Tampa didn’t appeal to me at first. I’m from Clearwater, born and raised, and didn’t like crossing the bridge much. I had everything I needed there, too—my family, my grocery store, and several good real estate investments. A few I had turned and sold, and another couple I was holding onto and taking in rent. But, when I was catching up with a friend of mine—actually another professional real estate investor, really—at a Phillies spring training game, my mind started to change.
Why You Need to Invest in Tampa, FL Real Estate This Year
Listening to him describe the market made me realize that there was a lot more potential in Tampa than I had realized. Most importantly, there was a lot of upside, strong room for growth. He’d been following up on leads there for a few years and his deals seemed to be improving steadily. I’ll tell you what he told me: the top reasons to think about real estate investing in Tampa, FL.
1. A Strong Local and National Economy Raises Prospects in Tampa, FL
Say what you will, the economy is booming right now. It’s been climbing for the last ten years and it looks to keep climbing. In 2018, Tampa’s total economic output was $148.6 billion. That’s better than several countries and even a few U.S. states. Tampa has a diverse industry footprint, ranging from high-end manufacturing, like avionics and marine electronics, to financial and business services, to tourism.
Naturally, the location helps too, allowing Tampa to rake in money from its port and maritime services. All that to say, there’s plenty of people in Tampa with good, professional jobs, giving them upward mobility. That means a market for rentals, starter homes, upgrades, and second homes. The strong local and national economy allows people the financial space to purchase homes.
2. New Job Growth Attracts Homebuyers to Tampa, FL
Tampa is actively adding new jobs in many key industries. This creates a pipeline of new homebuyers, who will have more market power than they experienced in their previous occupations. When people take new and better jobs, they begin to reorient their lives to their new position. One of the biggest changes they think about making is buying a new house—especially if they’re getting married or beginning to start a family.
So, the job growth in Tampa predicts increasing demand for houses across the property categories. You can leverage this demand to negotiate more confidently for funding, as you are better able to make the case that the house will be sold at a solid market value. This increased confidence in deal-making can lead to better terms and more attractive prospects.
3. Tampa Remains an Affordable City for Buyers and Investors
Competitive salaries don’t help if the rents and the market prices for homes are exceptionally high as well. Think of New York, Boston, San Francisco—there’s money to be made in real estate in those cities but it takes a very large amount of money to enter the market. While Tampa has a strong economy and solid job growth, it hasn’t been priced up by overactivity or too-high demand. Interest rates remain affordable as well, allowing prospective homeowners to take out financing and still come out ahead. These conditions allow you to be able to make reasonable purchases with the potential to generate returns.
4. Population Growth in Tampa Predicts Continuing Solidity
More people are coming to Tampa than the number who are leaving. Some of them you can pick out on the streets—they’re the ones with sunburns. This positive population churn increases demand for housing. Previously occupied homes enter the market, and new arrivals seek homes before they reach the city. New arrivals may also start by renting but then move up into a more permanent housing situation once they have their feet under them.
Each of these factors enables you to make strong deals. Increased demand from new arrivals raises sale prices. It also bolsters the rental market, for investors, like me, who enjoy holding onto a steady revenue stream for a while. As it turns out, Tampa is becoming one of the hottest markets in the country for real estate investment, demonstrating how good conditions in the city have become.
Take Advantage of All Tampa Has to Offer
All in all, I’m glad my buddy turned me onto Tampa. I have been able to expand my portfolio, and am excited about how my new projects across the bridge are turning out. To a large degree, I was able to do all that because I’m an independently owned and operated HomeVestors® franchisee.
HomeVestors nationally-known and trusted “We Buy Ugly Houses®” marketing campaign has been a big help in Clearwater, and the same is true in Tampa, too. Thanks to the qualified leads that come my way from homeowners looking for “solutions for ugly situations®,” I’ve got my foot in the door in a strong real estate market. I couldn’t be more pleased.
Access to qualified leads from the “We Buy Ugly Houses®” marketing in Tampa is limited so call HomeVestors today.
Each franchise office is independently owned and operated.