Tampa X 2

The future looks?……………………….. the media would make you think the sky is falling in on real estate! It’s just a thunderstorm! According to the Tampa Tribune yesterday, the population of Tampa is expected to DOUBLE in the next 30 years! Holly Cow! Builders better get to building! With only a 5% vacancy rate here in the Bay area, they are going to have to double the housing in less than 30 years (build another town the size of Tampa)!

Again, I caution all of those in a panic: Like the early 70’s like the Savings & Loan crisis of the late 80’s and early 90’s, this too shall pass.

A word of caution if you are a buyer in this market: Gauge the curve! In other words, give yourself some flex room! Try and buy below market if you can to offset the decline! I can’t see the market getting below 2004 values so to me, this is a good spot to be in if you can get there.

If you are not looking to sell just yet, this is a wonderful time to do some renovating and updating! You will enjoy the newness of your home for a few years before you sell! Better than adding those granite counters after you move out! Live a little! DON’T renovate your pool! I had one person ask me if they should renovate their pool (how much would it increase value) and in a word NO. You will get almost ZERO for that type of renovation (drastic pool renovations). Pavers yes, outdoor kitchen, yes, re-marcite, yes. Radical alterations, NOPE!

You will get about 80% from kitchen and bathroom renovations. Find a contractor who gives you a 20% discount and you will get 100%! PLUS the renovations will make your home easier to sell! Shop around. Lots of skilled contractors looking for work now that they are not building so many houses!

We are in a soft spot in the market! Now is the time to come up with your game plan for the new three years!