The Local Market Guide | Bello Home Team
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📈 Tampa Home Values Will Surprise You, Tampa's Future Community Unveiled & Foreclosure Activity Doubled

📈 Tampa Home Values Will Surprise You, Tampa's Future Community Unveiled & Foreclosure Activity Doubled

January 18, 2023

Hope you're new year is starting out great!

We began launching P-Fit at Bexley, while navigating this new real estate market. It's an interesting market but not terrible for buyers.

Whether you're looking to buy a new home, move, invest in real estate or just watch the local + national market, then this newsletter is for you.

And if you want to see some of the most recent Pasco & Hillsborough local numbers as of January, scroll down to "The Latest Local Numbers."

Enjoy!

- Sean

📈 Tampa Home Values Won't Drop Like The Rest

Source: Zillow

Zillow predicts home prices in Tampa will increase in 2023. While other markets are seeing bigger effects from the slowdown, it's not affecting us for several reasons.

Population Growth: Tampa has been and always will be a migration market, but recently with the pandemic it surged. That's not stopping.

The desire to live in states like Florida, on the water like Tampa or Miami, and in a favorable part of the country is continuing to attract all age groups, but now the growth is bringing more than just snowbirds. We ranked the #1 place to live in Florida.

The growing city of Tampa with Water Street, Midtown, Westshore Marina, St. Pete, and billions of dollars being spent on development- are attracting top talent & younger generations.

Home building constraints: If you saw the charts you would see that nationally, we're barely at 50% inventory of 2018-2019, and it's going down, not up.

The pandemic, Hurricane Ian, construction delays, high demand, and other contributing factors have kept home inventory at an all-time low.

That exacerbates the housing deficit and pushes prices up, Zillow economist Orphe Divounguy

Yes, interest rates are increasing and the worry about a recession is looming. However, rent prices are stabilizing, and mortgage rates will likely begin to drop this year.

So as a result, higher mortgage rates will bring fewer buyers, homes sitting longer, fewer bids, and more leverage for buyers than they've had in the last 2 years. But it when rates drop later this year it will bring buyers back & increase competition while remaining low inventory. This is why Tampa will continue to have upward pressure on home prices.

📹 Tampa's Newest Community Built for the Future

Source: Youtube

The goal of The Angeline Project is to make 34638 one of the healthiest zip codes in the country.

6,200+ acres
11,000+ homes (and they only just started building)
New Pasco County STEAM (STEAM stands for science, technology, engineering, arts and mathematics) charter school serving grades 6 through 12 is planned to open in 2023.
$106M 775-acre life sciences research park - Moffitt Cancer Center’s Pasco County campus is expected to attract researchers, world-renowned medical professionals and biotech companies from around the world with 16-million sf of lab, office, manufacturing and clinical spaces.
Professionally managed working farm for fresh, local produce. Plus educational and family-friendly events
Best-in-class ULTRAFi internet service, Streetleaf solar streetlights, and forming the technological backbone for commercial and residential users.
100 miles of trails within the community for walking, biking, or running. Trails will link to the Starkey Preserve, the Connerton Preserve, and the Crossbar Ranch Preserve.
130+ acre regional park is planned and will serve as a hub for outdoors with planned sports fields, winding trails, boardwalks, campsites, picnic areas, forest overlooks and recreational activities; playgrounds, fishing, and kayaking.
3,600 acres of natural, undisturbed green space in Angeline
New MetroLagoon with acres of clear blue water and white sandy beaches. Swim up bars, floating obstacle course, paddleboards and more
Future Town Center for 4 million SF of office, dining, and entertainment
An additional 24 million SF of future commercial space means that Angeline is truly a City in the Making
And it’s not far from The Hub at Bexley

And there will be numerous key infrastructure improvements with road extensions (Ridge Road & Sunlake Boulevard), multi-modal (EV carts, Bikes, Walking, etc. ) 15,000 jobs, schools, and 26 times more office/retail space than what Pasco has developed in the last 10 years.

If you want to watch the full in-depth video about The Angeline Project and discover how I graded it a B, and why then you can check it out on YouTube.

🏚️ Foreclosure Activity Doubled, But is Still Remarkably Low

From 2005 to 2022, here's a look at the real data the news doesn't always show you.

You may be hearing about foreclosures, but the truth is they're significantly lower than we think.

The average homeowner's equity is 58% of the property value, which is 3x higher than in 2008, and 14% higher than in 2016.

So if active listings are less than 50% of normal, foreclosure activity is only at 30% than normal, and builders are still under the building- where will an inventory surge come from?

Short answer, there is no massive inventory shift coming soon.