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Scott says that as a builder, they are seeing lots of traffic in the area. They have 7-8 different communities they're currently selling. The traffic in Pasco County in the past 6 months continue to increase almost week by week. In fact for the last 2 months, they have broken their records in terms of home sales. It's a great combination for a lot of buyers because home prices are in the $100-200,000 range, they have good schools up there, more peace and quiet and although it's a bit of a drive, there's already an expressway for easy access.
Aaron said that when they opened in 2009-2010, they were right in Seven Oaks and at the time, there were a lot of foreclosure activity and a lot of vacant lots. Now, all of that is gone. There's now a hospital, multiple malls that have been built. He says that Trinity area is just booming! Unlike before where development are usually focused on the I75's, they are now getting off the road a little bit like the new hospital in Wesley Chapel which is creating thousand of jobs for people around the area.
David and Arnie talk about the trend of more first time home buyers going up there because of the price point. Some of those first time home buyers now have a spouse and kids and want to get away from the hustle and bustle of Tampa. Pasco is still a great community, new malls, new infrastructures.
A lot of people think about New Port Richey and Hudson when they talk about Pasco but Andrew says that South Pasco - Trinity, Wesley Chapel and Land O Lakes - is where a lot of big developments are taking place. One factor is the commute which becomes a bit unbearable when going to North Pasco.
On the mortgage side, practically all of Pasco county does USDA loans which means 100% financing. Though USDA is a little backed up, this option is best for those buyers who are willing to wait.
Another advantage is that the taxes are lower, too. From an affordability stand point, as the market starts to grow in the hot areas of town, buyers can opt for more home but go further out or less home and stay in some of those hot areas. The land prices in Pasco are lower than those in Hillsborough which translates to a lower sale price for the home.
Andrew also recapped the article about Tampa Bay being the best kept real estate secret in the country. As compared to Orlando or Miami, Tampa Bay has a big percentage lower than their average sale price. Tampa Bay's values are still very reasonable for the opportunity and value of employment. All of the things that are happening - the Lightning winning, Tampa's market getting some national news, Andrew's appearance in CNBC, he says jokingly, all the employers are coming down to Tampa Bay. Aside from that, the retiree population is coming back which they lost to Georgia and the Carolinas just 5 years ago. Scott adds that they are also seeing an increase in investor activity because they are seeing more value because of the price and the weather, the beaches and more.
To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.