Happy Thursday!

The good news never stops for Tampa Bay.

Visit Florida is aiming for a $100M funding boost in 2025 to keep our tourism sector booming, and a luxury cruise line is coming to Tampa!

We’re also taking a look at the mortgage rate drops—is it time to lock in?

—Sean

💸 $100 Million Target: Florida's Tourism Marketing Ambitions for 2025

Driving the news: Visit Florida, the state’s tourism marketing agency, plans to request an increase in state funding during the 2025 legislative session.

The agency, which received $80 million in this year’s budget, is aiming for $100 million.

Details: The funding push as announced at a recent meeting.

Despite an initial proposal of $105 million for the agency, the final amount allocated was $80 million—consistent with the previous year.

The agency has a history of fluctuating funding, with $50 million allocated for the 2021-22 fiscal year, supplemented by an additional $30 million from federal COVID-19 relief funds.

Why it matters: Florida's tourism sector is a critical driver of the state's economy. Increased funding for Visit Florida is expected to boost marketing efforts, attract more visitors, and support local businesses such as hotels, restaurants, and attractions.

The success of these efforts is vital for maintaining Florida's status as a top travel destination and for the economic health of the state.

The big picture: Tourism in Florida has shown resilience and growth post-pandemic. The state welcomed 140.6 million visitors in 2023, a 2.3% increase from the previous year and 7.3% above 2019 levels.

In the first half of 2024 alone, Florida saw an estimated 74.8 million visitors, indicating a continued upward trend.

Between the lines: Securing additional funding may be challenging. While the governor supports higher funding levels, Visit Florida will need to gain backing from both the House and Senate to achieve its goal.

What’s next: Visit Florida will continue lobbying efforts to increase their budget, aiming to secure more resources to bolster the state's tourism appeal.

The bottom line: A successful push for additional funding could lead to more robust marketing campaigns, attracting even more visitors and further bolstering Florida’s economy.

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🛳️ Tampa Welcomes Ultra-Premium Cruises with Oceania

Driving the news: Ultra-premium cruise line Oceania Cruises is set to make waves in 2026 by offering new winter sailings from Port Tampa Bay.

The 670-guest vessel Insignia will be the first ultra-premium cruise ship to sail from the port, expanding the brand’s Caribbean and Panama Canal itineraries.

Details:

• Cruises will last 7 to 20 nights and visit Caribbean islands and destinations such as St. Thomas, Belize City, and Costa Maya.
  

• A daylight transit through the Panama Canal and an overnight stay in Panama City are key highlights.
  

• Tampa’s culinary scene, with everything from street food to Michelin-rated dining, aligns with Oceania’s “foodie” focus.
  

• 41 non-stop flights from Tampa International Airport make these cruises easily accessible.

Why it matters: This move cements Tampa as a growing hub for luxury travel, tapping into Florida’s West Coast market and enhancing tourism.

With more high-end cruise options departing from the city, it’s likely to boost the local economy, supporting jobs and benefiting businesses throughout the region.

What’s next: Travelers can start booking now for 2026 itineraries like the "Tropical Harmony" and "Western Caribbean Escape," offering everything from Caribbean getaways to extended Panama Canal adventures.

The bottom line: Oceania Cruises’ decision to sail from Tampa marks a significant milestone, signaling the city's growing influence as a luxury cruise destination while offering residents and tourists exciting new travel options right from their doorstep.

🤔 Should You Lock in Your Mortgage Rate Now? Here’s What Experts Say

Driving the news: With mortgage rates dropping to 6.34% in early August 2024, their lowest level since April 2023, many homebuyers are asking whether now is the time to lock in their rates.

Economists predict rates may continue to fall, prompting potential homeowners to make quick decisions on rate locks.

Details:

• Mortgage rate locks guarantee an interest rate for a set period, often 30 to 60 days, through the closing process.
  

• Locking protects you if rates increase, but you might miss out on lower rates unless your lender offers a "float-down" option, allowing you to take advantage of falling rates.

Why it matters: Locking your mortgage rate now could save you from future rate hikes and provide budget stability as rates fluctuate.

For those in high-demand markets or with tight budgets, securing a lower rate now may be a wise choice, even if rates continue to fall slightly.

Conversely, some may prefer to hold out for potentially better deals later in the year.

The big picture: The recent dip in rates is driven by economic factors like supply and demand in the housing market, Federal Reserve policies, and the performance of mortgage-backed securities.

Keeping an eye on these trends can help you make an informed decision.

What’s next: If you’re ready to lock in your rate, consult your lender about the length of the lock and any available float-down options.

Consider your financial situation and the potential risk of further rate drops.

The bottom line: For those ready to buy or refinance, locking in today's lower rate could provide peace of mind, especially if your budget is tight or rates rise unexpectedly.

📊 Our Current Local Market Data:

The Tampa and Pasco markets are still hot as fall approaches.

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:

• Tampa Updates its Land Development Code
  

• Massive 3-day country music festival coming to Tampa in 2025
  

• Top things to do in Tampa Bay this week: Buddy Guy, Luke Bryan, animated orchestra
  

• Tampa Police Department speaks on security for Ybor City

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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