home price growth are typically followed by periods of slower growth or even decline.

Home prices have increased by 44% since March 2020.

The current slowdown in home price growth could be a sign that the housing market is returning to a more normal state.

What’s next: It is too early to say definitively whether home prices will increase or decrease in 2024. However, the current slowdown in home price growth is a sign that the housing market is changing.

All eyes will be on interest rates as we head into 2024. The housing market is going to have low inventory until interest rates come down to a point where more people feel comfortable selling.

What it means for Tampa: Because people are still moving to the Tampa area every day, we expect demand for homes to remain higher here than in other parts of the country even if interest rates do increase in 2024.

The bottom line: Homebuyers and sellers should carefully consider their financial situation and goals before making any real estate moves.

It’s always a great idea to consult with a real estate expert before making any big decisions.

📊 Our Current Local Market Data: 

The Pasco and Tampa markets are staying somewhat competitive as we head into the cooler months.

• The average home is selling for ~2.5% below the list prices

• Most homes are pending in 3-4 weeks

• The most desirable homes can sell in ~1 week

Interest rates will be the main thing to watch if you are looking to buy or sell in the Tampa area.

The higher interest rates go, the less buyers there will be. This could lead to sellers having to accept slightly lower offers. Low inventory will balance this out to some extent because buyers won’t have an abundance of housing options.

Many people are moving to Tampa every day, so sellers can expect demand to decrease less here than in other parts of the U.S. if rates continue to go up.

I am happy to help you create a real estate strategy that will allow you to navigate the current market.

If you ever have questions, don’t hesitate to ask.

If you’re curious how much your home could sell for now, then reply “What’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• Winter Wonder Wharf experience coming to Tampa this November
  

• TPA lands new airline, Porter, with daily nonstop flights to Toronto
  

• Florida’s wild snow park, Snowcat Ridge, returns this November

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, and the Bello Home Team 

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