60 Minutes Talks About Housing Situation In Tampa
Housing costs in Florida, whether you rent or buy, are up all over… but especially here in Tampa Bay. Why is the situation so bad here? 60 Minutes tackled the issue last night. Missed it?
The biggest factor? Wall Street. Investors have a big advantage over traditional home buyers. They rarely even look at the home when it gets listed and will make an all cash offer within an hour for full price. Sellers love it because they can close in 15 days. No staging, repairs or painting is necessary. Those big companies buy the properties and then rent them out. Revenue is up 67% for one company they interviewed. In a given week, they buy 200 to 300 homes but get about 10,000 inquiries.
The most popular spots are in the sun belt… Atlanta, Charlotte, Phoenix and, you guessed it, Tampa. They say it’s where Americans want to be. No surprises here – they’re coming from the northeast and midwest because taxes are lower, there’s a friendlier business environment, and of course, better weather.
But corporate landlords only account for about 2% of the ownership of single family homes in the U.S. So that can’t be the only factor. It’s not. Another big thing driving costs up for renters and buyers is that America was not building enough housing this past decade because of what happened during the housing crisis of 2008 and 2009. There was a reluctance to do home construction because of the plummet in home values 10-15 years ago.
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