Residents looking to buy a home in Tampa may face some stiff competition.
A recent report from LendingTree found that the Tampa metro area is among top 10 most competitive when it comes to buying a home. To determine that, LendingTree evaluated the 50 largest metropolitan areas based on a few criteria.
The report looked at:
- Average down payment made by a homebuyer. A large down payment can potentially mean a homebuyer has the financial stability to purchase a home.
- Percentage of homebuyers with a credit score of 720, which can give them a competitive advantage.
- The percentage of homebuyers who shopped around for a mortgage, which can potentially match them with multiple offers making homebuying easier.
All data is from purchase mortgage loan requests on LendingTree’s platform between January and July of this year.
Tampa Bay tied with Boston and San Francisco as the fifth most competitive metros. In Tampa Bay, almost two-thirds, 63.40 percent, of homebuyers have a credit score of 720 and 76.57 percent shopped around for a mortgage. Homebuyers here also put a median down payment of about 21 percent when purchasing a home.
Jacksonville also landed among the 10 most competitive coming in a few spots ahead of Tampa at No. 4. Miami placed a few spots lower tying with Cincinnati at No. 27. Orlando tied at No. 29 with New Orleans.
By Brendan Ward Digital Producer, Tampa Bay Business Journal |