The big news going into this week is the Fed officially increased the Fed Funds rate. How will that affect mortgage rates going forward into 2016? Take a few minutes to watch the CEO of Quicken Loans give his take (see link below). Also, we’ve included an article overviewing the key trends expected to drive the housing market in 2016. As for Tampa, it was recently named the sixth hottest real estate market in the U.S. and the Tampa airport garnered J.D Power and Associates second highest rating for customer satisfaction. Tampa’s real estate market has also caught the eye of international investors, you can read more about that below.
First, let’s review how Tampa area real estate (Pasco County) fared in November of 2015. If you have any specific questions about the Tampa or are looking to buy, sell or invest in the Tampa area we’d love to talk with you. Please get in touch.
November Market Statistics – Pasco County
Jonathan Smoke, chief economist of realtor.com, shares his view on the 5 key trends that will drive the real estate market in 2016.
The Fed raised the Fed Funds rate for the first time in 9 years? Quicken Loans, CEO William Emerson gives his take on how it will likely affect mortgage rates. The key takeaway for those seeking to buy a home you probably have at least 3 to 6 months before mortgage rates go significantly higher. So if you want to maximize your buying power act sooner, rather than later.
Fly much? If so, Tampa’s airport is a great place to start your journey. J.D. Power and Associates recently name It the second best airport in the U.S. for customer satisfaction.
“Tampa’s airport came in second in J.D. Power and Associates’ latest customer satisfaction analysis for top airports in North America.
Portland International Airport was the only other major airport to rank higher than Tampa with a score of 791 out of 1,000. Tampa’s score was 776. McCarran International Airport in Las Vegas was third at 759.
Tampa airport’s easy layout and quick security check points, the number of bars and well-known restaurants and overall cleanliness helped it rise toward the top.
“The airport is the first impression of Tampa Bay for a business traveler. The fact that you can get from the gate to the car in no time flat, and the fantastic convenience and customer service there, is why they’re ranked where they are,” said J.P. DuBuque, interim president and president of the Tampa Hillsborough Economic Development Corp., who added that the airport’s reputation helps stimulate local economic development.
Florida came in at number six on the list with a 1.2 percent year-over-year gain on October. This was the 47th consecutive month that the median home price rose. Charlotte county led the way, climbing 21.1 percent. Tampa’s prices climbed 6.4 percent according to the to the Standard & Poor’s/Case-Shiller home price index.
Until recently, the Chinese have been minor players in Florida. According to a study by the National Association of Realtors, they accounted for only about 6 percent of home buyers in the state last year and less than 1 percent in the Tampa Bay area.
That is changing.
“There’s a flood of Chinese money coming into Florida for investment,” says Robert Stern, a Tampa attorney specializing in real estate law. “A lot of Chinese money wants to come over for safety and security — it’s the stability of the American economy. You may lose money, but you’re never going to lose assets (such as real estate).”