Lance Mohr is your Tampa real estate expert, with over 10 years of experience and 15 years of investing. Please visit our Tampa Real Estate website and add our Tampa real estate blog to your favorites section of your browser.
A great deal has been written about the Florida real estate market and the Tampa real estate market over the course of the past year. This includes media reports and in depth analysis that has shown up on the Internet and World Wide Web with regularity. On the surface, the vast majority of what has been reported on about the Florida and the Tampa real estate market has been gloomy. However, the reality is that despite all of the negative publicity that has been put forth regarding the real estate markets, the outlook for a home buyer in the Sunshine State and in the Tampa area hardly is all negative.
First of all, a number of buyers actually have been scared away from the Florida real estate market because they have read so much about the record rate of foreclosures at this point in time. In fact, the truth is that in some places in Florida, one in forty residential properties ended up in foreclosure in the State of Florida over the course of the past year.
With that understood, the foreclosure problem actually can work to the benefit of a home buyer at this point in time. If you are in the market, you actually can take advantage of the foreclosure situation that exists. By identifying those homes that are either facing foreclosure or in foreclosure, you are able to make a purchase of these residential properties for what can amount to significantly reduced prices than what you would be able to achieve on the more open market.
Second, beyond foreclosures, there are also a growing number of Tampa residences that end up on the sales block due to unpaid taxes. This represents yet another avenue that you can pursue in order to purchase the home of your dreams at a markedly reduced price.
Finally, during the 1980s and 1990s a significant number of people in the Tampa area invested in residential real estate. By the turn of the century, many of these residential properties have ended up for sale on the Tampa real estate market. Some of these investors have encountered difficulties in selling these properties and are willing to accept lower offers on these properties. In other words, by taking advantage of this situation, you will be able to save a significant amount of money on the purchase of your home. (Keep in mind that you may have to do some repair and refurbishing work on these homes. However, the investment in time and money that you may have to work to repair some aspects of these homes will still be offset by the lower price you ended up paying on the property in the first instance.)
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