Hello Tampa Bay:

I wanted to share with you my predictions for 2015.

SLOWER GAINS IN PRICE
I predict home prices will rise 3% in 2015.  With improving inventory and the exit of institutional investors, we’ve entered into a “normal” phase of steady growth, rather than the rapid recovery phase of 2012-2014.

BUYING HYSTERIA TO FADE
The homebuying process will be less hectic in 2015.  I’ve already seen the home buying process become easier for regular people.  Sellers will face more competitive pressure, and buyers will face less…as inventory continues to rise, investors exit, and buyers face increased access to credit.  As such, a more balanced market will continue to develop.

MORTGAGE RATES WILL RISE
I predict interest rate on 30-year mortgage will rise to 4.5%.  We are currently near historic lows of 3.7%.

FORECLOSURES WILL DECLINE
Foreclosures will continue to decline as many people have gained equity in their home due to the price gains over the past few years.

GLOBAL BUYERS
Foreign buyers will continue to play a huge role in Tampa Bay housing market.  In 2014, Florida had the highest percentage of foreign buyers in the country, and Tampa Bay had the highest percentage among Florida metropolitan areas (even higher than Miami!).

Best regards,

Michael A. Melnyk

Hello Tampa Bay:

Here are some notes from an interesting article of The Wall Street Journal.

• Home-price appreciation is slowing (a welcome trend for potential homebuyers)
• Single-family housing prices for Tampa-St. Pete-Clearwater market rose 1.3%  from the same quarter a year earlier (note that the average for the 25 largest metro areas is 4.4%)
• “We see moderation in price gains continuing”
• Interest rates expected to continue to increase next year, which could further slow appreciation

Here is a link to the original article:
https://online.wsj.com/articles/home-price-growth-slowdown-a-mixed-trend-for-economy-1407861595

Best regards,

Elegant Casas

Hello Valued Client:

We just wanted to send you a quick note to say Thank You.

The bulk of our business comes from word-of-mouth referrals.  We do not advertise on Billboards or Street Benches, which experts show has a very low return-on-investment.  As you know, a client sent to us is in excellent hands.

By the way, property values have surged this year!
Click on link below for more details:
Pinellas:
https://www.tampabay.com/news/localgovernment/pinellas-property-values-rise-for-second-straight-year/2182000
Hillsborough:
https://www.tampabay.com/news/business/economicdevelopment/hillsborough-property-values-are-up-for-third-year/2182375

Best regards,

Elegant Casas