Happy Thursday!

Tampa Bay's economy is thriving with things to report on this week.

The “Great Outdoors Initiative" aims to expand Florida's parks with golf courses and pickleball courts, and Tampa’s real estate market is ranked among the best in the country.

We’re also looking into the recent drop in mortgage rates and how this impacts you.

—Sean

🚀 Why Tampa's Real Estate Market is Thriving in 2024

Driving the news: Tampa has solidified its position as one of the best real estate markets in the U.S., according to WalletHub's latest report.

Ranked No. 24 overall out of 300 cities, Tampa is a standout among large cities, securing the seventh spot.

Details:

• Median Home Value: Tampa ranks 13th, with a growth rate of 1.5%.
  

• Home-Price Appreciation: Positioned at 24th with a substantial appreciation of 93.61%.
  

• Job Growth Rate: Tampa's job market is robust, ranking 41st with a growth rate of 11.06%.
  

• Other Metrics: The city ranks 85th in population growth (5.62%) but faces challenges with median days on the market (230th) and foreclosure rate (197th).

Why it matters: Tampa's high ranking is a positive signal for potential investors and homebuyers. The city’s strong job market, significant home-price appreciation, and steady population growth suggest a healthy economic environment, making it an attractive destination for new residents and businesses alike.

Local homeowners can also feel reassured by the robust real estate market, which helps maintain and potentially increase property values.

The big picture: While some markets struggle with high foreclosure rates and stagnating growth, Tampa continues to thrive, underpinned by strong economic fundamentals and an appealing quality of life.

The bottom line: Tampa's real estate market remains vibrant and promising for 2024, offering opportunities for both investors and homebuyers.

The city's economic stability and growth potential make it a compelling choice for those looking to settle or invest in a thriving community.

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⛳ New Recreational Adventures:
Golf and Pickleball Coming to
Local State Parks

Driving the news: Florida's Department of Environmental Protection has launched the “Great Outdoors Initiative,” aimed at enhancing public access to state parks by adding new recreational activities.

Details:

• The plan involves adding various outdoor recreational facilities such as disc golf, golf, paddling, and pickleball.
  

• The initiative is designed to boost public access and increase lodging options, reinforcing Florida's focus on conservation and outdoor recreation.
  

• A meeting on 8/27 discussed the management plans for several state parks, including Honeymoon Island State Park in Pinellas County and Hillsborough River State Park in Hillsborough County.

Why it matters: The introduction of new recreational activities, such as golf and pickleball, could attract more visitors and provide additional opportunities for community engagement and outdoor activity.

For the local economy, increased tourism can mean more jobs and revenue.

The big picture: By expanding these options in state parks, the state aims to balance conservation efforts with recreational development, ensuring parks remain a vital part of Florida's lifestyle and economy.

What’s next: Public meetings and discussions will likely shape the future of this initiative.

Stakeholders, including local residents and environmental groups, will have the opportunity to weigh in on the proposed developments and their potential impact on Florida’s natural habitats.

The bottom line: Florida’s Great Outdoors Initiative promises to enhance state parks by offering new outdoor activities, potentially increasing local tourism and economic benefits while also raising concerns about environmental conservation.

📉 Should You Buy a House Now? Here’s What Falling Rates Mean for You

Driving the news: Mortgage rates have recently fallen, making home buying more affordable. As of August 26th, the average 30-year fixed mortgage rate stands at 6.46%, down from a peak of 7.5% in April.

This drop gives potential homebuyers an edge, with about $30,000 more in purchasing power compared to just a few months ago.

Details:

• Current Rates: The average mortgage rate for a 30-year fixed loan decreased as of early August, the lowest since April 2023. Rates for other loan products range from the high 5% to mid-6%.
  

• Market Conditions: Total home listings are up 20% compared to last year, providing more options for buyers. A recent weak jobs report, which sparked recession fears, has led to a decline in rates.
  

• Federal Reserve Outlook: The Fed is expected to cut interest rates on September 18th, which could push mortgage rates even lower.

Why it matters: The current dip in mortgage rates presents a strategic opportunity for homebuyers in the area. Buying now could mean avoiding higher future prices driven by increased competition and market dynamics.

Moreover, the increased inventory provides more choices, enhancing the potential for finding a suitable property.

The big picture: While rates are trending downwards, the housing market remains unpredictable. Historically, high prices, coupled with fluctuating rates, mean that potential buyers must carefully weigh their options.

Economic uncertainty also plays a role, as predictions suggest mortgage rates may not fall much further this year.

Between the lines: The current situation is partly driven by long-term supply issues and the "lock-in effect" where homeowners with low pandemic-era mortgage rates are reluctant to sell, limiting available inventory.

Even as new constructions are added, many buyers remain priced out, and those who can afford are acting quickly.

What’s next: With rates potentially dropping further, the window for favorable buying conditions might not stay open long.

Buyers should consider locking in current rates to maximize affordability and avoid the risk of future price increases as more buyers enter the market.

The bottom line: If you’re considering purchasing a home and have the financial means, now could be an ideal time to buy.

Connecting with a real estate agent to explore available options and secure a favorable mortgage rate may be a wise move before the market shifts.

📊 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:

• SunRunner expands closer to St. Pete Pier
  

• What is an Eco-Counter? Tampa unveils new tool to promote healthy lifestyle
  

• Happy Second Birthday Litter Skimmer, Tampa Trash Boat Collected 72,500 Pounds of Waste
  

• A new meaning to restoration: Duke Energy, Tampa Electric come together with state, local agencies to plant nearly 700 mangroves at two shorelines in Hillsborough and Pinellas counties

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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