Current Real Estate Affordability

Although the percentage of a typical family’s (median) income as a portion of the housing budget has increased slightly between 2012 and 2013 (the most recent figures), it remains significantly lower than the historical averages.  In other words, people are paying as a percentage of income a smaller portion of their historical income than ever before and it has translated into more house for your moneyThe following exhibit from as published by Keller Williams Realty demonstrates the changes in “affordability” over time:

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SOURCE: Keller Williams Realty

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SOURCE: Keller Williams Realty

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SOURCE: Keller Williams Realty

In the last couple of years, we have seen a steady increase in new homes and resales of existing homes in Hillsborough County (Tampa) as the inventory of bank REOs and short sales have decreased. The following chart shows this price trend over 2013.

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SOURCE: Keller Williams Realty and MLS

imageThe increase in the sales prices is more dramatic over the the last year.  New home prices are starting to increased prices with re-sale homes to start recovering their sales price. Sales prices are up 21% in Hillsborough County since the market low in 2011.

Thinking of buying a new home?  You should consider using a realtor.  f you are interested in buying real estate (new home or small investment property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address isalanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

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