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✂️ Tampa cuts $45M, Pasco's park win, & Seller motivations

✂️ Tampa cuts $45M, Pasco's park win, & Seller motivations

Check out what's happening in the Pasco and Tampa economies this week.

Sean Bates
October 04, 2023

Happy Wednesday!

There are lots of great things happening in Tampa and Pasco this week.

The City announced its budget for next year, and Pasco residents spoke up to keep green space in their area.

We’re also taking a look at the main motivations of sellers in this hot market.

Enjoy.

—Sean

✂️ Tampa City Council passes budget, finds ways to cut $45 million

Driving the news: Driving the news: Tampa City Council passed a nearly $2 billion budget in late September along with a stagnant property tax rate after denying Mayor Jane Castor’s request to raise the millage earlier this month.

Details: The revised budget will only address the city’s obligations for 2024 and not its long-deferred maintenance needs.

The plan council members agreed to has the following changes compared to last year’s budget:

Non-union pay increases capped at 3%
$12 million in total additions to the affordable housing budget, partly funded by $5 million from general fund reserves
An additional $7 million was dedicated to road repair and sidewalk improvements funded by parking revenue
The elimination of a new position within the mayor’s office
A funding decrease to the Parks & Recreation Department, among other cuts

Why it matters: The Tampa City Council budget will have a significant impact on the city’s residents and businesses.

The budget includes funding for important services such as public safety, affordable housing, and road repair.

However, the budget does not address the city’s long-deferred maintenance needs, which could lead to problems down the road.

The big picture: The Tampa City Council budget is part of a larger trend of cities facing budget challenges. Many cities are struggling to keep up with the rising cost of providing services while also addressing their infrastructure needs.

What’s next: The Tampa City Council budget went into effect on October 1st. The city will continue to monitor its financial situation and make adjustments to the budget as needed.

The bottom line: The Tampa City Council budget is a reflection of the city’s priorities.

It will be interesting to see how the budget addresses issues in our area and may also leave room for improvement in other areas.

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This incredible Bexley home will give you the Florida resort lifestyle every day! You’ll find it tucked away on a quiet street but only minutes from all of the top-rated Bexley community amenities.

😮 Pasco commissioners return to park plan after residents reject development

Driving the news: The Pasco County Commission rejected the idea of selling a 41-acre property known as Oaks Park to developers, instead opting to keep the land for a park.

Details: Residents in Heritage Lake, Riverside Village, and other surrounding communities have been fighting for a decade to have a park in their neighborhood.

In 2014, the county paid $3 million to buy the Oaks Park property, which had been slated for development into 240 apartments.

The county agreed to turn the land into a park, but residents would have to pay for it themselves. It will cost 164.80 per resident for the first year and $135.56 per resident annually for the next 14 years.

Why it matters: The new park will provide a much-needed green space for residents in an area that is already experiencing traffic and drainage problems.

It will also be a place where children can play and families can gather.

The big picture: The fight for Oaks Park is a reminder of the importance of community engagement. When residents come together and speak out, they can make a difference.

Between the lines: The Pasco County Commission's decision to keep Oaks Park for a park is a victory for residents who have been fighting for it for years.

It is also a sign that the county is listening to its constituents and is committed to providing green space and recreation opportunities for all.

What's next: The county will now develop an assessment plan, which residents of the communities surrounding the Oaks Park land would begin paying for next year.

The bottom line: Oaks Park is going to be a park thanks to so many residents speaking up.

👩‍💻 10% of Sellers are Moving Because of Return-To-Work Policies

Driving the news: A new survey from Redfin shows that one in ten sellers are moving because of return-to-work policies.

Details: Redfin commissioned a survey to assess the top reasons sellers are relocating in today's market, despite high mortgage rates.

Based on the answers of the 616 respondents saying they're likely to sell their home and move in the next year, one in 10 (10.1%) are moving due to back-to-office mandates from employers.

Why it matters: The survey findings suggest that return-to-work policies are having a notable impact on the housing market, with some sellers forced to move because they can no longer work remotely.

The survey also found that sellers are motivated to relocate by a variety of other factors. One in five reported relocating due to their political views, taxes, crime, discrimination, and climate change.

By the numbers:

1 in 10 sellers are moving because of return-to-work policies.
1 in 5 sellers are moving to a place more in alignment with their views on social issues.
Other concerns/priorities behind seller relocation include lower taxes (19%) and safety/crime (17.9%).
One-third of respondents (33.8%) indicated a desire for more space as a reason for moving, making it the most common driver behind relocation.
After that came a desire to live closer to family (22.6%) and a desire for a more affordable cost of living (21.6%).

The big picture: The housing market is currently facing a number of challenges, including high mortgage rates and low inventory.

The Redfin survey findings suggest that most people aren't moving unless they feel it is absolutely necessary.

What's next: It's unlikely that we will see a drastic change in the housing market until interest rates come down and inventory goes up.

The bottom line: Being a homeowner is the best position to be in during these market conditions.

Most people aren't opting to sell unless they have to because most sellers will have to become buyers to find a replacement home.

📊 Our Current Local Market Data:

The Pasco and Tampa markets are still hot for several reasons:

Inventory is low
Our job market is desirable
Many people are moving to the area

If you are thinking about buying a home in the area, you should be prepared for a competitive market. You will need to be pre-approved for a mortgage and be ready to act quickly when you find a home you like.

I am happy to help you create a home-buying strategy that will allow you to navigate the current market.

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