TAMPA, Fla. - Tampa ranked second behind Miami for US metropolitan areas that saw the highest home price increases year-over-year, according to new data from Standard & Poor. The data from October 2021 to October 2022 showed home prices in Tampa went up by 20.5%.
"The last few years has been inhuman. It's been inhuman for buyers, sellers and agents," Tampa Bay Area real estate broker Sophia Sanchez said.
As Sanchez explained, since the pandemic, the market has been tough on buyers — requiring them act fast and leaving them with little time to weigh their options.
"It was all about speed, speed, speed, and you weren't writing one offer — you were writing for one buyer seven, eight offers to see which one would stick," Sanchez said. "In many cases, the buyer might not even have seen the house. You were doing video walkthroughs with them, and they had to pull the trigger because they fundamentally had to move."
It's why she said she's not too surprised to learn prices saw a 20% increase in Tampa over the last year.
"Tampa overall has been undervalued for a long time. We were well overdue for something like this to happen," Sanchez said. "You also have a lot of the money and wealth in South Florida that's trickling its way up, including also South America and places like that where Miami is really so dense. Well, the only next best opportunity would really be in the Tampa area."
When it comes to sellers, Sanchez said peak prices were in June, so many may have already missed the mark, meaning if you don't need to sell, hang on to the investment. As for buyers, Sanchez said don't wait if you need to buy; you should act soon before peak buying season begins in March and April.
"Home buying is about making a solid choice — you're going to live in this property for years to come," Sanchez said. "If you need to refinance later, refinance later, but don't be waiting to see and then contemplate renting. It is still a solid investment."