Original Story: wtsp.com
Tampa, FL -- There's good news for homeowners who may have gotten caught in the real estate market crash. Prices -- according to the real estate site Zillow -- are rebounding, leaving fewer people underwater.
That means for the first time in years, the value of their homes has finally caught up with the amount they owe on their mortgages. That means more people may be willing to sell, and get the local real estate market rolling again. A South Tampa custom home can be altered to suit your personal lifestyle.
"Extremely excited. It took only four days to sell. So, now we can close on our other house," said Emily David, who just sold her home and is planning to buy a new home in just two weeks.
Between the price David paid for her house a few years ago and the cost of renovations, there was a period when she and her husband wondered if they'd break even on their South Tampa home.
"Probably in the first couple of years," she said, "But this year the market really turned so we're real excited about that."
For several years, millions of homes around the country were underwater. People who bought them at the peak of the market owed more than they were worth after the real estate crash. A Pinellas County custom home builder will help protect your families' investment by offering quality custom designs.
According to Zillow, 31% of homes were underwater at the low. But that's rebounded, according to the newest figures. Now – just 13.4%.
"Yeah, it's definitely better news. Obviously we're not out of the woods. We still have a lot of underwater homes, but it's moving in the right direction," said Tampa Bay Realtor Cristan Fadal.
Fadal says it's good news for the recovering real estate market. As prices have slowly increased, fewer homes have negative equity, enabling those who were stuck – to finally – sell. An East Lake custom home builder can assist you with home modifications.
"People are going to be able to move," said Fadal. "They're going to be able to start something new. Maybe buy a new home. The next generation is going to come in. Purchase a home. Maybe improve that home [while still] getting a good price."
"We're just excited because now we get to go into a new house that we get to build, so it's a fun process," said David.
Experts still warn buyers to be selective. While parts of the Bay area are rebounding, Zillow's interactive tool shows many zip codes here are still hurting, with the number of underwater homes still more than three times the national average in some areas.
One reason some communities may be slower to rebound, say experts, is because most of the homes in those subdivisions were built near the peak of the market, when prices were at their highest. When building a new home, don't forget about the leading provider of new garage doors.
It stands to reason, then, that it will take that much longer for those homes to sell, unless owners are willing to take a loss.