Timing is Everything - When Buying Tampa Real Estate

by : Lance Mohr

If you are interested in buying or selling a home in the Tampa area, or anywhere else in Florida, it is important for you to consider current market trends as well as projections into the future. As with many other things in life, the timing of a real estate sale or purchase is crucial. While many people have said that there is one primary factor when it comes to real estate; that being location. However, it is also important to understand that when it comes to buying or selling real property, timing really is everything.

One of the key factors that you must closely pay attention to and monitor when it comes to the prospect of buying or selling real estate in the Tampa area (or elsewhere in Florida) is the national median sales price and fluctuations of that index in recent times. From this date, one can better analyze the Tampa real estate market. Moreover, by considering some of this national data and related trends, you are better able to make decisions pertaining to the Tampa real estate market both today and into the future.

As is likely to be expected, the national median, average sales price on residential real estate has dropped from last year. The national average sales price on residential real estate has dropped down 4.16% since the same time in 2006.

Putting this decline in some perspective, the National Association of Realtors actually began tracking this information in the early part of the 1960s. The decline that is referenced in this article, the overall decline that is projected for 2007, will mark the very first time since the National Association of Realtors began tracking this data that media sales prices on residential real estate has declined. Of course, on many levels this is a startling statistic.

The fact is that some parts of the United States are enjoying a bit better success when it comes to the median sales price on the sale of residential real estate. For example, the Northeast actually experienced a slight increase of .5%. The Midwest has fared even a bit better. Median residential real estate sales prices actually increased in the Midwest at the rate of 1.43%.

The news from the West and from the South (including Florida) is not nearly as good. Median residential real estate sales prices in the West declined by 8.83%. Prices declined in the South 5.47%. (The reality also is that the median price in Florida including the Tampa real estate market has dropped further than the South average mentioned a moment ago.)

In computing this data, the National Association of Realtors compares values to the same point in time a year ago. In regard to this data, the Association does not use month-to-month comparisons because there are sometimes huge fluctuations in the size of houses that sell in different seasons. Larger houses tent to sell faster and more frequently during the summer when it is more convenient for families to move because school is out, for example. The median average is the "midpoint" sales price. Half the homes were sold above that price and half below.