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With a potential rise in interest rates and an election year on the horizon, I thought it'd be a good time to predict what we might see out of the Tampa market in 2016.
Before I do this, I'd like to tell you that our market is very broad and that not every neighborhood will experience the same level of appreciation. Real estate is unpredictable and I cannot say with complete certainty what will happen in your local neighborhood.
Regardless, we expect appreciation to continue in 2016. We expect prices to rise by about 10% and sales will likely rise by 10% because builders are creating a lot of inventory.
Our population is also increasing, and inventory is low, so this means prices will inevitably rise. We expect 2016 to be a really terrific year for Tampa real estate, especially for sellers.
New developments beginning downtown will create inventory, and it will bring a lot of buzz to our area. We expect a lot of new employers to come to town, and this means that job growth will increase. New jobs will positively affect our real estate market in 2016, so I am definitely looking forward to this year.
If you have any further questions, please don't hesitate to contact me. Your neighborhood could have a different path in 2016, so contact us or check our website for a more detailed report.