Source: Tampa Bay Times —
This time last year, it seemed like the entire Tampa Bay area was caught up in a home buying frenzy. But as we enter 2023, the tide has changed considerably.
High interest rates, stubborn inflation and the threat of recession have caused many to tighten their purse strings and defer their dreams of homeownership.
Home sales in Tampa, St. Petersburg and Clearwater were down 36.9% year over year, according to December data from Greater Tampa Realtors. That trend may continue through the end of the year as the market stabilizes.
We spoke with local real estate pros about how to navigate the home buying process during uncertain economic times. Here’s their best advice.
Research homebuyer assistance programs:
Buying a home is likely the biggest purchase you will make in your lifetime and it’s a decision that should not be rushed. Still, there’s never going to be a perfect time to buy.
Manuela Hendrickson, the owner of St. Petersburg real estate brokerage, Global LifeStyle, said many first-time buyers make the mistake of waiting around for the market to crash so prices will drop.
“That’s not going to happen here,” she said, noting that the Tampa Bay market has seen steady growth for the past several years.
Luckily, there are many incentive programs out there for buyers who are prepared to make a long-term financial commitment but need a little extra help to get started.
Hendrickson highlighted the Florida Hometown Heroes Housing Program, which gives up to $25,000 in down payment assistance and reduced mortgage rates to qualified buyers in dozens of different professions including law enforcement, educators, health care workers and military personnel.
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