Inside the Data
It's no secret the residential real estate market has "cooled" this past year. Some would say it's experiencing a deep freeze. As national sales trends show a continued downward trend in median market pricing, the press has had a field day with the numbers. The problem with these reports is the data itself. In order to have an increase in median pricing, a broad price range of property transactions need to be sampled. As we all know, the number of sales consummated in the Tampa Bay area are down when compared to last years stats, hence median price is probably the least relevant statistic, considering the myriad of micro markets existing in our market. However, we're not focusing on the doom and gloom in this report.
Market Realities
Experience has taught us when homes are priced within the range of current market expectations, sales ensue. With inventories of single family homes and condominiums at record highs, competition between selling parties heats up. But this "battle royale" doesn't have to get down and dirty. In fact, certain renovation projects can put your property at the front of the buyer's line. Supporting data exists to show the Tampa Bay MSA (Metropolitan Statistical Area) outperforms the Southeast region and the nation in average return on investment (ROI) for both residential upgrades and more involved renovation projects.
Local vs. Regional vs. National Trend
At las palmas appraisal, we believe the following data will be of benefit to you when determining the viability of "tweaking up" a property prior to listing/selling. This information applies to midrange and upscale projects.
Our friends at Hanley Wood, LLC provide the regional vs. national data here. Click on Download City Data to view the local Tampa MSA information. We think you'll find this information extremely interesting and quite surprising.
As your resource for quality valuation services, it's our intention to keep you professionally informed with helpful, pertinent information. Hopefully, we've kept our promise with this market report.
Thank you for your time and your support.
Regards,
John Huston
State Certified REA RD-6006
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