Thinking About Buying a Home in Palm Harbor in 2025? Here’s What You Need to Know:
If buying a home is on your list this year, understanding the current market conditions can help you make informed decisions. Let’s break down what’s happening with mortgage rates, home sales, prices, and renting in the Tampa area.
Mortgage Rates: A Shift Toward Moderation
After hitting a two decade high of 8% in 2023, mortgage rates are expected to moderate in 2025. While they won’t return to the ultra low levels we saw during the pandemic, they should be more manageable than the 2023 peaks.
Home Sales: More Options, More Negotiating Power
The Tampa housing market, after years of rapid growth, is showing signs of cooling. What does this mean for you? More homes and less competition, giving you a better chance to negotiate on price, contingencies, and closing costs. If you’ve been waiting for the right time to buy, this could be your opportunity.
Home Prices: Slower Growth
For the first time in a while, Tampa saw a slight dip in home prices, down 0.4% annually. While this isn’t a market crash, it signals a slow down in price growth. You may find slightly more affordable homes and a less frenzied market than in previous years.
Renting vs. Buying: What’s Right for You?
The decision to buy or rent ultimately depends on your personal circumstances, financial situation, and long term goals. However, homeownership remains a top priority for many, especially among millennials.
Thinking About Buying? Let’s Talk!
If you’re considering buying a home this year, let’s walk through what to expect in today’s market and how to position yourself for success. Schedule your strategy call today.
thekelsiward.com 