Moving

Tampa amongst high U.S. cities the place most individuals are transferring

Corporate home buying worsens housing market

Companies are buying up rental properties faster than they can be listed for sale, squeezing renters and buyers totally out of the market.

Tampa made the number three spot for US cities people are moving to, according to a recent study by the Seattle-based real estate brokerage firm Redfin.

Redfin’s study ranks Miami at number one, followed by Phoenix, Tampa, Sacramento, and Las Vegas to round out the top five.

This is having a significant impact on Tampa Bay’s housing market with Tampa forecasted to be the hottest housing market in the country in 2022, according to Zillow.

Last month, an analysis by Zillow found that housing inventory in the region is down 46% from pre-pandemic levels.

READ: ‘I think there is hope for the everyday first-time homebuyer’: Tampa realtor featured in HGTV show

The average home in the area sold for 41% over the expected asking price, according to a recent analysis conducted by Zillow.

“Tampa really has the best mix we found, of strong forecasted home value growth, strong demographics, a solid pipeline of buyers young and old; the traditional retirees and younger buyers looking to take advantage of a coastal lifestyle,” said Cory Hopkins, an economics manager for Zillow in an interview with Fox 13 last month.

Studies show a majority of the new home buyers in Tampa Bay are from Los Angeles, San Francisco, New York City, and DC

“Buyers need to ready, they need to be aggressive and need to be ready to make a decision and submit their offer immediately – you cannot sit around and contemplate and analyze…if you want a property you need to actions,” said Hopkins .

Tampa Bay grew by more than 40,000 people between July 2020 and July 2021, according to the US Census Bureau.

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