home builders Tampa BayReal estate development and construction play a major role in Florida’s economy and with the collapse of the housing market; Florida was one of the first states to feel the effects of this recession.  One economist even said it was the epicenter of the housing crisis.

 

Depending on whom you ask, it’s either a buyers market or a sellers market for houses in the state of Florida.

 

Florida is seeing an increase in first-time homebuyers because they are taking advantage of the government’s generous offer of an $8,000 tax credit.  This incentive has many families who have never owned a home rushing to purchase their first home in the Florida area where home sales have been lagging for the past several years.  The government considers a first-time home buyer as anyone who has not had an interest ownership in a home for the last three years.  This means that someone has a foreclosure or owned a home, sold it and lived in an apartment or a trailer for the past three years or more; they would qualify for the $8,000 tax credit.

 

If this is a buyers market, then home builders Tampa Bay should be celebrating because they are continuing to build new homes, duplexes and townhomes in the Tampa Bay, Florida area.  This area will always be a hotbed for tourists because of the proximity to beaches, golf courses, shopping and restaurants.

 

Crosby Crossings has seen an increase in home, villas and townhome sales over the past several months helping to decrease the supply of available homes in the area. However in the general state of Florida, a steady stream of short sales and foreclosures continue to try and increase or balance out the number of empty or available homes.

 

Unfortunately when banks slash prices on distraught and uncared for homes, it reduces the value of properties nearby; in turn this feeds the cycle of foreclosure.  When the price of their home declines, frustrated homeowners walk away because they owe more than their house is worth.

 

The good news is that Florida home sales rose 30%, while nationally, housing sales dropped 3%.

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