Happy Wednesday!

Tampa is making lots of decisions about investing in our communities and economy this summer.

There's over $2 Billion in proposed project funds to improve our infrastructure, new waterfront venues, and more.

Keep reading to see how Tampa is investing in projects that will help boost tourism and improve transportation all over the area.

—Sean

🚴‍♀️ Tampa M.O.V.E.S. to invest $2B in
city mobility

Driving the news: The City of Tampa has introduced its first citywide Mobility Plan, Tampa MOVES. The plan aims to revamp the city's streets and make walking and biking more accessible.

Details: The Tampa MOVES project sets out the city's transportation requirements in the short term and over the next 30 years.

The scope of the project encompasses around $2 billion in pedestrian and bike safety efforts.

Each part of the plan was created by using an equitable, data-driven process informed by extensive community input.

The short term: The city will begin the project with six short-term priorities that translate to approximately 109 miles of safety improvements, focusing on:

1. Streets with poor or failing pavement condition
   

2. Sidewalks on high-speed streets that provide access to transit and essential destinations
   

3. Bicycle facilities to extend the low-stress network to different parts of the city
   

4. Safer pedestrian crossings on key bicycle routes and high-injury network corridors
   

5. Safety improvements on Tampa’s High Injury Network corridors and streets with a high posted speed
   

6. Congestion relief for streets with longer than average travel times

From the Mayor: Tampa's Mayor, Jane Castor, highlighted that Tampa MOVES will significantly advance areas lacking comfortable and reliable pedestrian and cycling facilities and invest in resurfacing roadways in Tampa's neighborhoods.

The big picture: Tampa MOVES builds on Tampa's Vision Zero initiative to curb and eventually eliminate traffic fatalities.

The city is implementing various policies and projects to foster bike sharing, cycling infrastructure, rapid transit systems, modern transportation solutions, and pedestrian-friendly streets.

Over the past four years, the city has constructed more than 20 miles of new bike lanes and 3 miles of protected bike lanes.

The bottom line: With the introduction of Tampa MOVES, Tampa is taking a decisive step towards creating a safer and more accessible future for its residents and visitors.

🎉 New Tampa Convention Center renovations are complete

Driving the news: The Tampa Convention Center recently celebrated the grand opening of its new Waterfront Meeting Rooms. These additions are the most substantial renovation project since it was established in 1990.

The project added up to about $44.5 million and added 23,500 square feet and 18 new waterfront rooms to the facility.

This significantly increases its capacity to host diverse meetings and events.

Details: The two-story expansion is part of the Convention Center's Capital Improvement project, aimed at modernizing the facility to match Tampa's economic and population growth.

The meeting rooms have stunning waterfront views and are designed to accommodate meetings, conferences, and other events.

What they’re saying: Chuck Jablon, Senior Vice President of Construction for Skanska's Florida building operations, expressed pride in the role Skanska played in modernizing the Tampa Convention Center.

He is excited to see the project's long-term economic value for the community.

Eco-friendly efforts: The Convention Center also undertook comprehensive updates to its HVAC system as part of its commitment to sustainability.

These enhancements work to reduce the facility's environmental footprint, yield significant cost savings for clients, and also improve the guest experience.

What's next: The new Waterfront Meeting Rooms are now available for rent, offering a unique and attractive space for event planners.

Bottom line: The addition of these rooms with exceptional views will help the Convention Center maintain its competitive edge within the industry and continue serving as an economic powerhouse for the City of Tampa.

😧 The cost of overpricing your home

When you get ready to sell your home, it's easy to attach your sentimental value and memories to the listing price of your home.

This can lead to a costly mistake: overpricing your home.

Today's market: We are in a seller's market, but that doesn't mean buyers will be ready to overpay due to the current interest rate hikes.

Even with upgrades and modifications, your home may not fetch the price you're expecting if you list above market value.

Overpricing your home can lead to several complications:

• Longer time on the market: Overpriced homes tend to linger on the market. Your home's initial listing period is crucial because that's when online listing sites prioritize views on your listing. Overpricing can deter these potential buyers who are looking online.
  

• Waste of time and resources: Staging your home, making repairs, cleaning, and other projects related to selling can end up being fruitless if no serious buyer is interested.
  

• Appraisal issues: Even if a buyer agrees to an inflated price, an appraisal may not support that value. This could stop the home sale if the buyer's lender caps their loans at the appraisal value (as many do).
  

• Stigma: Sometimes, if a property stays on the market too long, potential buyers may begin to think something is wrong with it.

The risks: If you run into any of these complications, there's a chance that you may end up having to sell your home below market value.

Strategies to consider: If you are looking to get multiple competitive offers on your home, you should talk to an expert about pricing strategies that fit your goals for selling. These are the major strategies to consider:

1. Aspirational pricing: This is when you price above market value. Aspirational pricing generally only works in a high-demand, appreciating market like we saw in 2020 and 2021.
   

2. Market value pricing: This strategy is when you list your home at the appropriate market value. It's generally your safest bet for getting the highest price possible.
   

3. Event level pricing: This is when you price your home slightly below market value. We typically only do this if the seller needs to be out of the house quickly or if the home has a major flaw.
   

   However, this can work for regular homes in a market where there’s high demand and low inventory. The lower price strategy on a regular home can cause a spike in buyer demand that results in multiple competitive offers that pour in quickly.

Of course, you'll want to consult a local real estate expert who has a pulse on your market before settling on a pricing strategy for your home.

The bottom line: Overpricing your home could end up backfiring if you price it too high. Treat your home like a market commodity to get the most money when you decide to sell.

📊 Our Current Local Market Data: 

The Tampa housing market remains very competitive due to the lack of inventory.

➡️ Homes in Tampa receive 3 offers on average and sell in around 17 days.

➡️ The median sale price of a home in Tampa was $440K last month, up 2.3% since last year.

➡️ There were 678 homes sold in June this year, down from 731 last year.

The bottom line: Homes may be taking slightly longer to sell than last year, but we are still in a seller's market.

The higher interest rates have slowed things slightly but also created very low inventory so competition among buyers remains high.

You’ll need a strong offer to purchase a home in these conditions.

We’re staying on top of the market daily and there are even financing options that help you purchase at a lower rate.

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:

• Water Street Tampa wins Urban Land Institute Award for Excellence

• Tampa ranks highly in study of best cities to start a business in

• AAA pulls back from offering insurance in Florida, following Farmers

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, the Bello Home Team 

Was this forwarded to you? Sign up here.