Happy Wednesday!

Tampa is pulling in relocators and tourists from all over the country. This is giving our economy a boost and there are no signs of it slowing down.

I’ve also got great news if you have been waiting for a good time to buy a home. We are entering the off-season, which means you may be able to negotiate a better deal as a buyer.

Enjoy.

—Sean

📦 Tampa Bay is among the top destinations for people looking to relocate

Driving the News: New data from Redfin shows that Tampa Bay is a top destination for people moving to Florida. Sarasota ranked as the No. 5 location for people moving to the Sunshine State and Tampa ranked No. 7.

Details:

• More than 27,000 people searched to move into Florida instead of out of it between July and September.

• Sarasota had a net inflow of 3,700 people, while Tampa had a net inflow of 3,400 people.

• New York, Chicago, and Boston were the top three metros for homebuyers looking to move into Sarasota.

• Tampa also saw a significant influx of New York homebuyers, with 1,364 people searching for a place to live in the area.
  

• 318,855 people moved into Florida in 2022.

Why It Matters: This data shows that Tampa Bay is a growing and desirable place to live. The growth of the area is going to add money to the economy, create new jobs, and increase home values for existing residents.

The Big Picture: Florida is one of the fastest-growing states in the country. In 2022, it had the most net domestic migration gains of any state, with more than 318,000 people moving in.

Between the Lines: The flood of new residents to Florida is likely due to several factors, including the warm weather, low taxes, and a strong economy.

What's Next: It is likely that Florida will continue to be a popular destination for people moving from other states in 2024 and beyond.

The Bottom Line: Tampa Bay’s economy is not slowing down any time soon.

⭐️ Open House on SATURDAY in
Wesley Chapel

Welcome to the "Florence" built by Standard Pacific in the coveted Estancia community. This beautifully updated 2 story "Spa-Pool" home is only 4 years old a features beautiful finishes that give it a warm and modern feel.

3 beds | 3 baths | 2,140 sqft

💰 $629,900

📍29154 Perilli Pl
Wesley Chapel, FL 33543

OPEN HOUSE SATURDAY (11/11) FROM 12-3PM

💰 Tampa Bay tourism generated $1B in taxable hotel revenue in 2023

Driving the News: Tourism in Tampa Bay has hit an all-time high, bringing in more than $1 billion in taxable hotel revenue in the last fiscal year.

Details:

• The tourist development tax reached $4.3 million in September, up 6.2% from last year.
  

• Occupancy increased to 63.7% in the final fiscal month of the year.
  

• More than 26.7 million visitors came through the area in fiscal year 2023.

Why It Matters: This is a major milestone for Tampa Bay and is a testament to the hard work of our tourism industry. Revenue from tourism is used to fund essential public services, such as education, infrastructure, and public safety efforts.

Between the Lines: The strong tourism numbers are likely due to several factors. Many people are working remotely in the post-pandemic era and are making up for lost travel time.

Tampa’s beautiful beaches and other attractions make it a prime location for vacations and business travel.

What's Next: Visit Tampa Bay is hoping to continue to grow tourism in the area and is working on many initiatives to attract even more visitors.

The Bottom Line: Tampa Bay tourism is booming, and this is great news for the local economy.

🏠 We are entering the best season to get a deal on a home purchase

Driving the News: For homebuyers who are looking for a more relaxed and potentially more affordable experience, the off-season, particularly the fall and winter months, can be a great time to consider purchasing a home.

Details: While the peak season of spring and summer usually attracts the majority of buyers, the off-season offers distinct advantages:

• Less competition: The off-season typically sees a decline in the number of buyers actively searching for homes. This reduced competition translates to lower levels of bidding wars and a better chance of having your offer accepted.
  

• Motivated sellers: Sellers listing their homes during the off-season are often more inclined to negotiate due to various external factors, such as job relocation, financial constraints, or other life changes that require a quick sale. This can lead to more flexible pricing and concessions from sellers.
  

• Potential for better deals: A recent study by Redfin found that homes sold in the fall and winter months typically had a median price that was 0.6% lower than homes sold in the spring and summer. The combination of less competition and motivated sellers can create opportunities for securing a slightly lower purchase price.
  

• Efficient transactions: With fewer real estate transactions taking place, the off-season offers can give buyers a more efficient home-buying process. Lenders, inspectors, and appraisers tend to have less backlog, which can lead to faster closings.

Why it matters: With interest rates at 20-year highs, buyers are looking for any advantage they can find in the market.

The off-season allows buyers to avoid some of the more frustrating aspects of buying a home.

What’s next: Homebuyers should consult with a real estate expert to assess the current conditions and potential opportunities during the off-season.

By understanding the market dynamics and being prepared to act decisively, it's possible to make a great real estate investment during the off-season.

The bottom line: While higher interest rates may impact affordability, the off-season can present opportunities to navigate a less competitive market, negotiate with motivated sellers, and potentially secure a home at a slightly lower price.

📊 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:

• Tampa Theatre announces holiday classics series with The Grinch, Christmas Vacation, and more
  

• Busch Gardens planning new attractions, updates for 2024
  

• Snowcat Ridge snow park pushes reopening to December

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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