Clearwater may be the smallest major city in the Tampa Bay metro area, but it has a great deal of potential for homebuyers. Clearwater has a healthy real estate market with home prices that are bound to go up, partially thanks to its great location.
If you are looking to buy a home in Clearwater, you will probably need to apply for a mortgage to purchase the home. So, here’s a closer look at the Clearwater real estate market, as well as some considerations to keep in mind to apply for a mortgage in Clearwater.
Clearwater, Florida Real Estate
Clearwater is a great place to buy real estate. The median home price sits at $168,100, which is slightly below the Florida state average of $175,300 and U.S. national average of $188,900. However, that median price is in line with home prices in the larger Tampa Bay area, where the median home price was $175,000 as of August 2015.
In the past year, home values in Clearwater have risen a strong 8%, much higher than the national average of 3.9% growth. Home values in Clearwater are projected to keep rising, and Zillow predicts they will grow about 1.7% next year.
Clearwater, Florida Is a Great Place To Live
Ask just about anyone in Clearwater, Florida, and they will tell you it’s a great place to live. There are a few factors that make this city so desirable, and help explain the sharp growth in home values in recent years.
First, there is the weather and beach. Clearwater provides access to some of the best, warmest, and most pristine beaches in the country, and much of the town is situated directly on the Florida Gulf Coast. Combine that with unbelievably sunny weather, and Clearwater is a beach lover’s dream, holding a Guinness record for 361 consecutive days of sunshine.
Besides beautiful weather, Clearwater offers a great deal to residents, partially because of the overall Tampa Bay Metro area. Tampa Bay is outpacing the country for job growth, and many new jobs on the horizon.
With only twenty miles of freeway separating Clearwater and Tampa, Clearwater is part of the Tampa Bay economic powerhouse and world-city culture. The city of Clearwater, though, has a slightly slower pace of life and better access to beaches.
Clearwater offers a great quality of life that’s reflected in a strong real estate market and growing home prices as Tampa Bay’s smallest major city.
Getting a Mortgage in Clearwater, Florida
If you are thinking about buying a home in Clearwater, Florida, you’ll most likely need a mortgage. So, here are a few things to keep in mind when applying for a mortgage in Clearwater.
#1 Select a Reputable Licensed Loan Officer
It’s important to work with a licensed loan officer and lender when getting a mortgage to buy a home.
You can check the license for both the loan officer and lender online at NMLS Consumer Access. For convenience, here are links to Marimark Mortgage and Mary Catchur’s license information.
#2 Pre-qualification and Pre-Approval
It’s also important to be become pre-qualified for a mortgage before beginning to search for a home, then work toward being pre-approved while looking for your new home.
Pre-qualification for a mortgage is the first step you should take when starting to search for a home. You can be pre-qualified over the phone in just a few minutes, and start looking for a home with a Realtor immediately.
Then as you look for a home, you can go through the longer process of being pre-approved for a mortgage.
#3 Finalize Your Mortgage Application
Once you are pre-approved for a mortgage, the lender submits your application to underwriting, along with all of the supporting documentation.
Upon completion of the review, the underwriter will usually issue an “approval with conditions,” meaning that you can move forward and work toward meeting the remaining “conditions” prior to final approval.
Once all of the documents have been received and approved, the underwriter will issue a “clear to close”, and the lender will send the paperwork for closing to the title company/closing agent.
#4 Close On Your Mortgage
The last step is to close on your home. The closing of your mortgage and the closing of your home purchase usually occur at the same time. You will pay the closing costs, and receive and/or sign several documents.
Marimark Mortgage
Marimark Mortgage is a Clearwater Mortgage Broker serving the mortgage needs of borrowers in all of Virginia, Pennsylvania, and Florida.
To become pre-qualified and pre-approved, and start the mortgage process, fill out our Quick Mortgage Application or contact us direct.

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