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Tampa Home Prices to Fall?
June 28th, 2006 categories: Tampa Florida Real Estate, Tampa Homes, Tampa Market Reports, Tampa Real Estate
According to PMI, the nation’s largest mortgage insurer, the Tampa Bay area has a 29% chance of price declines over the next two years and has a 294 risk rating, ranking us #23 of the most risky markets in the USA. That risk rating, according to them, is 77% higher than a year ago. Hear the podcast and read the report here.
The facts are:
- Interest rates are rising.
- Income levels have not kept up with the increase in home prices.
- The rate of appreciation has decelerated considerably.
This market continues to adjust and so does my thinking on what’s in store over the next year. Two months ago I felt that there was enough going on to keep some upward support on prices. Now I am not so sure. Inventory of available homes for sale is growing while the number of buyers in the market continues to fall. As ARM loans continue to adjust upward, we’ll see more sellers looking to get out of their higher payments.
Buyers: Beware of what your purchasing and plan on holding it longer to see adequate returns.
“Is now a good time to buy?” The answer to that really depends on why and what you are buying, and for how long you plan on holding the property.
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