🔥 Tampa housing market heats up, Pickleball in Ybor, & mortgage rate predictions
🔥 Tampa will have one of the hottest housing markets in 2024, according to Zillow
Driving the news: Zillow's latest report forecasts Tampa as one of the top 10 hottest housing markets for 2024. This recognition follows Tampa's earlier accolades from Money.com and TIME as one of the best places to live in the U.S.
Details: Zillow's ranking is based on a comprehensive analysis of various factors. These include anticipated home value growth, the pace of the housing market, changes in the labor market, home construction activity, and the increase in homeowner households.
Tampa, securing the 10th spot, is noted for its solid economic fundamentals and a housing market characterized by brisk sales and a stable influx of potential buyers.
Why it matters: Tampa's ranking is significant, highlighting the city's economic resilience and appeal to homeowners. This positions Tampa favorably in the national real estate market.
The designation of a city as a hot housing market has significant implications for local residents and potential investors.
It often leads to increased interest in the housing market, which can drive up property values and impact local economies.
The big picture: Tampa's entry into this list is part of a larger trend of cities with robust local economies and steady home values.
These cities, including Tampa, are recognized for their strong job markets and expected stability in home value growth.
By the numbers: The full list of cities with the most promising housing markets in 2024 is:
- Buffalo, New York
- Cincinnati, Ohio
- Columbus, Ohio
- Indianapolis, Indiana
- Providence, Rhode Island
- Atlanta, Georgia
- Charlotte, North Carolina
- Cleveland, Ohio
- Orlando, Florida
- Tampa, Florida
The bottom line: With its newly earned recognition, Tampa is likely to experience a surge in housing market interest, both from buyers and investors.
This could further boost the city's economy and contribute to its ongoing development.
🎾 Massive indoor pickleball facility opening in Ybor City
Driving the news: In Ybor City, an innovative indoor pickleball facility is set to open, marking a significant development in the growing popularity of the sport.
Spearheaded by the Tampa Pickleball Crew, this expansive 28,000-square-foot venue offers a unique playing experience.
Details: The founders, Susan Forsyth, Jen Plummer, Dene Williamson, and Kayla Goldman, have transformed a warehouse into a state-of-the-art pickleball haven.
The facility, with renovations under $100,000, represents a significant investment in local sports infrastructure.
With at least eight courts, permanent nets, and court dividers, this facility at 1701 E. Second Ave. also boasts ample parking, both dedicated and on-street.
While memberships are available, the facility also welcomes drop-in players, offering 1- or 2-hour passes.
This inclusive approach caters to both novice and professional players, emphasizing the sport's appeal to a wide audience.
Why it matters: Pickleball, a sport gaining rapid momentum, now has a dedicated space in Tampa.
This facility addresses the challenges of finding available courts and the unpredictability of Florida's weather, enhancing the sport's accessibility and enjoyment.
The big picture: The founders' diverse backgrounds – from sports business academia to social media marketing – bring a unique blend of expertise to this venture.
Their vision extends beyond just sports, with plans to integrate community events like food pop-ups and even a pickleball-themed speed dating event.
What’s next: The soft opening on January 19th from 5 pm to 9 pm is just the beginning. The Tampa Pickleball Crew encourages enthusiasts to check out their website and Instagram for more details, including upcoming pop-up tournaments.
The bottom line: This indoor pickleball facility in Ybor City is more than just a sports venue; it's a community hub designed to bring together players of all levels, offering a unique blend of sports, social interaction, and local culture.
💸 NAR 2024 Housing Forecast: 4.71 million in home sales
Driving the news: Driving the news: In a recent release, the National Association of Realtors® (NAR) forecasts a robust housing market for 2024, predicting 4.71 million existing home sales.
This outlook surpasses Redfin's earlier projection of 4.3 million sales, marking a significant shift in market expectations.
Details: NAR's report suggests a steady year for home prices with little change and an average 30-year fixed mortgage rate of 6.3%.
Furthermore, NAR anticipates the Federal Reserve will implement four rate cuts in 2024, responding to slower economic activity.
By the numbers:
- Existing Home Sales: 4.71 million, a 13.5% increase from 2023.
- Median Home Price: $389,500, up by 0.9% from 2023.
- Mortgage Rates: An average 30-year fixed rate of 6.3%.
- Housing Starts: 1.48 million, including 1.04 million single-family homes.
Why it matters: These projections are crucial for both current homeowners and prospective buyers, indicating a more favorable market ahead.
The forecast of higher sales volume and stable prices suggests increased accessibility for buyers, especially in hotter housing markets.
The big picture: The report aligns with broader economic indicators. NAR expects a U.S. GDP growth of 1.5%, staving off recession fears. Job growth is predicted to slow, yet remain positive, with an addition of 1.7 million new jobs.
What’s next: All eyes will be on federal interest rates when it comes to the housing market predictions for this year. More rate cuts will keep the market strong.
The bottom line: NAR's 2024 housing forecast presents an optimistic view of the real estate market, with growth in sales and stable prices.
This is good news for homebuyers and a sign of continued recovery and stability in the housing market.
📊 Our Current Local Market Numbers
The Pinellas and Tampa Bay markets are expected to remain strong into 2024:
- Median sales price: Over $400,000 in both Tampa and Pinellas County, with some areas exceeding $500,000.
- Days on market: Homes typically sell within a month, sometimes much faster.
- Competition: Expect multiple offers on desirable properties, and be prepared to act quickly.
I'm happy to help you create a home-buying strategy that will allow you to navigate the current market.
If you ever have questions, don’t hesitate to ask.
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📰 In Other News:
- That’s all for today, We hope you have an amazing week!
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