Happy Thursday!

Tampa and Pasco have plenty going on as we rapidly approach 2024.

Our healthcare system is expanding and Pasco is planning for more future growth!

We are also seeing better opportunities for homebuyers in the current market conditions.

Enjoy.

—Sean

🩺 Tampa General Hospital will expand in 2024

Driving the news: Tampa General Hospital (TGH) is undergoing a significant expansion, aiming to transform its Davis Islands campus into a leading academic health system statewide.

Details: Recently, TGH announced the acquisition of Bravera Health, integrating three hospitals, a freestanding emergency room, two ambulatory care centers, and 10 primary and specialty care clinics into its network, now known as TGH North.

Additionally, TGH is expanding into Babcock Ranch, a substantial master-planned community, starting with an urgent care facility.

TGH's approach reflects a balance between centralizing complex medical procedures and decentralizing general healthcare services.

This strategy aims to enhance healthcare accessibility while maintaining high standards for specialized treatments

Why it Matters: TGH's growth signifies a strategic enhancement of healthcare services in Florida.

The integration with the University of South Florida's Morsani College of Medicine as an academic medical center in 2020 underscores its commitment to advanced medical care and education.

The Big Picture: TGH's expansion is not just about growth but also about efficiency and community-based healthcare. According to CEO Couris, while specialized treatments like transplants are best handled at major centers, most care should be accessible locally.

This philosophy underpins TGH's expansion strategy.

What’s Next: TGH's expansion plans could potentially lead to competition with other major healthcare providers, such as the University of Florida Health.

The Bottom Line: Tampa General Hospital's expansion is a strategic move towards creating a robust, statewide academic health system.

This expansion not only aims to bring specialized medical services to a broader population but also reinforces the importance of local, accessible healthcare in Florida’s communities.

😮 A look at Wesley Chapel’s growth in recent years

Driving the news: Wesley Chapel, once a mere commuter town in Pasco County, Tampa Bay, has undergone remarkable growth, transforming into a vibrant community with resort-like amenities and attracting families nationwide.

Details: An estimated 81,390 people now reside in Wesley Chapel, a significant increase from the 44,092 recorded in the 2010 U.S. Census.

The area has evolved with unique attractions like a man-made lagoon, a sports campus, and innovative retail and dining spaces created from shipping containers.

These developments, along with road and housing construction, have significantly contributed to Wesley Chapel's popularity.

Between the lines: However, this rapid growth brings challenges, such as increased traffic congestion, overcrowding in schools, and extended response times from first responders.

The big picture: David Engel, Pasco County’s economic growth director, emphasizes the need for a balance between growth and preserving the area's character.

Efforts are underway to increase local job opportunities and construct mixed-use projects to manage traffic flow and sustain community well-being.

What’s next: The Pasco 2050 initiative aims to shape the county's future vision, addressing concerns and planning for continued growth.

More developments are underway, including projects at Wiregrass Ranch, Avalon Park, and the Saddlebrook Resort, promising further transformation of Wesley Chapel and its surroundings.

The bottom line: With its rapid transformation, Wesley Chapel and nearby communities face the challenge of maximizing opportunities while managing the associated growing pains.

The community's response to these changes will be crucial in shaping its future.

🏠 November market reports bring good news for homebuyers

Driving the news: Zillow's November market report offers a glimmer of hope for homebuyers. As mortgage rates decline, more sellers are returning to the market, driving up inventory and leading to price cuts.

Details:

• Mortgage rates are down from their peak of 8%, prompting sellers to re-enter the market and add to available inventory.
  

• While rates remain comparatively high, sellers are still making more price cuts than normal, providing an opportunity for buyers.
  

• November saw month-over-month declines in housing costs due to lower rates and slight dips in home values.

By the numbers:

• Typical U.S. home value: $347,415
  

• Typical monthly mortgage payment: $1,925
  

• Inventory levels: 37.2% below pre-pandemic norms
  

• Share of listings with price cuts: 22.6%
  

• Median days on market: 21

Why it matters: These trends offer a welcome change for buyers who have been struggling with high home prices and mortgage rates.

The increase in inventory and price cuts may indicate a shift in the market towards more balanced conditions.

However, it's important to note that rates are still significantly higher than pre-pandemic levels, and affordability remains a challenge for many buyers.

The big picture: The US housing market is continuing to cool down from its pandemic highs.

Experts predict that the market will continue to stabilize in the coming months, with prices likely to remain flat or experience modest declines.

What's next: The housing market is expected to continue to cool down in the coming months.

Inventory is likely to increase gradually, while price growth will slow down.

Mortgage rates are expected to remain relatively stable in the short term but could rise again in the long term.

The bottom line: While the housing market remains challenging for buyers, there are some encouraging signs on the horizon. Lower mortgage rates and increased inventory are providing opportunities for those who are ready to purchase a home.

However, affordability remains a concern, and buyers should carefully consider their financial situation before entering the market.

📊 Our Current Local Market Data: 

Both the Tampa and Pasco County real estate markets are showing signs of cooling off and normalizing after a period of rapid price appreciation.

Homes are spending slightly longer on the market than they were last year.

Outlook:

• Both the Tampa and Pasco County real estate markets are expected to remain strong in the near term.

• However, the rate of price appreciation is likely to slow.

• Homes are expected to spend more time on the market.

• Inventory levels are expected to continue to increase.

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:

• Money names Tampa one of the best places to live in America
  

• Tampa Bay Lightning host huge sports career fair this December
  

• Busch Gardens Tampa Bay teases the return of its iconic Skyride

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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