Everyone is well aware that Tampa has been amongst the worst hit cities by the fall of the housing market. Just last year it was reported that Tampa home prices had dipped to their lowest point in a decade. Aside from the varied foreclosure signs popping up across the neighborhoods there are several adverse ways in which these communities are suffering.
Even if the present low pricing structure favors the buyers, sellers and residents who have made Tampa their home are finding that the market is clearly on a downward spiral with the price of a home going down to a mere $126,900 at end 2011 whilst other states recorded an average price of $133,900 during the same time.
Decline by association – Generally as houses fall to foreclosure the effect is widespread on the neighborhood. All the houses in the area suffer a decline in property value simply by proximity. There is also the problem of regular sellers having to compete with lower priced foreclosure houses.
Tampa Bay is an area that has always been popular for its great atmosphere, fine schools and quality of life. Tampa is regarded as a family friendly city, with more than seventy percent of the residents being young families with children. With most of them finding it financially unviable to maintain their homes, Real Estate Agents have been quick to buy up homes at low Tampa Home prices to lease them out to tourists or students on the lookout for such places.
With many houses having fallen empty, the crime rate is on the rise, with increased opportunities for criminals who have now started using these empty homes to carry out their nefarious activities such as storing stolen merchandise etc., The few home owners remaining there are also now in danger due to being isolated and can be easy targets of theft and violent attacks. The connection between the declining value of property and crime is a good indication that the rate of crimes in the area is sure to rise in the future.
Misuse of unoccupied houses – Even for Tampa new Homes, a depressed economy means it will take time before a completed neighborhood will fill up. Empty but new buildings are an attraction for vandals. They are also likely to suffer incidences of scammers who arrange for viewings in areas they know are not well monitored. They pretend to be the realtors and collect viewing fees and deposits, only for duped people to learn the houses are not yet on the market or they merely dealt with fraudsters.
Once known as one of the best 10 cities for a quality life, today’s community in Tampa is undergoing a lot of stress and anxiety. Drastically lowered home pricing in the area has resulted in some residents even having to mortgage their properties with the scary possibility of ending up without a home.
Even the youth have not been left untouched by the decline in the housing market. While some have been forced to forego their out of school activities, other have had to leave the schools they have been attending. The situation in Tampa is such that even the residents who are able to rent their homes do not find life easy. There have been many instances; where children have been compelled to take up part time employment in order to survive.
Lance Mohr is a specialist in the Tampa real estate market with more than 14 year experience as a Realtor. If you have any questions or are looking for an hard working Realtor give me a call. For details on Oak Grove homes for sale or Sanctuary on Livingston homes for sale go to Tampa2Enjoy.com.