Foreclosures in Tallahassee are growing at an alarming rate, and all this talk about a real estate recovery is soon going to be drowned out by a market saturated with distressed properties. New lis pendens filings in April grew by a scary 112% over April 2011, and foreclosures in Tallahassee grew by an even scarier [...]
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Rising Foreclosures In Tallahassee Grow By 158%
Foreclosures in Tallahassee are growing at an alarming rate, and all this talk about a real estate recovery is soon going to be drowned out by a market saturated with distressed properties. New lis pendens filings in April grew by a scary 112% over April 2011, and foreclosures in Tallahassee grew by an even scarier [...]
Keep Reading...6 Month Decline Reported In The Year Over Year Home Sales Report
The numbers for April are in, and the Tallahassee housing market is reporting 6 straight months of declining home sales in the Year over Year Home Sales Report. While most of the data we use for our real estate reports comes from the MLS in Tallahassee, we occasionally look to the bigger picture and use [...]
Keep Reading...Should You Write A Back Up Contract On A Home?
The declining number of homes for sale in Tallahassee is causing an old question to resurface in Tallahassee, as buyers want to know my thoughts on whether to write a back up contract on a home. The question is being asked more and more due to the fact that our Tallahassee MLS IDX Feed (the [...]
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Keep Reading...Are You Curious – What Percent Of Homes Are Selling Each Month?
When you drive around the many neighborhoods in Tallahassee, do you ever wonder what percent of homes are selling each month? It seems that some homes get listed and sold right away, yet others linger on the market for years. Reminder: The Free one-page Weekly Special went out this morning to our subscribers. All you [...]
Keep Reading...Real Estate Agents Need To Quit Chirping
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During the boom of the housing market, it was very common for a buyer to find that he was one of multiple offers when buying a house. But the real estate market in Tallahassee has changed, where people who want to sell a home are many, and buyers are few. So if you are fortunate [...]
Keep Reading...7 Ageless Tips On How To Buy A House
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Keep Reading...Real Estate Industry Catch Phrase – The Forgotten Real Estate Inventory
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Keep Reading...Do You Remember The Forgotten Real Estate Inventory?
Every market is joyfully reporting a reduction in the number of homes for sale in the Realtor MLS system, but I have not seen anybody addressing the forgotten real estate inventory. I am concerned that we are experiencing a different phenomenon all together. I suspect everybody has a decent understanding of supply and demand in [...]
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Keep Reading...Tallahassee Waterfront Property Sells For 78 Percent Premium
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Keep Reading...Pending Home Sales In Tallahassee Improve
The National Association of REALTORS® just released the new Pending Home Sales report for the US, and overall it appears as if the market showed some signs of strength. In Tallahassee, pending home sales (new contracts submitted to the Tallahassee MLS) grew 4% from February to March, and just under 1% growth year over year [...]
Keep Reading...The Metamorphosis Of The Tallahassee Real Estate Website
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Whether it be written in real estate blogs or practiced in our daily operation of a real estate brokerage business, I often see confusion and misunderstanding of the short sale contract process. This confusion is not limited to homebuyers and homesellers, in fact, it most often is evidenced in the correspondences that I read from [...]
Keep Reading...Finding The Best Asking Price For Your Home
Ok, if you have been here before, then you know I love reader questions, especially when they relate to selling a home or even determining the best asking price for your home. Recently, a reader in Michigan dropped me a note to get my thoughts on solving a home selling problem. Meredith wrote: We live [...]
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Keep Reading...How Foreclosures Have Impacted Property Values
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Keep Reading...A Recent Discovery About Million Dollar Homes In Tallahassee
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Foreclosures in Tallahassee are growing at an alarming rate, and all this talk about a real estate recovery is soon going to be drowned out by a market saturated with distressed properties.
New lis pendens filings in April grew by a scary 112% over April 2011, and foreclosures in Tallahassee grew by an even scarier amount of 158% versus April 2011.
This is not what a “getting better” real estate market looks like.
Foreclosures In Tallahassee Rise 6 Months In A Row
When we look at the real estate graph below, we see that lis pendens (new foreclosure filings) have grown seven months in a row, while the trend of foreclosure sales have now grown six months in a row. Additionally, the margin of foreclosures in Tallahassee to lis pendens filings has remained well above 40%.
Foreclosures In Tallahassee Becoming Top Solution
If you study the blue line in real estate graph above, it shows the aforementioned ratio of foreclosures in Tallahassee to lis pendens filings. If you look to the far left, you can see the rate once averaged about 12%, but now it has soared as high as sixty percent … so what does this mean.
Historically, if somebody fell behind in their mortgage payments, they were motivated to resolve the problem, as it was likely they had equity in the home. But nowadays, that is not so common. More and more delinquent loans are making it to foreclosure sale.
Homeowners are finding fewer reasons to pursue recovery mechanisms because they have negative equity in the home. Banks are now taking on inventory at a rate that is almost as bad as we observed in 2009, and all current trends strongly indicate we will return to those levels (and maybe worse).
What Foreclosures In Tallahassee Mean To Arms Length Home Sellers
If you are thinking about selling a home in Tallahassee, you need to take decisive action.
There are enough foreclosures hitting the market now to keep home values falling for years. Either choose to “wait it out,” or get your home sold fast.
Don’t believe that you can wait until next year to sell your home, it will take much longer than a year to return to today’s values.
If you would like help exploring all of your opportunities, just drop me a note and we can schedule a time to discuss your personal situation. But don’t think that time is on your side, because the new foreclosures in Tallahassee are coming on fast.
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