Real estate trends in Hillsborough County, Florida
Florida is a very popular moving destination as well as a home-investing state. A lot of people from all over the country dream of or they already own a home in Florida. And there are plenty of reasons why this is so. Owning a home in Florida is amazing for so many reasons. You’ll always have a place where you can come and enjoy the nice Florida weather and spend time outside with your family. Plus, real estate in Florida isn’t expensive most of the time. And that is exactly what we are here to tell you more about. As real estate experts, we studied the real estate market in Florida. To be more specific, Hillsborough County. And we decided to do so because Hillsborough Country is one of the most popular moving destinations. This is where the city of Tampa is. Hillsborough County is the next most populous county in the state of Florida after Miami and it is only continuing to grow. And as a lot of people are thinking about investing in homes in this county, we decided to write about the real estate trends in Hillsborough County. Knowing this before you actually invest in a home is very important.
What are real estate trends anyways?
As not a lot of people know everything about the real estate world, there must be some of you out there who don’t know what exactly do we mean when we say real estate trends. What are real estate trends? We are here to answer your questions. Real estate trends are any consistent patterns and changes in the real estate industry. You could look at real estate trends in just one city or even the whole country if you needed or wanted to. And you usually see real estate trends as graphs. This is the easiest way.
Some of the things that are considered to be real estate trends are home prices and whether they are dropping or rising and how much every year, are people mostly buying or renting homes, commission rates, are people selling their current homes, etc. There are plenty of things that we could say are a part of the real estate trends of a certain place. And here’s where you can read about the real estate trends in Hillsborough County.
Home prices in Hillsborough County
One of the most important real estate trends for people is the home prices and how they are changing over the years. Whether they are rising or dropping. This shows just how stable the real estate market of a certain place is. And Hillsborough County has a very good graph when it comes to home prices. This is a very popular country to invest in as it is one of the more affordable ones.
But home prices have started rising in 2020. In fact, they have risen by 4,8% since last year. This doesn’t seem like much, and it isn’t. The average sale price in Hillsborough County is around $260,000. When it comes to $/sq.ft., you have to pay $144 per square foot. This is 6,7% more than last year. But this type of change is completely normal. This isn’t such a drastic change in prices. It’s usually only a couple of thousand dollars.
Why are home prices over the year important for homebuyers?
But why is looking at home prices important? How does this benefit homebuyers? Well, there are a couple of reasons why you as a homebuyer should pay attention to the home prices over the years in a certain place, in this case, Hillsborough County. If the market is unstable and the home prices are constantly changing drastically, this means that this isn’t a good place to invest in. Because one year your home could be worth a million dollars and the next it could be worth only half of that. This year certain real estate markets were affected by the coronavirus and it is also something you need to have in mind.
This means that if you paid a lot of money for a home and you end up having to sell it and move away with Big Man’s Moving Company when the home prices have dropped, you are losing a lot of money. Luckily, Hillsborough County’s real estate market is very stable and the prices are consistent over the years. So, even if the prices drop a little, you won’t be losing a lot of money. This is also why a lot of people are buying properties in New York City – a very stable real estate market.
Buying vs renting homes in Hillsborough County
Another one of the Real estate trends in Hillsborough County that experts pay attention to is whether the people living in a certain place are buying or renting homes. This tells a lot about the market. If most of the people are renting homes, this could mean that the real estate market is saturated. This is happening in New York for example. There are plenty of homes, but there are also plenty of people wanting to live in New York. But not a lot of people are selling their homes in New York. And the homes that are up for sale are usually bank-owned homes.
When it comes to Hillsborough County, the situation is completely different. Not a lot of people here are renting homes because home prices are low. This means that most people decide to take out a loan instead of renting a home and paying rent. It is much better to invest than to waste money by renting a home in such a cheap county. So, if you are planning on investing in a home, find out what you can expect from the real estate market in the remaining part od 2020. This will help you decide whether it is a good time to invest or not.