Tampa, Florida is one of the five largest metro areas in the Southeastern United States, with a growing population close to three million people. As a result, the real estate industry in the Tampa Bay metro area is booming.
So here is a look at Tampa’s real estate market, and tips to get a mortgage in Tampa.
Tampa Real Estate
Tampa, Florida’s home prices haven’t rebounded fully from the 2007 recession and nationwide housing crisis, but the real estate market is doing very well and is expected to keep growing into the future.
Currently, Tampa’s median home value is $148,600, lower than both the Florida state average of $175,300 and U.S. national average of $188,900. But the lower than average home value doesn’t capture growth in home values occurring over recent years, or the projected growth in the future that will continue to boost home values throughout Tampa Bay.
Last year, Tampa home values increased 9.3%, more than triple the national average of 3.3% over the same period. This rise in prices represents thousands of dollars in increased home value for homeowners, and a great ROI for Tampa real estate investors.
In 2016, home prices are expect to keep rising, and Zillow projects that values will increase another 2.2%.
Desirability of Tampa, Florida Real Estate
As the economic center of West Florida, and one of the most important economic hubs both along the Gulf Coast and in the southern United States, Tampa offers exceptional economic opportunities for residents and businesses.
Compared to many major Florida cities that have seen economic growth primarily as the result of the tourist economy, Tampa has a widely diversified economy. It serves as transportation hub for the area, making it an important home for the citrus industry. And with large companies expanding their job offerings in Tampa, the economy is projected to continue improving, which is one of the biggest reasons for Tampa’s hot real estate market.
Of course, Tampa Bay also offers coastal Florida charms such as moderate weather, beautiful coastal scenery and beaches, and numerous recreational opportunities. All of this, with Tampa’s vibrant economy and picturesque beauty, means real estate in the greater Tampa Bay metro area is set to continue growing into the future.
Getting a Mortgage in Tampa, Florida
With a little planning, you can save thousands of dollars on a mortgage over the course of the loan. So the sooner you start working with a Tampa mortgage loan originator the better.
When you meet with your mortgage originator, you should expect to learn about down payment options that are applicable to your specific needs, closing costs you can expect to pay, possible ways to lower your interest rate by raising your credit score, and possible challenges with certain situations such as condo mortgages.
Perhaps most importantly after your first meeting with a mortgage originator, you should know how much you can afford to pay for a home.
The first phase of the mortgage process takes just a few minutes, after which you can be pre-qualified for a mortgage and begin looking for a new home with a Realtor. Then as you look for a home, you can start the process of becoming pre-approved for a mortgage.
After you have a contract on a home, your loan originator will work to close on your mortgage as quickly as possible. At Marimark Mortgage, we usually close in 30 days or less.
Mortgage License and Reviews
When searching for a mortgage originator, whether you use a bank or mortgage broker, make sure the person and the company you are working with is licensed by the State of Florida by searching NMLS Consumer Access.
Also check online reviews to see how well the mortgage company and loan officer have performed. For your convenience, here are links to some of our reviews:
Marimark Mortgage is a Tampa mortgage broker, serving the needs of borrowers in Florida, Pennsylvania, and Virginia.
As a mortgage originator, we specialize in conventional home mortgages, FHA, VA and USDA mortgage options, refinance loans, and reverse mortgages. We have worked extensively with a variety of refinancing options to help clients lower their payments on their home, even if their home is “underwater” and worth less than their mortgage value.
Some of the many mortgage services we provide borrowers include:
- Down payment / program options.
- Fast and thorough pre-approvals.
- Timely communications with all parties including Realtors throughout the process.
- Education on expected closing costs and which party is responsible for paying them.
- Upfront planning before homebuyers start looking for a home to prepare them with credit and cash needs.
- Upfront and early identification of unique issues such as property flips, unusual borrower employment situations, credit history, and determining appropriate lender placement based on those needs.
- Fast closings, often in 30 days or less.