Job Growth May Lead To Housing Price Increase
According to a recent published report http://www.sptimes.com/2008/02/05/State/Region_s_hot_job_grow.shtml there is some speculation that there may be significant job growth in the area. As late as last year, Tampa-St. Petersburg's higher-than-average job growth earned the area honors as Forbes magazine's seventh hottest jobs market in the United States. As a result, there is the potential for an increased demand in Real Estate and with increased demands come increased pricing.
For those considering selling this could be a welcome turn of events after the most recent slump. For those considering purchasing in the area this could be your “heads up” that it’s time to talk to your realtor and consider making that purchase now rather than stalling off.
Builders say it takes about 1.8 new jobs to justify building a house. By that calculation, a miscount of 20,000 jobs could throw construction off by 11,000 homes. A shortage of 11,000 homes could spell disaster for buyers. For even with the reduced interest rates the increase in pricing would significantly impact buying power. You may in fact, land up bay considerable more for much less.
According to recent reports, Tampa-St. Petersburg's higher-than-average job growth earned the area honors as Forbes magazine's seventh hottest jobs market in the United States. Keep this in mind if you are in the Tampa market for a house this year. Don’t delay and miss an opportunity as home prices begin to turn around and climb.
Raul Aleman