Our Top Six Tips for Buying Real Estate in Tampa in 2023
The greater Tampa Bay real estate market has fluctuated wildly over the last three years. During the pandemic, people from all over the country were moving to Tampa Bay in scores to enjoy our lifestyle while working from home, driving demand and price increase throughout the region. Then, in mid-September 2022, the market shifted and is now hovering between a buyer’s and seller’s market. During times like these, buyers in Tampa Bay must work with a skilled real estate professional to ensure they know the state of the market and can get the best deal on their new home. In this blog, we discuss our top six tips for buying real estate in Tampa in 2023.
Work with a buyer’s agent
Our first recommendation is to work with an Accredited Buyer’s Representative (ABR). Any real estate agent can represent a buyer, but an ABR accreditation shows another level of dedication and skill when it comes to negotiation during the buying process.
Research neighborhoods
Tampa has many fabulous neighborhoods, from picturesque Fishhawk Ranch to sophisticated South Tampa, and determining which neighborhoods are the best fit for your family is a critical part of the buying process. The Sigler Group is led by Tampa Bay native Becky Sigler; having lived here for over 50 years makes us uniquely qualified to advise you on locations as well as which areas to avoid and why.
Know the comps
When reviewing comps, real estate agents and home buyers typically look at the most recent 90 days worth of data within a certain radius around the property. With our rapidly fluctuating market, this model will not work, and examining a much smaller data set is the best way to determine a fair price in today’s market. Our agents have their fingers on the pulse of the market and can expertly advise you on comparable properties to ensure you get the best price.
Know your tax benefits
When buying a home, particularly if you are a first time buyer, there are many tax benefits. While we cannot advise on these benefits in an official capacity, we can point you in the right direction toward skilled CPAs and attorneys we trust who know Florida tax law. For example, did you know that under the Inflation Reduction Act (effective 8/16/22), you can get up to $600/year for windows and skylights, $250 per year for exterior doors (max $500), up to $2000 credit for new energy-efficient heat pumps, water heaters, and central AC? If you’re looking at a property that needs a little fixing, knowing your tax benefits will definitely come in handy.
Negotiate, negotiate, negotiate!
When buying any property, working with a skilled negotiator is key. At The Sigler Group, we are known for our top-notch negotiation skills. In this market, you need an agent whao isn’t afraid to get aggressive on your behalf when it comes to seller concessions. Rate buy downs, closing cost concessions, and more are available to you as a buyer when inventory is sitting on the market. Make sure you’re working with an agent who will get you the best deal.
“Marry the price, date the rate”
While mortgage rates have risen in recent months, they won’t be this high forever. If now is the right time for your family to buy, keep in mind the saying “marry the price, date the rate!” This means that negotiating the best purchase price on your new home is more important that your interest rate at the time of purchase. You can always refinance your mortgage at a later date, bringing down your monthly mortgage payment. What you can’t change is the purchase price of your home!
Contact The Sigler Group today to get started with your Tampa Bay house hunt. We love helping buyers find homes, and provide unparalleled levels of service to our customers. We can’t wait to meet you!
