2017 is one of the best years to purchase real estate in recent memory. Furthermore, real estate experts predict that houses are only going to continue to gain in value, especially in the best U.S. housing markets like Tampa. So, if you’re thinking about buying a home or investment property, now is a great time to get pre-approved for a mortgage, and start working with your agent.
Real Wealth Network’s 2017 Study Important to Residential Home Buyers and Investors
Real Wealth Network’s study of the best cities to buy rental property was published in September of 2017.
Whether you’re a residential home buyer or a real estate investor, Real Wealth Network’s study is important if you want to purchase property in a market where home values are set to appreciate.
In performing the study, the Real Wealth Network found that the hottest real estate markets right now usually have three things in common:
- Job growth.
- Population growth.
When a city can combine all three of these attributes, people want to live there. When people want to live in a specific city, there’s going to be excellent investment opportunities and home values.
Although the overall real estate market has exploded recently, there are still plenty of cities where you can find a low-cost (think around $100,000) home and/or investment property with high cash flow potential.
The Real Wealth Network found the following cities to be the top ten in the country:
- Orlando, Florida
- Tampa Bay, Florida
- Jacksonville, Florida
- Cape Coral, Florida,
- Pittsburgh, Pennsylvania
- Huntsville, Alabama
- Houston, Texas
- Cleveland, Ohio
- Cincinnati, Ohio
- Chicago, Illinois
Tampa is located on the west coast of the Sunshine State, as part of metro Tampa Bay, and as a major city in one of the most desirable states in the country.
Tampa has amazing weather, is close to pristine beaches, and is part of a metro population of more than 4 million people that includes cities like St. Petersburg, Largo, and Clearwater.
Tampa’s economy is, perhaps, more important to consider. Thanks in part to a revitalization plan put forth by Jeff Vinik, Tampa is flooded with opportunity. As part of a multi-billion-dollar plan, there will be over three million square feet of development on the waterfront, a new urban medical school, more corporate headquarters, condos, hotels, shops, and restaurants.
Furthermore, the Tampa Bay economy is now worth around $130 billion, and the metro area has been recognized as one of the 20 fastest growing in the entire country. The unemployment rate sits at just 4.6%, and in 2014 WalletHub put together a study that found that Tampa Bay was the third best city in the country in which to find a job. The economy added 38,800 jobs in January 2016 alone.
All of this led Ten-X to rank Tampa as the #1 housing market for first-time homebuyers in 2017. Tampa is recognized as such because of five main factors:
- There is a lower median home value, which makes for a more affordable down payment.
- Experts predict a strong home value forecast, which means that property values will rise.
- There is a higher inventory of available homes.
- There is a shorter break-even horizon, which means that people can pay off their home faster.
- The market is less competitive.
Whether you are a residential home buyer or an investor, the first thing you need to do before buying a property is secure the financing. So, if you are going to use a mortgage to finance the property, you should get pre-approved as soon as possible.
Then, with knowledge on how much you can afford to pay for a property, and proof that you are a serious buyer, you can start shopping for the home that best suits your needs.
Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of homebuyers and homeowners in Florida, Virginia, and Pennsylvania.
We specialize in conventional home mortgages, FHA, VA and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing, and help clients with HARP refinancing to lower their monthly mortgage payments.