If you've been considering buying a home in Clearwater, the stars are lining up in your favor, say housing experts. The Clearwater real estate market has become a buyers' market, shifting almost 180 degrees in just one short year. After a sharp spike in home prices from 2003-2005, the market seems to be adjusting itself and leveling off, with Clearwater homes settling in at a very affordable price. While I personally don't believe there has been any bubbles bursting here, if you've been waiting for the best time to buy real estate in Clearwater, that time has arrived.
The Tampa Bay / Clearwater area has traditionally been one of Florida's largest housing markets, with a solid population, low unemployment and strong family neighborhoods. Beginning in 2002, the demand for single family housing in the Clearwater area of Pinellas County began to rise, and then spiked suddenly. The fuel for this sudden spike was a combination of corporate relocations, normal turnover in the housing market and speculative real estate investors trying to cash in on home prices that rose 98% in five years, including a 30% jump from 2004 to 2005. From 2001 to 2005, the median price for a single family home sale in Clearwater rose from $109,600 to $217,400, and speculators scrambled to grab up properties with the expectation of cashing in with a short-term turnover.
Now that new construction has caught up with the demand for new homes in Clearwater, the real estate market has steadied and new home sales have slowed to a more normal rate. If you're in the market to buy Clearwater real estate, you've got quite a few positives going for you right now:
-Prices have dropped slightly, but home values are expected to remain level or continue to rise at a more reasonable level
-Clearwater real estate prices are still below those of metropolitan areas throughout the country, including other Florida regions
-The economy is strong, with unemployment below the national average
-Property taxes are among the lowest in the country
-Mortgage rates are low, but the interest rates are starting to edge up
Of course, there are advantages other than financial to owning a home in Clearwater. Pinellas County consistently ranks in the top metropolitan areas to live. The climate is sunny and warm, the school systems are excellent, the economy is strong and the Gulf of Mexico is at your doorstep. What more could you want in a home and a place to live?
