MARKET BREAKDOWN
HOT MARKETS 2018
5 TAMPA, FLORIDA
• Median home prices in Tampa and median household in- comes are compatible, making the market a largely affordable one for buyers and renters CONCLUSION Tampa offers low cost of living, a secondary market primed for expansion, and a growing base of tech jobs. The combina- tion will likely bring in two key populations in any housing market: first-time homebuyers (older Millennials) and what many analysts are referring to as the “Silver Tsunami,” Baby Boomers retiring en masse and seeking urban living and an active lifestyle. “We’re actually primarily flipping leads right now because there are so many people who want to be active in this market but who still do not know how to have a conversation with a seller or negotiate a deal,” said Frank- lin Cruz, CEO of Tampa’s TrueInvestors and manager of the Bentley Private Fund. Wholesalers with negotiating skills will find their abilities in demand in Tampa whether they wish to sell to fix-and-flippers, landlords, or retail buyers. Cruz said most of his leads in the Tampa Bay area are coming from referrals, postcards, social media, and digital advertising, and he believes the market is accessible to new investors willing to put in the time to establish a strong stream of leads. •
CSA: Tampa Vay Area, Tampa-St. Petersburg- Clearwater CSA Population: 3 million Unemployment: 3.3% (Florida Department of Economic Opportunity, October 2017)
NOTABLE FACTS
• The Tampa Bay Area unemployment rate held steady between September 2017 and October 2017 despite economic damage caused by Hurricane Irma in September. Local economists credit a growing workforce and more jobs being filled for the steady numbers. • The Tampa Bay area will likely post higher-than-normal closing numbers when Q4 2017 numbers are released thanks to Irma-related delays late in the year. • Tampa was ranked in ATTOM Data’s top 10 cities for future homebuyers in Q3 2017 • If Congress undertakes flood insurance reform, Tampa’s hous- ing affordability could decline as flood insurance premiums rise
4 RALEIGH, NORTH CAROLINA
CSA: Greater Raleigh-Durham, Raleigh-Durham- Chapel Hill CSA CSA Population: 2.1 million
in the next two years.
CONCLUSION "In Raleigh, all major economic indicators are pointing toward steady growth in 2018," said Amanda Hoyle, regional direc- tor in the Raleigh/Durham & Triad NC area for Metrostudy. "Annual starts are up 11 percent and the area had the strongest third quarter since 2004." Hoyle noted that if interest rates rise, this will impact buyers' ability to purchase homes, but that she believes home prices and affordability will play a larger role in market growth. "Job growth must be maintained," she explained. Thanks to a steady incoming population of highly skilled professionals, the Research Triangle that plays an integral part in the market's culture and economy, and a relatively low cost of living that will likely continue to make Raleigh an attractive place to live (and an attractive place for developers to build), the future looks bright in North Carolina in 2018. Right now, investors are experiencing success with flipping, wholesaling, rentals, and new construction in Raleigh. •
Unemployment: 3.5% (BLS, October 2017)
NOTABLE FACTS • Raleigh is the state capital of North Carolina
• Raleigh is part of the Research Triangle area, which encom- passes the Raleigh-Durham-Chapel Hill CSA. The triangle area was established in 1959 and has brought in numerous science and technology jobs since that time. • Thanks to the Research Triangle, Raleigh is a major center for high-tech and biotech research. • Raleigh is one of two cities to benefit from global consult- ing, technology, and next generation service provider In- fosys’ 2017 commitment to hire 10,000 American workers
52 | think realty magazine :: january 2018
thinkrealty . com | 53
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