Money Roots

Of all the business sectors knocked to their knees due to the current recession, the housing market and real estate industry has to be one of the hardest hit.  Unfortunately, the housing crisis was at the root of the nation’s economic crises.

A Tampa real estate company confirms that ‘places of play’ – such as the Tampa Bay area, are still seeing a rise in new construction of condominiums, townhomes and apartment complexes to house the tourists that still visit the area year after year.

Across the country, in places where there is not a tourist type atmosphere to the community, other construction, mainly in the form of remodeling or additions, are taking place in the commercial sector.  If businesses cannot afford to move to a larger space, then they are more apt to remodel what they have or add an additional show room or office space, which is much cheaper than moving to a new site.

Depending on whom you talk with, it is either a buyer’s market – in which the price of property is very low and interest rates are also smaller, or it’s a seller’s market – in which home sellers are receiving their asking price for their piece of property.

No matter if it’s a seller’s market or a buyers market, the housing and real estate community are beginning to see light at the end of the tunnel.  The government has stepped in with an $8000 tax credit for new home buyers.  This gives new home buyers a great incentive to go out and purchase a new home – or ‘new to them’ in which they will receive a tax credit on their 2009 taxes,  and with the state of the economy everyone is wanting to save money even when they are spending it on something as high-priced as a new house.

Realtors Tampa, along with many other participants in the Real Estate Investor survey, feel that rental properties are expected to rise roughly 14 percent within one year’s time.   This increase is mainly due to the swell in foreclosures and joblessness rate.

Tags: realtors Tampa, Tampa real estate, townhomes

This entry was posted on Monday, July 13th, 2009 at 12:38 am and is filed under business, finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.