You want to make sure you’re getting the best possible price when buying a home. Timing can play a huge factor in whether you pay over or under asking price. So before you buy your dream bungalow, learn the best time of year to buy a home in Tampa so you’re guaranteed the best deal.
With a beautiful landscape, warm weather year-round, and a bustling downtown and tourist hotspot, it’s no wonder Tampa is becoming one of the most popular places to live as well as one of the fastest growing cities in the nation.
More people than ever are looking at Tampa as an ideal place to put down some roots. And unsurprisingly, with the burgeoning job market and low cost of living, Tampa has topped the lists as one of the hottest housing markets.
So while the rest of the country over the past few years has seen a consistent seller's market, Tampa is in right in the midst of a hot buyers market.
The Tampa housing market seems optimal for you to start looking for your dream home. However, you still want to make sure you get the best possible deal, and knowing the best month, or even day, to buy your home can make all the difference when it comes to your wallet.
This is why it’s a great idea to partner with a local real estate agent. A local agent will be familiar with Tampa housing market trends and know the exact best time for when you should buy your home.
Make sure you’ve done all your research before you call the moving truck and get settled in the great Sunshine State. Here’s everything you need to know about the best time to buy a home in Tampa.
Best Time of Year to Buy in Tampa
As Tampa’s housing market continues to favor you as a buyer, purchasing a home right now can get you the best price before the market swings again in the other direction towards a seller's market.
As one of the most affordable cities in Florida, Tampa homes have sold at prices around $136,000 and even as low as $90,000. That’s incredible, especially as home values have increased 9.8% over the last year and are predicted to continue to rise 5.3% in the coming year.
With low prices and increased home values, Tampa is a great place to buy. But with such great steals, you may face a bit of competition in getting your dream home. So when should you buy to guarantee a great selection as well as a great price?
Because of the great weather and seasonal fluctuations in population during the winter months due to snowbirds escaping the cold northern states, the house shopping season in Tampa doesn’t follow the typical national trends.
Instead of the traditional spring excitement in the housing market, Tampa sees a lot of action during the winter months — January, February, and March.
Tampa sees the newest listings and inventory in the first three months of the year. This means you’ll have an abundance of new homes to look at and sellers may be more open to negotiating price due to more competition between the profusion of sellers.
During the winter months, February stands out statistically as having a high inventory of housing options while also seeing more price reductions in homes than in January and March.
Additionally, when looking closely at Tampa’s housing market, the late summer months moving into fall — August and September — also see a decent inventory of home listings and less homes selling over the asking price.
During these specific months, you’re bound to get a better price for a home as sellers are anxious to get their homes off the market before the housing lull between October and December.
The Best Places to Buy a Home in Tampa
A beautiful area right near the water, Hyde Park boasts historic, Victorian-style homes and is a great neighborhood for younger people who want to be close to the action. The neighborhood has plenty of restaurants, local shops, and great nightlife with speakeasies and rooftop patios.
This neighborhood definitely gives off the suburban feel. You’re more removed from the bustle of downtown but you still have access to city-type amenities. Seminole Heights has plenty of breweries, local shops, and restaurants for you to enjoy.
You can enjoy the island life on Davis Islands. This area is made up of small islands connected to Bayshore Boulevard and just minutes from downtown Tampa. Homes here are more expensive than back on the mainland, but definitely gives you a tight-knit community feel.
If you like the quieter life, Plant City features pre-1920s homes with brick roads and a small, charming downtown with local business and antique shops lining the streets. In this smaller community, you’ll more likely have some land or a decent backyard as well.
If you like the city feel, Downtown Tampa is the place for you. Rapidly growing, this area has a booming business district, beautiful skyline and water vistas, and is centrally located for easy access to highways, shopping centers, and restaurants.
4 Ways to Get a Great Deal On a Home in Tampa
1. Find a Great Tampa Real Estate Agent:
Because Tampa is a buyer’s market, it’s even more imperative to work with a local and experienced real estate agent. You don’t want to be taken advantage of or inadvertently pay more for a home thinking you’re getting a good deal.
When going through the stress of buying a home, your real estate agent can be your advocate and with their extensive network, they can find potential homes and great prices that you don’t have access to.
Learn More: What Does a Real Estate Agent Do for a Buyer?
2. Assess Your Needs and Lay Out Your Goals:
Your real estate agent knows the lay of the land. They will be able to guide you through the Tampa housing market and navigate which neighborhood matches both your price range and meets all of your needs.
Going at it alone takes up an extraordinary amount of your time and resources. Having the help of a local agent will assure that you find your dream home faster and at the right price.
Learn More: What to Look for When Buying a Home
3. Find a Lender and Secure Financing:
It’s never fun to deal with financing. Working with a real estate agent can help with this process. They know the ins and outs of financing and will help you choose the right loans or options that make sense for your goals and current financial situation.
Keep in mind that closing on a home with financing usually takes around 30 days. So if you’re on a fixed timeline for a job or other extenuating circumstances, you’ll want to take the 30 days into account.
Learn More: A Step-By-Step Guide to the Home Loan Process
4. Negotiate for the Best Possible Price:
Congratulations! You’ve found your dream home! Now, you have to make an offer. Your skillful real estate agent will help you draw up and submit an offer to the seller and once the home inspection is complete, your agent will negotiate to ensure you’re getting the best deal possible.
As you begin your home buying journey, you’ll want to partner with a great real estate agent who will make sure you get everything you want and at the best price.
All you need to do next is to fill out this online form and a Clever rep will be in touch to answer all your questions and connect you with a local Partner Agent for a no-obligation consultation.