Home Bay recently published some statistics that will blow you away – housing prices have increased by an astounding 294% since 1988. Furthermore, home prices have increased by 42% since 2020 alone, with Miami seeing the market’s biggest home price increase last year with 16%. In fact, home prices are outpacing inflation by 207% since the pandemic.
What does this mean for you?
While housing prices have declined over the past few months, these are still incredible numbers for a return on investment. We can look at our erratic economy and the housing market with a few takeaways:
- It’s become increasingly difficult to afford a new home as a first-time buyer
- Now is the time to capitalize on getting the best price when you sell your home, and
- Investing in the housing market can really pay off.
Personally, I look at the crazy inflation we’ve dealt with since the pandemic (which is finally cooling off, by the way), and I see opportunity. There’s less inventory on the market, so your home has become far more desirable, especially in the category of luxury homes for sale in Tampa, Florida. Current homeowners have gained a lot of equity over the last three years.
While first-time buyers face unique financial challenges, existing homeowners can leverage getting the highest amount for their homes to strategically get into something better or invest in second homes.
By the way, this is also an excellent opportunity to use some of that home equity to make home improvements that will boost your property value even more. Check out my recent blog post on how to do just that!Curious about what price you might get for your home in today’s market? Born and raised right here in Tampa, Florida, I have homegrown expertise in the local luxury real estate market. I’d love to help guide you through the selling and buying process – contact me to explore your options!