Press Release
FOR IMMEDIATE RELEASE
Jorge Vazquez Thanks Zoerene Mitchell for Organizing Ybor-East Tampa Investor Wholesalers Seminar
Tampa, FL – June 22, 2024 – Jorge Vazquez, CEO of Graystone Investment Group, extends his heartfelt gratitude to Zoerene Mitchell of B’ZAM Property Solutions for organizing the highly successful event, “Wholesale Connect: Bridging Buyers and Sellers in Real Estate,” held on June 21, 2024, at 4007 N. Taliaferro Ave., Tampa, FL.
The seminar, focused on the conditions of the Tampa real estate market and projections for the next 24 months, brought together wholesalers, buyers, and real estate investors from across the region. Attendees had the opportunity to gain expert knowledge and practical tips from industry leaders, making the evening an invaluable experience for all participants.
Jorge Vazquez, who had the honor of speaking at the event, expressed his appreciation for Zoerene Mitchell’s dedication and hard work in putting together such a well-organized and impactful gathering. “I am incredibly grateful to Zoerene Mitchell for her vision and efforts in creating a platform that brings together the real estate community. Her commitment to fostering collaboration and sharing knowledge is truly commendable,” said Vazquez.
Event Highlights:
Jorge Vazquez delivered a compelling 30-minute talk on the Tampa real estate market for 2024, covering the following key points:
Introduction:
- Name: Jorge Vazquez
- Experience: Over 20 years in real estate
- Purpose: To discuss the current state and future outlook of the Tampa real estate market
Current Market Overview:
- Mid-2024: A robust and dynamic market
- Median Sale Price: $417,800 (an increase of 4.5% year-over-year)
- Average Sale Price: $537,216
Inventory and Market Conditions:
- Inventory Levels: Increased by 36.3% year-over-year
- Median Days on Market: Approximately 40 days
- Current Inventory: 4.1 months, healthier compared to 10 months in 2007
Historical Context:
- 2008 Crisis Peak: 24 months of inventory due to economic downturn and foreclosures
- May 2024 Inventory: 4.4 months, reflecting a balanced market
Buyer and Seller Dynamics:
- Average Offers per Home: 2
- Typical Selling Time: 36 days
- Increased Buyer Negotiating Power
Market Predictions for 2024:
- Expected Stabilization: Home prices projected to increase by 1.4% by 2025
- Federal Reserve: Anticipated rate cut by the end of 2024 (one rate cut)
Federal Funds Rate:
- Lowest Rate: 0.05% in April and May 2020 (emergency measure during COVID-19)
- Current Rate: 5.33% as of June 2024
Long-Term Investment Insights:
- Significant Investment Activity: Over the past 20 years
- Home Value Appreciation: +185.12% over the past decade, 11.05% annual rate
- Factors: Population growth, job market expansion, high demand for residential and rental properties
Investment Opportunities:
- Attractive Market for Investors: Strong job market and economic vitality
- Cash Purchases: Increased by 14.3% year-over-year
Foreclosure Trends:
- 2008 Crisis: Florida was one of the hardest-hit states with around 400,000 foreclosure filings
- 2024 Improvement: First half of 2024 saw about 17,624 foreclosure filings, reflecting a much more stable housing market
Migration Trends:
- 2008: Approximately 167,000 people moved to Florida, reflecting the state’s appeal despite the economic downturn
- Recent Trend: From July 2021 to July 2022, nearly 444,500 people moved to Florida, highlighting the state’s growing popularity for both domestic and international migrants
- Factors: Favorable climate, economic opportunities, and attractive lifestyle options drive inbound migration
Conclusion:
- 2024 Outlook: Steady growth, increased inventory, balanced buyer-seller dynamic
- Tampa: A viable and attractive market for buying, selling, and investing
- Open for Questions
As a sponsor and speaker, Jorge Vazquez proudly supports initiatives like “Wholesale Connect” that enhance the real estate industry’s knowledge and connectivity. Graystone Investment Group remains committed to educating and empowering real estate professionals through continuous engagement and knowledge sharing.
Contact: Jorge Vazquez
CEO, Graystone Investment Group
Email: jorge@graystoneinvestmentgroup.com
Phone: 813-449-4323
About Graystone Investment Group: Graystone Investment Group is a premier real estate investment firm based in Tampa, Florida. With over 20 years of experience and more than 3,500 successful transactions, Graystone is dedicated to providing expert guidance and innovative solutions to real estate investors.
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