Tallahassee Real Estate BlogRecently posted or modified blog postshttps://www.manausa.com/blog/Copyright Manausa.com2024-03-14T09:00:05-07:00tag:manausa.com,2012-09-20:36550Pilckem Ridge Listings And Home Sales Report March 2024<img src="https://assets.site-static.com/userfiles/663/image/pilckem-ridge-march-2024.jpg" width="880" height="587" title="Pilckem Ridge Tallahassee FL" class="img_box_center" />
Pilckem Ridge, a small high-end neighborhood nestled in Midtown Tallahassee, boasts spacious homes, making it an ideal spot for doctors and professionals employed at the city's major hospitals.
Situated north of Centerville Road and east of Betton Road, Pilckem Ridge offers an enviable location for those who prefer residing in the heart of the city. The neighborhood's homes, priced within the top 1% of Tallahassee's real estate market, cater to discerning buyers seeking luxury and convenience.<br /><br />Pilckem Ridge Schools
The following Leon County Public Schools serve the homes in Pilckem Ridge:
<a href="https://www.manausa.com/idx/results/?searchid=172979" title="Homes for sale zoned for Kate Sullivan Elementary School">Kate Sullivan Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172983" title="Homes for sale zoned for Cobb Middle School">Cobb Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" title="homes for sale zoned for Leon High School">Leon High School</a>
This report examines average trends in home prices, home values, and home sizes in Pilckem Ridge. Additionally, it includes a list of all closed home sales dating back to 1991.
The real estate graphs below illustrate the number of closed home sales for each year (red columns, measured on the left vertical axis), along with an important real estate statistic shown in blue (measured on the right vertical axis).
Please note that the narrative below covers sales through the end of each previous year, but only through mid-March for 2024. The graphs and the closed sales table will be continuously updated into the future, so remember to bookmark <a href="https://www.manausa.com/Pilckem Ridge/" title="Pilckem Ridge Tallahassee">this page</a> for the latest status of homes in Pilckem Ridge.
Pilckem Ridge Home Prices
The average home price in Pilckem Ridge surged nearly 50% higher in 2023 compared to 2022. This significant increase was largely influenced by two preceding years of price declines, which differed from the luxury market across all of Tallahassee.
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Home sales activity remains robust in Pilckem Ridge. Sellers utilizing an extended <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell House Tallahassee">pre-marketing plan</a> can anticipate multiple offers immediately upon listing. Currently, both of the two homes for sale in Pilckem Ridge are already under contract with buyers.
Home Values In Pilckem Ridge
The average home value in Pilckem Ridge surged by nearly 47% in 2023.
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The average home value in Pilckem Ridge is $332 per square foot.<br /><br />Pilckem Ridge Home Sizes
Homes sold in Pilckem Ridge typically range from 3,800 to 5,800 square feet, and 2023 followed this trend.
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In 2023, the average size of the two homes sold in Pilckem Ridge was 4,084 square feet.
Pilckem Ridge Home Sales
Here's a list of home sales in Pilckem Ridge since 2004, the inaugural year of home sales in this area.
{si-table-id=167}2024-03-19T03:00:00-07:002024-03-14T09:00:05-07:00Joe Manausatag:manausa.com,2012-09-20:42437Housing Trends Improve Says Realtor.com<img src="https://assets.site-static.com/userfiles/663/image/Housing-Trends-Improve-Says-Realtor_March_2024c.jpg" width="880" height="587" alt="According to Realtor.com, the housing market saw multiple improvements for buyers" title="Housing Trends Improve Says Realtor.com" class="img_box_center" />I search the internet daily for updates on the housing market, and recently, I found some encouraging news for potential homebuyers.
According to Realtor.com, the housing market saw multiple improvements for buyers last week, driven by two significant trends. Let's dive into their report and explore what this means for individuals wishing to purchase a home in the upcoming spring or summer.<br /><br />This week, mortgage rates dipped after nearly hitting 7%. The average rate for a 30-year fixed home loan decreased from 6.94% to 6.88% for the week ending March 7, Freddie Mac reports. Sam Khater, Freddie Mac’s chief economist, highlighted that the market's response to interest rate fluctuations became evident this week as applications increased for the first time in six weeks due to the rate drop. He noted that mortgage rates remain a significant barrier for potential homebuyers looking to enter the market.<br /><br />This week, the housing market received additional positive news with a significant increase in listings. As for the mortgage rate forecast, the focus has largely been on the U.S. Federal Reserve's adjustments to interest rates in its fight against persistent inflation. Despite deciding to keep rates steady in late February, mortgage rates have since been climbing. This correlation, while not direct, often sees mortgage rates moving in tandem with Fed rates.<br /><br />This uptick in rates has led some homebuyers to adopt a wait-and-see approach. Hannah Jones, a senior economic research analyst at Realtor.com, suggests that buyers are debating whether to purchase now or wait for potentially lower rates. Realtor.com's 2024 forecast anticipates average rates of around 6.8% throughout the year, with a possible drop to about 6.5% by year-end. The Federal Reserve's next meeting on March 20 and 21 may provide further insights into rate trends.<br /><br />Jiayi Xu, a Realtor.com economist, cautions that timing the market for rate cuts is challenging due to the risk of reigniting inflation if cuts are made prematurely or excessively. Conversely, delaying or minimizing rate cuts could harm the economy.
In terms of housing inventory, the week ending March 2 saw a 19.9% increase in active listings compared to last year, reaching a four-year high. The February Realtor.com Housing Trends Report indicates the highest inventory level since 2020. New listings also rose by 17.4% annually for the week ending March 2, continuing a 19-week upward trend.
This increase in new listings is particularly good news for home shoppers, as it means more options are available, especially important for those with specific requirements. The early surge in listings suggests the spring market might offer even more choices for buyers.<br /><br />Despite the increased inventory, homes are selling relatively quickly. The typical home spent two fewer days on the market than last year, averaging 61 days in February. However, the overall number of homes on the market is still nearly 40% lower than the pre-pandemic levels of 2017 to 2019.
Regarding home prices, there's a silver lining for buyers concerned about mortgage rates: Home prices have plateaued. For the week ending March 2, the median home listing price remained unchanged from the previous year, marking the first time prices have not increased annually since October 2023. This stagnation in home prices comes as mortgage rates have been rising, leading to a decrease in the annual median listing price growth since early 2024. The national median asking price for homes was $415,500 in February.
2024-03-18T03:00:00-07:002024-03-14T08:04:03-07:00Joe Manausatag:manausa.com,2012-09-20:42326Canopy Listings And Home Sales Report March 2024<img src="https://assets.site-static.com/userfiles/663/image/canopy-march-2024.jpg" width="880" height="587" alt="Located in NE Tallahassee, the Canopy neighborhood stands out as a luxurious enclave, celebrated for its natural surroundings, brand new homes, and premier amenities. Emphasizing sustainability and eco-conscious living, Canopy offers a refined lifestyle." title="Canopy Tallahassee FL" class="img_box_center" />
Situated in NE Tallahassee, Canopy emerges as a distinguished luxury community, renowned for its pristine natural environment, newly constructed homes, and top-tier amenities. With a focus on sustainability and environmentally friendly living, Canopy provides an upscale lifestyle.
The homes in Canopy, all built since 2017, feature modern designs. The community is adorned with recreational areas such as Canopy Central Park, which includes a walking trail, playground, and pavilion.
Canopy's advantageous location offers easy access to premier shopping, dining, and entertainment options. For those seeking a luxurious lifestyle that also values sustainability and convenience, Canopy represents the perfect choice.<br /><br />Canopy Schools
Residents of Canopy are served by the following Leon County Public Schools:
<a href="https://www.manausa.com/idx/results/?searchid=172982" title="Homes for sale zoned for WT Moore Elementary School">W.T. Moore Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172983" title="Homes for sale zoned for Cobb Middle School">Cobb Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" title="homes for sale zoned for Lincoln High School">Lincoln High School</a>
This report provides a detailed analysis of the Canopy neighborhood, including charts and graphs that highlight average home prices, values, sizes, and recent sales.
The real estate graphs show the annual number of closed home sales with red columns on the left vertical axis and a key real estate metric in blue on the right vertical axis.
Please note that the data includes sales up to the end of the year for all previous years but only up to mid-March for 2024. We regularly update the graphs and sales table, so bookmarking this page is recommended for the latest on <a href="https://www.manausa.com/canopy/" title="Canopy Real Estate Information">Canopy's housing market trends</a>.
Canopy Home Prices
The average home price in Canopy has reached $463K, reflecting a 3% increase from the previous year.
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The real estate market in Canopy is flourishing, with last year seeing a record number of homes sold. Currently, 28 homes are listed for sale, with 11, or 39%, already under contract, indicating strong interest from buyers.
Canopy Home Values
So far in 2024, the average price per square foot for Canopy homes has seen a slight decrease of almost 1% after a growth of more than 7% the previous year.
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This year, Canopy homes have been selling for an average of $234 per square foot.<br /><br />Canopy Home Sizes
Homes in Canopy generally range from 1,600 to 2,000 square feet, but a new upper limit has been established in the first quarter of 2024.
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The average size for the 15 homes sold in Canopy thus far in 2024 was 2,335 square feet.
Canopy Home Sales
Here is a comprehensive table that details all home sales in Canopy since the community's establishment in 2017.
{si-table-id=94}2024-03-15T03:00:00-07:002024-03-09T11:02:46-07:00Joe Manausatag:manausa.com,2012-09-20:42321Plantation Woods Listings And Housing Report March 2024<img src="https://assets.site-static.com/userfiles/663/image/plantation-woods-march-2024.jpg" width="880" height="587" alt="Plantation Woods, located in Northwest Tallahassee, is a short drive from downtown." title="Plantation Woods Tallahassee FL" class="img_box_center" />
Plantation Woods, nestled in Northwest Tallahassee, offers easy access to the downtown area.
This well-established community is encircled by Meridian Road, Fred George Road, Capital Circle Northwest, and Tharpe Street. The homes, primarily constructed in the 1980s and 1990s, feature three to four bedrooms and are set on generous lots that can extend to half an acre.
The neighborhood showcases a variety of architectural styles, including brick, stucco, and wood-frame houses. Residents enjoy a wide selection of dining options along the North Monroe Street corridor, and transportation is convenient thanks to major thoroughfares like Interstate 10 and the StarMetro bus service. Plantation Woods delivers a blend of convenience and a broad spectrum of amenities.
Homes For Sale In Plantation Woods<br /><br />Plantation Woods Schools
Plantation Woods residents benefit from the following Leon County Public Schools:
High School: <a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&highschool=Godby">Godby</a>
Middle School: <a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&middleschool=Griffin">Griffin</a>
Elementary School: <a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&elementaryschool=Springwood">Springwood</a>
This report offers a detailed look at the Plantation Woods neighborhood, with charts and graphs that highlight average home prices, values, sizes, and recent sales.
The real estate graphs feature red columns for the annual number of homes sold, shown on the left vertical axis. Key real estate metrics appear in blue, plotted on the right vertical axis.
Note that the data provided includes sales through December for all years up to 2024, with 2024 data available up to the tenth of March. We regularly update the graphs and sales table, so <a href="https://www.manausa.com/plantation-woods/" title="Plantation Woods Real Estate Information">bookmarking this page</a> is recommended for the latest on Plantation Woods housing trends.
Plantation Woods Home Prices
In 2023, the average home price in Plantation Woods experienced a slight decrease of just over 9%.
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Last year, the average sale price for homes in Plantation Woods was $211K.
The market in Plantation Woods is healthy, with seven homes currently listed for sale, three of which are already under contract.
Home Values in Plantation Woods
In 2023, the average home value in Plantation Woods dropped by nearly 7%, a clear sign that these homes are being acquired to renovate and resale. This means we should expect values to rocket higher in 2024.
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The average value of homes sold in Plantation Woods in 2023 was $180 per square foot, a figure that reflects the common practice of purchasing homes to flip in the area.<br /><br />Plantation Woods Home Sizes
In Plantation Woods, homes typically range from 1,150 to 1,400 square feet, a pattern that persisted in 2023.
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Last year, the 13 homes sold in Plantation Woods averaged 1,362 square feet in size.
Recent Home Sales in Plantation Woods
Here is a list of home sales in Plantation Woods, starting from 1991. You can sort the list by clicking on the desired column heading.
{si-table-id=113}2024-03-14T03:00:00-07:002024-03-09T10:49:10-07:00Joe Manausatag:manausa.com,2012-09-20:42320Astoria Park Listings And Sale March 2024<img src="https://assets.site-static.com/userfiles/663/image/astoria-park-march-2024.jpg" width="880" height="587" alt="Located in the heart of Northwest Tallahassee, Astoria Park beckons with its collection of around 150 three and four-bedroom single-family homes." title="Astoria Park Tallahassee Florida" class="img_box_center" />
Astoria Park, nestled in the heart of Northwest Tallahassee, showcases a selection of approximately 150 three and four-bedroom single-family homes.
Strategically located just north of Hartsfield Road and west of Old Bainbridge Road, Astoria Park combines value with convenience. Residents enjoy the benefit of being a brief drive from the vibrant attractions of Midtown.
The neighborhood of Astoria Park offers a distinctive living experience, where the tranquility of a peaceful community meets proximity to the city's dynamic core. Discover the lasting allure and sophistication of Astoria Park as you wander through this exceptional community.
Homes For Sale In Astoria Park<br /><br />Astoria Park Schools
The following Leon County Public Schools serve the residents of Astoria Park:
<a href="https://www.manausa.com/idx/results/?searchid=172957" title="Homes for sale zoned for Astoria Park Elementary" target="_blank" data-uw-rm-brl="false" aria-label="Astoria Park Elementary - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.manausa.com/idx/results/?searchid=172957$astoriaparkelementary">Astoria Park Elementary</a>
<a href="https://www.manausa.com/idx/results/?searchid=172987" title="Homes for sale zoned for Griffin Middle School" target="_blank" data-uw-rm-brl="false" aria-label="Griffin Middle School - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.manausa.com/idx/results/?searchid=172987$griffinmiddleschool">Griffin Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172993" title="Homes for sale zoned for Godby High School" target="_blank" data-uw-rm-brl="false" aria-label="Godby High School - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.manausa.com/idx/results/?searchid=172993$godbyhighschool">Godby High School</a>
This report offers insights into Astoria Park's current trends, focusing on average home prices, values, and sizes. It includes a comprehensive list of closed home sales dating back to 1991 for a detailed analysis.
Below, the real estate graphs highlight these trends. The red columns, on the left vertical axis, represent the annual number of closed home sales. The blue line, on the right vertical axis, indicates a key real estate metric.
Note that the data below includes sales through December for all previous years and up to March 10th for 2024. We will regularly update the graphs and sales table, providing the latest information on Astoria Park homes. For ongoing updates on the Astoria Park housing market, consider bookmarking this page.
Astoria Park Home Prices
In 2023, Astoria Park's average home price saw a near 19% increase, reaching $214K. Despite this significant growth, we expect the home prices in Astoria Park to continue rising above the broader market rate, as these homes remain undervalued.
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The home sales activity in Astoria Park is robust, with the only listed home already under contract with buyers.
Home Values in Astoria Park
The average home value in Astoria Park surged by nearly 19% in the first ten months of 2023.
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The average value of homes sold in Astoria Park in 2023 was $159 per square foot.<br /><br />Astoria Park Home Sizes
In Astoria Park, homes typically range from 1,300 to 1,600 square feet, a trend that continued in 2023.
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In 2023, the 16 homes sold had an average size of 1,361 square feet each.
Home Sales in Astoria Park
Below is a comprehensive list of home sales in Astoria Park, beginning in 1991.
{si-table-id=162}2024-03-13T03:00:00-07:002024-03-09T10:34:08-07:00Joe Manausatag:manausa.com,2012-09-20:42319Montejo Listings And Real Estate Report March 2024<img src="https://assets.site-static.com/userfiles/663/image/montejo-march-2024.jpg" width="880" height="587" alt="Nestled in southeast Tallahassee is the captivating Montejo neighborhood, a newer community offering modern housing options." title="Montejo Tallahassee Florida" class="img_box_center" />
The Montejo neighborhood, nestled in southeast Tallahassee, is a captivating newer community that offers modern housing options.
Located just minutes from downtown Tallahassee, Montejo's strategic position provides easy access to key transportation routes, ensuring smooth commutes within Tallahassee and to nearby cities.<br /><br />Montejo Schools
Leon County schools serving Montejo include:
<a href="https://www.manausa.com/idx/results/?searchtype=2&searchid=172971" target="_blank" title="Homes for sale zoned for Oak Ridge Elementary School">Oak Ridge Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172985" target="_blank">Fairview Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172996" target="_blank">Rickards High School</a>
This report offers insights into the average prices, values, and sizes of homes in Montejo, along with a table detailing the latest closed home sales.
The real estate graphs provided here depict yearly closed home sales with red columns (left axis) and a key real estate metric in blue (right axis).
Note that the data below includes sales up to December for all years, with 2023 data extending to the first ten days of March. We will update the graphs and sales table regularly, so consider bookmarking the <a href="https://www.manausa.com/montejo/" title="Montejo Real Estate Report">Montejo Neighborhood Page</a> for the latest on housing trends in Montejo.
Montejo Home Prices
The average home price in Montejo saw a slight increase of just over 1% in 2023 compared to the previous year.
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This year, the average sale price for homes in Montejo stands at $248K.
Homes in Montejo are highly sought after, selling quickly and for premium prices when marketed effectively. Currently, one home is listed for sale in Montejo.
Montejo Home Values
Montejo's average home value saw an increase of nearly 6% in 2023.
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The average value of homes in Montejo for 2023 is $190 per square foot.<br /><br />Montejo Home Sizes
In Montejo, homes typically span from 1,200 to 1,500 square feet, a range that 2023 adhered to.
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In 2023, the eight homes sold each had an average size of 1,308 square feet.
Montejo Home Sales
Below is a list of the most recent home sales in Montejo, beginning with the first sale in 2008. For more details, you can click on any column heading to sort the data.
{si-table-id=141}2024-03-12T03:00:00-07:002024-03-09T10:23:58-07:00Joe Manausatag:manausa.com,2012-09-20:42218How To Sell Your House When You Are In A Hurry<img src="https://assets.site-static.com/userfiles/663/image/sell-house-in-a-hurry-march-2024.jpg" width="880" height="587" alt="Selling a home quickly, especially in urgent situations such as job relocations, divorces, or financial constraints, requires a focused and strategic approach" title="How To Sell Your House When You Are In A Hurry" class="img_box_center" />Selling a home quickly, especially in urgent situations such as job relocations, divorces, or financial constraints, requires a focused and strategic approach.
The key to expediting the sale process while aiming for the best possible outcome involves several critical steps and considerations.
Today's article will provide tips and insights on how to quickly sell your home without underselling it. In fact, one of these tips is likely to surprise you significantly—I'm sure you'll recognize it when you see it.<br /><br /><br />
Whether you're in a rush or not, selling a home demands a clever strategy to maximize the equity you retain. Over the past 17 years, some of our most sought-after articles on how to sell a home include:
<a href="https://www.manausa.com/blog/how-why-pre-marketing-a-home/" title="Premarketing A Home When Selling A Home">Why Pre-Marketing A Home Has Become A Necessity</a>
<a href="https://www.manausa.com/how-to-sell-your-house/" title="How To Sell A House Today">How To Sell A House In The Digital Age</a>
<a href="https://www.manausa.com/blog/sell-a-home-in-a-strong-sellers-market/" title="Big Tip For Selling A Home In A Strong Seller's Market">How To Sell A Home In A Strong Seller's Market</a>
<a href="https://www.manausa.com/blog/how-to-sell-a-house/" title="The Definitive Resource On How To Sell A House">The Definitive Resource On How To Sell A House</a>
<a href="https://www.manausa.com/blog/why-real-estate-is-always-a-sellers-market/" title="Why Real Estate Is Always A Sellers’ Market">Why Real Estate Is Always A Seller's Market</a>
<a href="https://www.manausa.com/blog/home-sellers/" title="Why the traditional home selling plan no longer works">Why Traditional Home Selling Plans Cost Sellers Money</a>
<a href="https://www.manausa.com/blog/selling-a-home-on-the-internet/" title="Selling A Home On The Internet">Understanding The Internet's Impact On Selling A Home</a>
<a href="https://www.manausa.com/blog/sell-a-home-without-giving-it-away/" title="How to sell your home even if your neighbors are giving theirs away">How To Sell Your Home Even If Your Neighbors Are Giving Theirs Away</a>
<a href="https://www.manausa.com/blog/sell-your-home-in-4-to-14-days/" title="Sell Your Home In 4 To 14 Days">How To Sell Your Home In 4 To 14 Days</a>
<a href="https://www.manausa.com/blog/how-long-does-it-take-to-sell-a-home/" title="How Long Does It Take To Sell A Home?">How Long Does It Take To Sell A Home?</a>
<a href="https://www.manausa.com/blog/pricing-a-home-to-sell-today/" title="Pricing A Home To Sell Today">How To Price A Home To Sell Today</a>
<a href="https://www.manausa.com/blog/sell-a-home-in-2010/" title="Three Keys To Selling A Home">3 Keys To Selling A Home</a>
With those articles as your fall-back resources, you are well on the road to becoming an expert on selling your home when you are in a hurry (while fetching top dollar).<br /><br />Quick Fixes and Staging
The appearance and condition of your home significantly influence buyer interest and the speed of sale.
Prioritize quick repairs and improvements to enhance your home's appeal. Staging aims to showcase the property's best features by making the house neutral and appealing to the target demographic. One must imagine the buyer most likely to pay top dollar for the home and then prepare the house to blow that buyer away.
Effective staging can accelerate the sale process by minimizing distractions and highlighting your home's best features. The scope of your staging involves two key considerations:
Every dollar invested in staging should yield a profit. The goal isn't necessarily to increase the sale price but to maximize your net earnings.
Given the urgency of your sale, your staging efforts will be constrained by the time available.
Decluttering And Cleanliness
Ensuring your home is clean and decluttered is an essential sub-step of staging. A well-maintained home sends a positive message to potential buyers about its upkeep. Deep cleaning, power-washing exteriors, and maintaining cleanliness throughout the viewing and inspection stages can significantly impact buyer perceptions and help sell your home faster.<br /><br />The Most Important Tip For A Fast Home Sale
Setting the right price for your home is vital. A competitive price, determined with the assistance of an experienced real estate broker, can draw in more buyers and expedite the sale. It's important to price strategically; pricing too high may repel buyers, whereas pricing too low could mean losing out on potential profit.<br />
Note on "timing" your sale: <br />
Many real estate agents suggest that certain times of the year are "better" for selling a home, but this advice often doesn't hold up. While some markets with significant seasonal changes might see variations, the reality is that the timing of sales is more about economic conditions and factors affecting buyers than the season.
Over the years, my reports on inventory absorption have consistently shown that market dynamics are less about the time of year and more about economic conditions, mortgage rates, and the balance between supply and demand in the local market.
Indeed, seasonality affects most markets to some extent, but it's more relevant to consider that when more homes are sold, more sellers are in the market, and vice versa. Therefore, focusing on the percentage of homes sold at any given time offers a more useful insight than merely looking at the number of sales and the time of year. This percentage tends to reflect economic conditions, mortgage interest rates, and supply and demand dynamics rather than the calendar.
<br /><br />Marketing and Incentivization
Effective marketing to your target buyer is vital, especially online, where most home buyers start their search.
<a href="https://www.manausa.com/how-to-sell-your-house/" title="How pre-marketing puts extra dollars in home sellers' pockets">Pre-marketing a home</a> is the most-important step in selling a home fast. The word must get out BEFORE you enter the market. Buyers must know there is competition if you want to compel them to make offers immediately.
You can utilize digital marketing tools like 3D tours and social media to increase visibility and engage your sphere of influence to help you reach a larger audience. Hosting open houses can also allow buyers to view your property and expedite a sale.
Incentivizing prospective buyers through covering closing costs, buying down their interest rate, or offering a home warranty can make your property more attractive and encourage a quicker sale.<br /><br />Alternative Selling Options
For super speedy sales and closings, you can consider non-traditional home buyers such as cash buyers, iBuyers, and auction buyers.
Cash buyers, including investors, can offer quicker, smoother transactions without needing mortgage approval. iBuyers use technology to make instant offers, although they might offer slightly lower prices to account for repair costs and profit margins.
Auctions could also be a viable option to sell your home swiftly, though I've found that the process is cumbersome and market penetration is low (meaning fewer buyers and lower sales prices).<br /><br />The "Surprise" Final Tip
As I write this, most US housing markets are defined by steady demand and diminished inventory. That means that buyers are competing with each other for the rare opportunities that hit the market.
Think about what this means.
TIP: If you are selling a home, you can command that it be a fast sale.
Unless your home is located in one of the 7% of US housing markets that is not inventory-challenged, then you can price yourself into a bidding war. Bidding wars are exactly what sellers with urgency need.
We recently helped a homeowner who needed a fast sale. She was behind on her payments, and the lender said they would start the bankruptcy process. Here's what we had her do.
She started immediately preparing the home for sale (staging) while we initiated our pre-marketing strategy with a massive "coming soon" campaign to buyers and Realtors in the area. Using social media, email, texts, and smart advertising, we attracted more than 100 inquiries on her home in just five days.
When the property "went live" in the MLS, we had more than a dozen showings and six immediate offers. We negotiated with the two cash buyers in the group to produce a sale that closed in just two weeks. With all the time spent, the sale and closing took less than three weeks for a seller in a hurry.
Her bank was repaid, and she walked away with much more money than she could have hoped in a foreclosure sale.<br /><br />Sell Your House Fast For Top Dollar
Concluding this comprehensive guide to selling a home quickly, it's evident that success in this endeavor requires a blend of strategic staging, understanding market dynamics, effective marketing, and exploring all available selling avenues. By incorporating these insights and tactics, sellers can significantly enhance their chances of a rapid and profitable home sale.
The journey to selling your home swiftly doesn't end here. Whether navigating through urgent circumstances or aiming to capitalize on a strong seller's market, the opportunity to maximize your return while minimizing time on the market is within reach.
If you're ready to take the next step and have a home to sell anywhere in the United States, we encourage you to fill out the form below. This action is the first step to connect you with experienced professionals understand the modern home selling process. They specialize in fast, efficient home sales, ensuring you receive the guidance and support needed to achieve your goals.
Remember, the right strategy can transform the selling process, turning potential challenges into successful outcomes. Take this moment to confidently move forward, knowing you're well-equipped with the knowledge and resources to sell your home quickly and effectively.2024-03-11T03:00:00-07:002024-03-11T07:37:50-07:00Joe Manausatag:manausa.com,2012-09-20:42189Southwood Listings And Real Estate Report March 2024<img src="https://assets.site-static.com/userfiles/663/image/southwood-march-2024.jpg" width="880" height="587" alt="Located in Southeast Tallahassee, Southwood is a thoughtfully designed community offering a mix of apartments, townhouses, and single-family homes. Its green surroundings include parks, lakes, and trails that complement the serene suburban feel." title="Southwood Tallahassee FL" class="img_box_center" />
Located in Southeast Tallahassee, Southwood is a thoughtfully designed community offering a mix of apartments, townhouses, and single-family homes.
Its green surroundings include parks, lakes, and trails that complement the serene suburban feel. Southwood extends beyond just residences; it features a golf course and a vibrant town center with options for shopping and dining.
Catering to families, professionals, and retirees alike, it offers a blend of tranquil living with urban conveniences. Its proximity to downtown Tallahassee and Florida State University positions Southwood as a sought-after location for housing.
Homes for Sale in Southwood<br /><br />Schools in Southwood
Southwood is home to two esteemed schools: Florida High and John Paul II Catholic High School. The Leon County schools serving the Southwood community include:
<a href="https://www.manausa.com/idx/results/?searchid=172963" target="_blank">Conley Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172985" target="_blank">Fairview Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172996" target="_blank">Rickards High School</a>
This comprehensive report delves into the average home prices, values, and sizes in Southwood, featuring a detailed table of the latest 1,000 home sales.
Our charts use red columns to represent the annual number of closed home sales (on the left vertical axis), with blue indicating another significant real estate metric (on the right vertical axis).
The analysis includes sales data up through December for previous years and extends through February 2024. We will update our charts and sales table regularly to provide the latest insights on Southwood homes. For the most current information, bookmark the <a href="https://www.manausa.com/southwood/" title="About Southwood Tallahassee Florida">Southwood Neighborhood Page</a>.
Home Prices in Southwood
In 2023, the average home price in Southwood reached $483K, marking an increase of over 5% from 2022.
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The demand for homes in Southwood continues to be strong. Out of the 21 homes currently on the market, 14 (or 66%) are under contract with buyers.
Home Values in Southwood
The average value of homes in Southwood saw a nearly 9% increase in 2023.
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The average home value in Southwood for 2023 hit a record $224 per square foot.<br /><br />Southwood Home Sizes
Southwood homes typically span 2,100 to 2,600 square feet.
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The 131 homes sold in 2023 had an average size of 2,141 square feet.
Southwood Home Sales
Below is a list of the most recent 1,000 homes sold in Southwood:
{si-table-id=5}2024-03-08T04:00:00-07:002024-03-02T14:41:14-07:00Joe Manausatag:manausa.com,2012-09-20:42188Bannerman Commons Listings And Home Sales March 2024<img src="https://assets.site-static.com/userfiles/663/image/bannerman-commons-march-2024.jpg" width="880" height="587" alt="Bannerman Commons Listings And Home Sales March 2024" title="Bannerman Commons March 2024" class="img_box_center" />Situated in the Bradfordville area of northeast Tallahassee, Bannerman Commons is a newly built neighborhood known for its high walkability score.
The community offers its residents a wide range of amenities. From local shops and restaurants to cafes, there's a variety of options for shopping and dining right within Bannerman Commons.<br /><br />Bannerman Commons Schools
Bannerman Commons is served by the following A-rated Leon County public schools:
<a href="https://www.manausa.com/idx/results/?searchtype=2&searchid=172968" title="Homes For Sale In The Hawks Rise Elementary School Zone">Hawks Rise Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchtype=2&searchid=172984" title="Homes For Sale In The Deerlake Middle School Zone">Deerlake Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchtype=2&searchid=172992" title="Homes For Sale In The Chiles HS Zone">Chiles High School</a>
This report on Bannerman Commons provides detailed charts on average home prices, values, sizes, and records of the most recent closed home sales.
The three real estate graphs in this Tallahassee housing report depict yearly closed home sales with red columns (on the left axis) and an important real estate metric in blue (on the right axis).
Note that the data provided below extends through December for 2023 and through February for 2024. We will regularly update the graphs and sales table. To keep abreast of housing trends in Bannerman Commons, <a href="https://www.manausa.com/bannerman-commons/" title="Bannerman Commons In Tallahassee Florida">bookmark this page</a>.
Bannerman Commons Home Prices
The average home price in Bannerman Commons for 2023 was $735K.
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Currently, there are three homes for sale in Bannerman Commons, with none under contract.
Home Values in Bannerman Commons
In 2023, Bannerman Commons showcased some of the highest average home values among the neighborhoods we track, a testament to its all-new construction units.
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The average home value in Bannerman Commons for 2023 was $269 per square foot.<br /><br />Bannerman Commons Home Sizes
Homes in Bannerman Commons are anticipated to range between 2,600 and 3,300 square feet, and that was the case in the first year of homes sold in 2023.
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The average size of the four homes sold in 2023 was 2,735 square feet.
Recent Home Sales in Bannerman Commons
Below is a comprehensive list of all home sales in Bannerman Commons since its first sales year in 2023. You can sort the list easily by clicking on any column heading.
{si-table-id=147}2024-03-07T04:00:00-07:002024-03-02T13:59:43-07:00Joe Manausatag:manausa.com,2012-09-20:42187Plaza Tower Condo Listings And Sales Report March 2024<img src="https://assets.site-static.com/userfiles/663/image/plaza-tower-march-2024.jpg" width="880" height="587" alt="Plaza Tower stands as a symbol of urban sophistication and modern living in downtown Tallahassee, offering breathtaking panoramic views and epitomizing the essence of city life convenience and style." title="Plaza Tower Tallahassee FL" class="img_box_center" />Plaza Tower, situated in downtown Tallahassee's heart, shines as a symbol of urban sophistication and modern living. This architectural gem provides stunning panoramic views, representing the zenith of convenience and style in city living.
Located in the city's bustling center, Plaza Tower offers its residents the chance to immerse themselves in the dynamic beat of urban life. Steps away lie many local attractions, including an eclectic mix of restaurants, shopping venues, and government offices.
Within Plaza Tower, luxury meets comfort. The building boasts a state-of-the-art fitness center, a serene swimming pool, and convenient on-site parking. It accommodates a range of lifestyles with its diverse unit options, from cozy studios to spacious multi-bedroom apartments, suitable for singles and families.
Experience the fusion of modern living and urban elegance at Plaza Tower, offering an unparalleled high-rise living experience in Tallahassee.
Available Condo Units in Plaza Tower<br /><br />Schools Zoned for Plaza Tower Residents
Plaza Tower falls within the zoning for the following Leon County public schools:
<a href="https://www.manausa.com/idx/results/?searchid=172958" title="Homes for sale zoned for Bond Elementary School " target="_blank">Bond Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172989" title="Homes for sale zoned for RAA Middle School" target="_blank">RAA Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" title="Homes for sale zoned for Leon High School" target="_blank">Leon High School</a>
This analysis delves into the trends of average unit prices, values, and sizes at Plaza Tower, including a comprehensive list of unit sales since its inception in 2002.
The graphs included showcase annual closed unit sales (depicted by red columns on the left axis) alongside key real estate statistics (shown in blue on the right axis).
Data coverage extends from January through December for all years up to 2023, and through February for 2024. We update the graphs and sales table regularly. To stay informed about the latest trends in Plaza Tower units, <a href="https://www.manausa.com/plaza-tower/" title="Plaza Tower Condominium In Tallahassee Florida">consider bookmarking this page</a>.
Condo Prices in Plaza Tower
In 2023, the average price of a condo in Plaza Tower saw a nearly 9% increase, reaching $260K, primarily due to the sale of larger units.
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Currently, there are nine condo units on the market in Plaza Tower, with one under contract.
Although sales activity in Plaza Tower has slowed, this trend is consistent with observations over the past fourteen years.
Condo Values in Plaza Tower
The average value of a Plaza Tower condo increased by nearly 1% in 2023.
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The average value of sold condos in Plaza Tower now stands at $234 per square foot. A closer examination of the sales table reveals that the sale of larger units has influenced the average value, with the overall average significantly impacted by the mix of unit sizes sold.
Notably, the 703 square foot units tend to sell for about 20% to 30% more per square foot than the 1,295 square foot units. This discrepancy has contributed to the slow growth in average value.
It's important to assess the value of specific units individually rather than relying on the overall average.<br /><br />Sizes of Condo Units in Plaza Tower
Condos in Plaza Tower typically span 700 to 1,200 square feet, a range that 2023 sales adhered to.
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In 2023, the average size for the 20 condos sold was 1,133 square feet.
Condo Sales at Plaza Tower
Below are the recent sales of condos at Plaza Tower, with functionality to sort through columns for specific details.
{si-table-id=97}2024-03-06T04:00:00-07:002024-03-02T13:46:35-07:00Joe Manausatag:manausa.com,2012-09-20:42186Lakeshore Estates Listings And Real Estate Report March 2024<img src="https://assets.site-static.com/userfiles/663/image/lakeshore-estates-march-2024.jpg" width="880" height="587" alt="Lakeshore Estates attracts a diverse group, from retirees to young professionals, offering a convenient and comfortable lifestyle." title="Lakeshore Estates Tallahassee FL" class="img_box_center" />
Lakeshore Estates appeals to a wide range of people, from retirees to young professionals, by offering a lifestyle that's both convenient and comfortable.
With its ideal location near schools, shopping, and recreational spots, it's perfect for those seeking essential amenities close by. Situated in the NW region of Tallahassee, Lakeshore Estates features quiet streets, well-maintained homes, and abundant greenery.
Homes for Sale in Lakeshore Estates
Here are the current listings for homes for sale in Lakeshore Estates:<br /><br />Schools Serving Lakeshore Estates
Residents of Lakeshore Estates are served by the following Leon County public schools:
<a href="https://www.manausa.com/idx/results/?searchid=172977" target="_blank">Sealey Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172989" target="_blank">Raa Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" target="_blank">Leon High School</a>
This report provides an in-depth look at the trends affecting the average prices, values, and sizes of homes in Lakeshore Estates. It includes the latest listings from the Tallahassee MLS and a comprehensive history of home sales since 1991.
Each graph shows the annual number of closed home sales (indicated by red columns on the left axis) alongside important real estate statistics (depicted in blue on the right axis).
Note: This data covers January to December for previous years and extends through February for 2024. We update the graphs and sales table regularly. <a href="https://www.manausa.com/lakeshore-estates/" title="Lakeshore Estates Tallahassee Florida">Bookmark this page</a> to stay informed about the housing trends in Lakeshore Estates.
Average Home Prices in Lakeshore Estates
In 2023, the average home price in Lakeshore Estates increased by over 16%.
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The average price for a home in Lakeshore Estates was $305K in 2023.
2023 saw the lowest number of sales in Lakeshore Estates in six years. Despite a higher demand than supply, sellers have been slow to adjust to market changes.
Currently, Lakeshore Estates has six homes on the market, with two under contract. Homes that are aggressively pre-marketed often sell quickly and at premium prices.
Average Home Values in Lakeshore Estates
Home values in Lakeshore Estates saw a 9% increase in 2023.
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The average value of homes sold in Lakeshore Estates in 2023 reached $169 per square foot for heated and cooled spaces.<br /><br />Average Home Sizes in Lakeshore Estates
Lakeshore Estates homes typically span 1,500 to 1,800 square feet. Yet, the homes sold in 2023 were larger on average.
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The average size of the 19 homes sold in 2023 was 1,815 square feet.
Home Sales in Lakeshore Estates
Below is a list of home sales in Lakeshore Estates starting from 1991.
{si-table-id=30}2024-03-05T04:00:00-07:002024-03-02T13:08:42-07:00Joe Manausatag:manausa.com,2012-09-20:42184Zillow Shares Forecast For 92.2% Of US Households<img src="https://assets.site-static.com/userfiles/663/image/zillow-housing-market-update-mar-2024.jpg" width="880" height="577" alt="Zillow's comprehensive analysis of the US housing market March 2024" title="Zillow Housing Market Update March 2024" class="img_box_center" />In an ever-evolving housing market, understanding the intricate balance between supply and demand is crucial for anyone looking to navigate the complexities of buying, selling, or investing in real estate. With fluctuating inventory levels and shifting economic indicators, the need for precise and current data has never been more critical.
This article delves into the latest trends and analyses, leveraging Zillow's comprehensive database to offer a detailed snapshot of the current state of the U.S. housing market. From examining the historical context of home availability to interpreting the implications of rental rate adjustments, we provide insights essential for making informed decisions in today's real estate landscape.<br /><br />
Supply Of Homes For Sale Is Rising
To accurately assess the health of the housing market, you must first examine the supply and demand relationship. Therefore, our initial graph presents the supply levels since 2019.
<img src="https://assets.site-static.com/userfiles/663/image/number-homes-for-sale-zillow-march-2024.jpg" width="880" height="576" alt="History of number of US homes for sale" title="Zillow's Count Of Homes For Sale" class="img_box_center" />
We color-coordinated each year on the graph, showing that 2024 (represented in purple) offers roughly the same number of homes for sale as 2021. This marks a slight improvement over the past two years, yet it remains significantly below the necessary levels. It's important to note that the red line (2019) indicates the highest inventory levels across all six years, even when 2019 experienced an undersupplied market!<br /><br />Demand Has Fallen For 26 Straight Months
This graph displays the monthly number of homes sold (blue lines) alongside the year-over-year change percentage (yellow bars on the right axis).
<img src="https://assets.site-static.com/userfiles/663/image/home-sales-count-zillow-march-2024.jpg" width="880" height="576" alt="History of US home sales recorded by Zillow" title="Zillow's Count Of Home Sales" class="img_box_center" />
Since December 2021, the monthly sales of homes have been on a decline, driven by mortgage interest rates more than doubling and inventory levels dropping to a record low.
Many YouTubers predicted that this falling demand would lead to a crash in home prices. However, they overlooked a crucial aspect of the housing market: Homebuilders are not constructing homes at their usual rates, meaning the bulk of the inventory comes from homeowners. These individuals contribute one unit of supply when they sell and then create one unit of demand when they purchase.
The lack of available options and the increased cost of borrowing have pushed many sellers out of the market. Consequently, the reduced demand from these potential sellers has been offset by the simultaneous decrease in supply.<br /><br />Still A Strong Sellers' Market
By merging the supply data with the demand data, we can calculate the available months of supply. Historically, a six-month supply was viewed as balanced, indicating a state of market equilibrium. However, I now think market equilibrium is achieved with a supply of closer to four months (<a href="https://www.manausa.com/blog/housing-market-equilibrium-change/" title="Market Equilibrium: How The Balance Has Changed In Real Estate">see why here</a>).
<img src="https://assets.site-static.com/userfiles/663/image/months-supply-homes-for-sale-zillow-march-2024.jpg" width="880" height="576" alt="History of month's of supply of US homes for sale" title="Zillow's Months Supply Of Homes For Sale" class="img_box_center" />
This graph shows the inventory months of supply in the largest U.S. metropolitan areas, underscoring the persistent strength of a sellers' market.
A gold band spans the graph horizontally, offering a broad estimate of market equilibrium. For those adhering to the traditional six-month supply standard, only three major metropolitan areas have shifted towards a buyers' market.
If you consider a four-month supply as balanced, then only ten Metropolitan Statistical Areas have moved in favor of buyers. Regardless of the chosen benchmark, over 90% of Americans reside in areas dominated by a sellers' market.
Even with falling demand, the lack of new inventory means the market dynamics for home sellers remain unchanged. Sellers adopting an <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell House 2024">aggressive, omnichannel pre-marketing approach</a> continue to attract strong interest and achieve high returns from buyers.
<br /><br />The Zillow Crystal Ball Says ...
Zillow is bullish on home prices over the next twelve months.
<img src="https://assets.site-static.com/userfiles/663/image/real-estate-appreciation-rate-zillow-march-2024.jpg" width="880" height="576" alt="Real estate appreciation rate history from Zillow" title="Zillow's Report On Real Estate Appreciation" class="img_box_center" />
This graph ranks the top 14 metropolitan areas based on Zillow's projected home price appreciation. Thomaston, GA, leads the pack with Zillow predicting a 10.2% increase in home prices by the end of January 2025. Zillow anticipates a 4.2% rise in US home prices overall, with only 7.7% of all Metropolitan Statistical Areas expected to see declines.
Regardless of your opinion on Zillow, it's undeniable that their extensive and rapidly updated database offers valuable market insights and data, which has significantly aided my understanding of home sales in the US.
<br /><br />What Stabilizing Rents Mean In The For Sale Market
Our last graph in today's analysis showcases the Zillow Observed Rent Index, calculated by averaging the listed rents in the 40th to 60th percentile range for all homes and apartments. We monitor rents to gain an edge in forecasting future changes in home prices.
<img src="https://assets.site-static.com/userfiles/663/image/rent-appreciation-rate-zillow-march-2024.jpg" width="880" height="576" alt="Zillow's measurement of rental rates over time" title="Zillow's Rental Rate History Graph" class="img_box_center" />
We monitor rental rates to gauge housing demand, affordability, and investment potential. Rising rental rates can indicate a strong market, pushing renters towards buying and attracting investors. This data helps us understand market dynamics, economic health, and the rent-buy decision process.
By analyzing rental trends, we can predict shifts in the housing market, advising clients effectively on buying, selling, or investing in single-family homes. Essentially, rental rates offer insights into the broader housing ecosystem, influencing demand for single-family homes and guiding strategic decisions in the real estate market.
Since the pandemic's start, rental prices have jumped 29.4%, with an average annual increase of 7% over the past four years. Remarkably, nearly two-thirds of this surge occurred in 2021 alone. This dramatic increase was tempered by a boom in apartment construction and a slowdown in economic growth.
As of now, rents have risen 3.4% from last year, reaching $1,958, as reported by the Zillow Observed Rent Index (ZORI). This rate of annual growth is slightly below the pre-pandemic average of about 4.1% seen in 2018 and 2019. In 47 of the 50 largest metro areas, rents have increased from the levels seen a year ago.<br /><br />Constrained, Cooling, Higher-Priced, Evolving Market
The data and trends presented in this article paint a comprehensive picture of the current state of the U.S. housing market. From the supply and demand dynamics to the nuanced shifts in rental rates, it's clear that understanding these patterns is crucial for anyone looking to navigate the real estate landscape effectively.
Despite the challenges posed by low inventory levels and rising mortgage rates, the market remains steady, with certain areas experiencing significant price growth. This resilience underscores the importance of staying informed and adaptable in changing market conditions. For those looking to make informed decisions, whether buying your first home, selling, or investing in real estate, the need for accurate, up-to-date information has never been greater.
To further your understanding of the U.S. housing market and to stay ahead of the curve with the latest updates and analyses, I strongly encourage you to visit the <a href="https://www.youtube.com/Manausa" title="Joe Manausa YouTube">Joe Manausa Real Estate Channel on YouTube</a>. There, you'll find a wealth of videos that delve deeper into market trends, offering insights and advice that can help you navigate the complexities of the real estate world.
Whether you're a seasoned investor or a first-time buyer, the Joe Manausa Real Estate Channel is invaluable for anyone looking to make informed decisions in today's market. Don't miss out on the opportunity to enhance your real estate knowledge—visit the channel today and take the first step towards achieving your real estate goals.2024-03-04T04:00:00-07:002024-03-04T08:24:07-07:00Joe Manausatag:manausa.com,2012-09-20:42183Ox Bottom Manor Listings And Sales Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/ox-bottom-manor-february-2024.jpg" width="880" height="587" alt="Ox Bottom Manor Real Estate Information" title="Ox Bottom Manor In Tallahassee FL" class="img_box_center" />
Located in the northeast area of Tallahassee, Ox Bottom Manor is the epitome of upscale suburban living. Known for its large, sprawling lots and luxurious homes, the neighborhood offers a tranquil environment for its residents.
Positioned within the sought-after 32312 zip code, Ox Bottom Manor affords residents easy access to premier shopping, fine dining, and top-rated schools. The neighborhood features a variety of architectural styles, ranging from elegant single-story brick homes to large, sophisticated stucco residences.
With its picturesque setting and well-maintained properties, Ox Bottom Manor continues to be a preferred choice among families and professionals alike.
Homes For Sale In Ox Bottom Manor<br /><br />Ox Bottom Manor Schools
Ox Bottom Manor benefits from the following A-rated Leon County Public Schools:
<a href="https://www.manausa.com/idx/results/?searchid=172968" target="_blank">Hawks Rise Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172984" target="_blank">Deerlake Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172992" target="_blank">Chiles High School</a>.
This analysis offers a deep dive into the average home prices, values, and sizes within Ox Bottom Manor, complemented by a table of the latest 1,000 closed home sales.
The report's graphs illustrate the annual closed home sales with red columns (left vertical axis) and key real estate metrics in blue (right vertical axis).
It's important to note that the presented data includes sales up to December for previous years and through February for 2024. For the most current information on Ox Bottom Manor home sales, <a href="https://www.manausa.com/ox-bottom-manor/" title="Ox Bottom Manor In NE Tallahassee Florida">bookmark this page</a>. We regularly update the graphs and sales table.
Home Prices In Ox Bottom Manor
This year, the average home price in Ox Bottom Manor is $534K, marking a slight decrease from last year.
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Sales activity in Ox Bottom Manor remains strong, with just two homes currently listed for sale and both already under contract. <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Ox Bottom Manor Tallahassee">Well-pre-marketed homes</a> tend to sell quickly and at premium prices.
Ox Bottom Manor Home Values
The average home value in Ox Bottom Manor increased by nearly 5% in 2023, building on a growth of over 14% in 2022.
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The average value of Ox Bottom Manor homes is $214 per square foot of heated and cooled space.<br /><br />Ox Bottom Manor Home Sizes
The typical home size in Ox Bottom Manor ranges from 2,300 to 2,760 square feet, a standard that 2023 sales maintained.
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The average size for the 19 homes sold last year in Ox Bottom Manor was 2,589 square feet.
Ox Bottom Manor Home Sales
Below is a list of the most recent 1,000 home sales in Ox Bottom Manor. You can sort the data by clicking on any column heading to organize the information as you see fit.
{si-table-id=14}2024-03-01T04:00:00-07:002024-02-24T16:09:02-07:00Joe Manausatag:manausa.com,2012-09-20:42181Weems Plantation Listings And Sales Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/weems-plantation-february-24.jpg" width="880" height="587" alt="Weems Plantation Real Estate Information" title="Weems Plantation In Tallahassee Florida" class="img_box_center" />
Weems Plantation, nestled in Northeast Tallahassee, features approximately 350 homes with well-maintained lawns, constructed mainly from 1999 to 2005. These homes, ranging from 1,200 to 2,000 square feet, sit on about quarter-acre lots and often include modern amenities.
Its location, just east of downtown, offers easy access via Mahan Drive, I-10, and US-90. The area's dining options span from local favorites to popular chains, with shopping opportunities at the Costco Center and Governor's Square Mall. The vicinity also boasts theaters, parks, and the Tallahassee Museum.
Weems Plantation stands out as a highly desirable, friendly community in Tallahassee, conveniently located near city attractions.
Homes For Sale In Weems Plantation<br /><br />Weems Plantation Schools
Residents of Weems Plantation have access to the following public schools:
<a href="https://www.manausa.com/idx/results/?searchid=172982" title="Homes For Sale In The WT Moore Elementary School Zone">WT Moore Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172982" title="Homes For Sale In The Swift Creek Middle School Zone">Swift Creek Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" title="Homes For Sale In The Lincoln High School Zone">Lincoln High School</a>
This report's real estate graphs feature annual home sales in red (left vertical axis) and a key real estate metric in blue (right vertical axis).
This narrative includes sales data up to December for all previous years and through February for 2024. We regularly update the graphs and the closed sales table, so <a href="https://www.manausa.com/weems-plantation/" title="About Weems Plantation In Tallahassee Florida">bookmark this page</a> for the latest insights on Weems Plantation's housing market.
Weems Plantation Home Prices
In 2023, the average home price in Weems Plantation increased by 5%, although recent months have slightly declined from this average.
The current average home price stands at $261K. If you like Weems Plantation, grab a home as soon as you can because prices will be well into the $300Ks before 2024 ends.
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Four homes are on the market in Weems Plantation, with three already under contract. Sellers who use an <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Weems Plantation Tallahassee Florida">omnichannel pre-marketing strategy</a> are in a good position to quickly secure the best possible price.
Weems Plantation Home Values
The average home value in Weems Plantation rose by nearly 12% in 2023.
{si-chart-id=41}
The current average value per square foot is $190, heavily influenced by one of two homes sold well below market. 2023 ended the year at $211 per square foot and we'll see 2024 surge past that long before the year concludes.<br /><br />Weems Plantation Home Sizes
Weems Plantation homes typically span from 1,350 to 1,500 square feet.
{si-chart-id=42}
The 15 homes sold in 2023 had an average size of 1,372 square feet.
Weems Plantation Home Sales
Here is a complete list of all home sales in Weems Plantation since 1999, when sales first started. You can sort the data by any column to obtain specific insights.
{si-table-id=13}2024-02-29T04:00:00-07:002024-02-24T15:45:45-07:00Joe Manausatag:manausa.com,2012-09-20:42180Camelot Park Listings & Real Estate Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/camelot-park-february-2024.jpg" width="880" height="587" alt="Camelot Park real estate information and property listings" title="Camelot Park In Tallahassee FL" class="img_box_center" />
Downtown Tallahassee's Camelot Park features roughly 360 classic single-family homes, with a focus on three and four-bedroom layouts on spacious lots. These homes, aged between 30 and 50 years, typically occupy 0.25- 0.5 acre plots.
Its location minutes away from downtown ensures easy access to transportation, dining, entertainment, and shopping, along with a quick drive to the Tallahassee Regional Airport, making it convenient for travelers.
The neighborhood offers easy access to cultural and recreational spots in downtown, including the Capitol Building, Florida State University, and the Tallahassee Museum, as well as the Governor's Square Mall and downtown shops nearby.
Offering a blend of suburban charm and urban convenience, Camelot Park stands out as a prime choice for those looking to live in the heart of Tallahassee.
Homes For Sale In Camelot Park<br /><br />Camelot Park Schools
Leon County Public schools serve the Camelot Park area, including:
<a href="https://www.manausa.com/idx/results/?searchid=172955" target="_blank">Apalachee Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172985" target="_blank">Fairview Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172996" target="_blank">Rickards High School</a>
Our analysis provides trend graphs for home prices, values, and sizes and a detailed table of home sales in Camelot Park since 1991.
We offer all the necessary information for those considering buying or selling in Camelot Park.
Below, we present three real estate graphs showing annual closed home sales (red columns, left axis) and a key real estate metric in blue (right axis).
This overview includes sales data through December for all previous years and through three weeks of February for 2024. We regularly update the graphs and sales table, so <a href="https://www.manausa.com/camelot-park/" title="Camelot Park Tallahassee Real Estate Information">bookmark this page</a> for the latest Camelot Park housing market insights.
Camelot Park Home Price Trends
In 2023, the average home price in Camelot Park rose by 3%, reaching $279K.
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Demand for homes in Camelot Park remains high as everything that hits the market is selling.
Of the two homes listed for sale in Camelot Park, both are under contract. Aggressive pre-marketed homes in this area tend to sell quickly and at premium prices. <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Camelot Park Tallahassee Florida">Learn more about selling your home in Camelot Park.</a>
Home Value Trends in Camelot Park
The average value of homes in Camelot Park has increased by over 1% in 2023, marking a 32% increase in three years.
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The 14 homes sold in 2023 averaged $167 per square foot of heated and cooled space.<br /><br />Camelot Park Home Size Trends
Typically, homes in Camelot Park span from 1,400 to 1,650 square feet.
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In contrast, the average size of the 14 homes sold in 2023 was 1,685 square feet, indicating a shift towards larger homes.
Camelot Park Home Sales
Since 1991, Camelot Park has seen over 730 home sales. Below is the detailed list:
{si-table-id=24}2024-02-28T04:00:00-07:002024-02-24T15:46:45-07:00Joe Manausatag:manausa.com,2012-09-20:42175San Luis Ridge Listings And Realty Report February 2024
<img src="https://assets.site-static.com/userfiles/663/image/san-luis-ridge-february-2024.jpg" width="880" height="587" alt="San Luis Ridge real estate listings and housing market report" title="San Luis Ridge In Tallahassee FL" class="img_box_center" />
San Luis Ridge, a desirable established neighborhood in Northwest Tallahassee, features more than 180 single-family homes.
These homes, ranging from three to five bedrooms, sit on spacious lots and boast a strategic location south of Tharpe Street and east of Ocala Road. This prime positioning ensures easy access to Tallahassee's colleges and downtown area.
Characterized by its scenic tree-lined streets, peaceful atmosphere, and attractive homes, San Luis Ridge truly stands out.
Homes For Sale In San Luis Ridge<br /><br />San Luis Ridge Schools
The following Leon County public schools serve San Luis Ridge:
<a href="https://www.manausa.com/idx/results/?searchtype=2&searchid=172973" title="Homes for sale zoned for Riley Elementary School" target="_blank">Riley Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchtype=2&searchid=172987" title="Homes for sale zoned for Griffin Middle School" target="_blank">Griffin Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchtype=2&searchid=172993" title="Homes for sale zoned for Godby High School" target="_blank">Godby High School</a>
This report examines average prices, values, and sizes in San Luis Ridge and includes all closed home sales data since 1991.
Each of the three real estate graphs in this report displays the annual number of closed home sales (red columns, left vertical axis) alongside a key real estate metric in blue (right vertical axis).
Please note that the analysis below covers sales through the first three weeks of February 2024 and all previous years through December. We will continuously update the graphs and the closed sales table, so bookmark <a href="https://www.manausa.com/san-luis-ridge/" title="San Luis Ridge Real Estate Information">this page</a> to stay informed about the latest in San Luis Ridge.
San Luis Ridge Home Prices
In 2023, the average home price in San Luis Ridge jumped by nearly 12%, reaching $285K.
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San Luis Ridge has seen strong and steady sales for nine years. Sellers employing an effective pre-marketing strategy often experience quick sales at competitive prices.
Three homes are listed in San Luis Ridge, with one already under contract.
San Luis Ridge Average Home Values
The average home value in San Luis Ridge rose by nearly 10% in 2023, which is slightly lower than our last report.
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The average value stood at $135 per square foot for 2023.<br /><br />San Luis Ridge Average Home Sizes
San Luis Ridge homes typically offer between 1,800 and 2,300 square feet of living space.
{si-chart-id=349}
The 13 homes sold in 2023 had an average size of 2,125 square feet.
San Luis Ridge Home Sales
Below is a comprehensive list of homes sold in San Luis Ridge starting from 1991:
{si-table-id=159}2024-02-27T04:00:00-07:002024-02-24T15:46:21-07:00Joe Manausatag:manausa.com,2012-09-20:42134A Homebuyer's Guide to P.I.T.I: What It Is and Why It Matters<img src="https://assets.site-static.com/userfiles/663/image/mortgage-payment-principal-interest-taxes-insurance-february-2024.jpg" width="880" height="587" alt="A Homebuyer's Guide to PITI: What It Is and Why It Matters" title="P.I.T.I: What It Is and Why It Matters" class="img_box_center" />Buying a home is a significant step, and understanding your mortgage is key to making informed decisions. One phrase you will hear during this process is "P.I.T.I.," which stands for Principal, Interest, Taxes, and Insurance. These four components comprise your monthly mortgage payment and are crucial for budgeting and planning your finances as a homeowner.
P.I.T.I. is not just about monthly payments; it also affects how much you can borrow and the overall cost of your loan. Lenders look at these costs to determine if you can afford the loan you're applying for. As interest rates, property taxes, and insurance costs change over time, they can affect your monthly payments and the total amount you pay over the life of your loan.
This article will explain P.I.T.I., break down its components, and show how they have changed over the years through graphs. Whether buying your first home or looking to understand your current mortgage better, this guide will provide clear and concise information to help you navigate the home buying process.<br /><br />Understanding P.I.T.I
In this section, we'll break down the components of P.I.T.I—Principal, Interest, Taxes, and Insurance—to give you a clearer picture of what goes into your monthly mortgage payment and why each part matters.
Principal
The principal is the amount of money you borrow to purchase your home. When you make a monthly mortgage payment, a portion goes toward reducing the principal, which means you're paying off the amount you owe on your home. Initially, a smaller portion of your payment goes toward the principal, but a larger portion will reduce the principal balance as you make payments over time.
Interest
Interest is the cost of borrowing money, expressed as a percentage of the principal. The interest rate on your mortgage determines how much you'll pay in interest each month. At the start of your mortgage term, a significant portion of your monthly payment goes toward interest. However, as you pay down the principal, the interest portion of your payment decreases.
Taxes
Local governments assess property taxes and contribute to public expenses like schools, roads, and emergency services. The amount you pay in property taxes can vary significantly depending on where you live. Lenders nearly always include property taxes in your monthly mortgage payment, holding the funds in an escrow account to pay the taxes on your behalf when they're due.
Insurance
Two main types of insurance are included in the "insurance" portion of P.I.T.I: homeowners insurance and private mortgage insurance (PMI). Homeowners insurance protects your property against damage from things like fire, storms, and theft. If you put down less than 20% of the home's purchase price, your lender will typically require PMI, which protects the lender in case you default on your loan.
How P.I.T.I. Affects Your Monthly Payment
Understanding each component of P.I.T.I. is crucial for budgeting for your home and planning your finances. Your monthly mortgage payment can change over time, especially if your property taxes or homeowners insurance premiums adjust. Knowing how each part of P.I.T.I. contributes to your total mortgage payment helps you anticipate changes and manage your budget effectively.
In the next section, we'll look at how each component has changed over the years and what that means for homebuyers today.<br /><br />Historical Trends of Mortgage Payments
Let's explore how each component of P.I.T.I.—Principal, Interest, Taxes, and Insurance—has changed over the years and the factors driving these changes. Understanding these trends can help homebuyers anticipate future shifts in the housing market.
Principal
The principal amount of a mortgage depends largely on home prices, which have seen significant fluctuations over the decades. Historically, average home prices have trended upwards, reflecting inflation, population growth, and changes in housing demand. This increase in home prices means that the principal component of mortgages has also grown, affecting the overall size of mortgage payments.
Interest
Over the past several decades, interest rates have experienced dramatic shifts influenced by monetary policy, economic conditions, and inflation. For example, the early 1980s saw mortgage interest rates peak due to high inflation, dramatically increasing borrowing costs. Since then, rates have generally trended downward, reaching historic lows in recent years. These changes in interest rates have directly impacted monthly mortgage payments, with lower rates making borrowing more affordable. The fifty-year trend of rates improving home affordability shifted dramatically two years ago, leading to a
Taxes
Local government budgets and property values influence property taxes. As property values increase, tax assessments often rise, leading to higher property taxes. Over the years, many areas have seen a steady increase in property taxes, though the rate of increase can vary widely depending on the location. This variability affects the tax component of P.I.T.I., contributing to the overall change in mortgage payments.
Insurance
The cost of homeowners insurance has also trended upward, driven by factors such as rising home values, increased frequency of natural disasters, and higher costs of repairs and construction. Private mortgage insurance (PMI) costs can vary based on the borrower's down payment and credit profile. As housing prices have increased, the amount financed has grown, potentially increasing PMI costs for those unable to make a 20% down payment.
Analyzing the Trends
The cumulative effect of these trends is an overall increase in the P.I.T.I. payments for many homeowners. However, the impact can vary significantly based on location, timing of the home purchase, and the specific details of the mortgage product chosen. For prospective homebuyers, understanding these historical trends is crucial for making informed decisions about when to enter the housing market and what financial commitments they can expect.
In the next section, we will present graphs illustrating these trends over time, providing a visual representation of how P.I.T.I. components have changed and offering insights into the future of home mortgage payments.<br /><br />Trends in Mortgage Interest Rates Over Time
This graph shows the fluctuation of average mortgage interest rates from the 1970s to the present.<br /><img src="https://assets.site-static.com/userfiles/663/image/mortgage-rate-history-graph-feb-2024.jpg" width="880" height="576" alt="Graph depicts more than fifty years of 30-year fixed rates" title="Historical Mortgage Interest Rate Graph" class="img_box_center" style="text-align: justify;" />
Note two prominent spikes. On the far right, we observe that rates have doubled since 2021. Going back to 1981, we find that mortgage interest rates reached an all-time high of more than 18%. Despite today's rate staying below the fifty-year average, its historic percentage change continues to shake the market.
More important is the long-term trend from 1980 through 2021, during which rates consistently fell. Many overlook the significance of this trend, yet it promises to impact our economy significantly in the near and distant future.
Over the past fifty years, the general decline in mortgage interest rates has built equity for homeowners. This equity turned into cash for purchasing goods and services, bolstering our economy. This downward trend halted in 2021, coinciding with substantial cash distributions from the federal government in response to COVID.
The potential economic consequences of rising rates and the cessation of government handouts warrant serious concern.
Historical Property Tax Rates
This graph demonstrates how property taxes and insurance have contributed to the P.I.T.I. payments.
<img src="https://assets.site-static.com/userfiles/663/image/taxes-insurance-mortgage-payment-impact-feb-2024.jpg" width="880" height="576" alt="Graph demonstrates how property taxes and insurance have impacted mortgage payments over time" title="Historical Property Tax And Hazard Insurance Rates" class="img_box_center" />
This comprehensive graph merges principal, interest, taxes, and insurance data to display the average P.I.T.I. payment over time. Its value lies in its inclusivity; whereas most reports on mortgage payments concentrate solely on the principal and interest, this graph reveals the impact of escalating taxes or insurance, which often go unnoticed.
The black line, highlighted in yellow, shows that taxes and insurance have remained fairly steady. It's the principal and interest portion that is spiraling out of control today.
Overall P.I.T.I. Payments Over Time
Our final graph synthesizes all the information and incorporates inflation into the analysis. The red line tracks the PITI payments over 24 years, while the blue line adjusts these PITI payments for inflation, presenting all payments in 2024 dollars.
<img src="https://assets.site-static.com/userfiles/663/image/inflation-adjusted-mortgage-payment-feb-2024.jpg" width="880" height="576" alt="How mortgage payments compare with the past after adjusting for inflation" title="Inflation Adjusted PITI Mortgage Payments" class="img_box_center" />
Adjusting payments for inflation in terms of 2024 dollars is a method used to account for the change in purchasing power of money over time due to inflation.
Wage inflation is when workers' average salary or wages in an economy increase over time. This means that a dollar today will not buy the same amount of goods or services (or houses) in the future. When adjusting inflation payments, we are essentially recalibrating the value of money to a common point in time (in this case, 2024) to compare or analyze financial figures across different years accurately.
These graphs illustrate past and present trends and serve as a tool for predicting future changes in the housing market. By understanding these patterns, homebuyers can make more informed decisions, potentially saving thousands of dollars over the lifetime of their mortgage.
In the next section, we will discuss the factors influencing changes in P.I.T.I. and what prospective homebuyers can do to prepare for these expenses.<br /><br />Factors Influencing Changes in P.I.T.I.
Understanding the dynamics behind the changes in Principal, Interest, Taxes, and Insurance (P.I.T.I.) is crucial for anyone looking to buy a home or manage their current mortgage effectively. Several key factors can influence these components, affecting overall mortgage payments. This section explores these factors and their impact on P.I.T.I.
Economic Factors
Inflation: Soaring prices erode purchasing power, influencing interest rates and property values. As the cost of living increases, so can property taxes and insurance premiums, directly affecting the T and I components of P.I.T.I.
Interest Rates: The Federal Reserve sets short-term interest rates to manage economic growth. These rates influence mortgage rates, affecting the interest component of your mortgage. Economic conditions, such as inflation and employment rates, guide these adjustments. As we saw in the first graph, a sharp move in rates can significantly and immediately impact the rate of home sales.
Housing Market Dynamics: Supply and demand in the housing market can significantly impact home prices (the principal component). Higher demand in a seller's market leads to higher prices, increasing the principal portion of P.I.T.I.
Policy Changes
Tax Legislation: Changes in property tax legislation at the local or state level can affect the amount homeowners are required to pay, impacting the taxes component of P.I.T.I. Currently, the State of Florida is exploring various options to eliminate property taxes for homeowners. However, it's important to note that the government will still need to find alternative methods to collect taxes to fund public services and infrastructure. This potential shift in tax policy could have wide-ranging effects on the real estate market, property values, and the overall financial burden on homeowners.
Insurance Regulations: State regulations can influence insurance costs by determining what insurance companies can cover and the rates they can charge. This affects the insurance component of P.I.T.I.
Environmental Factors
Natural Disasters: Areas prone to natural disasters may see higher insurance premiums due to the increased risk. This can lead to a significant rise in the insurance component of P.I.T.I over time.
Climate Change: Long-term changes in climate significantly impact insurance costs and property values, particularly in regions increasingly susceptible to extreme weather events. With its extensive coastline on three sides, Florida stands at the forefront of areas vulnerable to the repercussions of climate change. This vulnerability necessitates a vigilant approach to monitoring both climate change developments and insurance rates.
Preparing for Changes
Prospective and current homeowners can take several steps to prepare for and potentially mitigate the impact of changes in P.I.T.I:
Fixed-Rate Mortgages: Locking in a fixed-rate mortgage can protect against future interest rate increases, stabilizing the interest component of your P.I.T.I.
Escrow Accounts: Using an escrow account for taxes and insurance (as most lenders will require) can help spread these costs over the year, avoiding large lump-sum payments.
Energy Efficiency Improvements: Making your home more energy-efficient can reduce utility costs and potentially lower homeowners insurance premiums by making your home more resistant to certain types of damage.
Regularly Reviewing Insurance: Shopping around for homeowners insurance and reassessing your coverage needs can ensure you're not overpaying for insurance.
By understanding the factors influencing P.I.T.I. and taking proactive steps, homeowners can better manage their monthly mortgage payments and plan for the future. In the next section, we'll explore the impact of P.I.T.I. changes on homebuyers and strategies for managing these expenses.<br /><br />Conclusion
Understanding the components of P.I.T.I.—Principal, Interest, Taxes, and Insurance—is essential for anyone navigating the homebuying process or managing a mortgage. This article has broken down each element of P.I.T.I., explored how they have changed over the years through graphical analysis, and discussed the factors influencing these changes. The goal has been to equip prospective homebuyers and current homeowners with the knowledge to make informed mortgage decisions.
Key takeaways include:
Principal and Interest: These are directly affected by the home price and the mortgage interest rate at the time of purchase. While principal amounts have generally increased due to rising home prices, interest rates have fluctuated, influenced by broader economic policies and conditions.
Taxes and Insurance: Property taxes and insurance premiums have also trended upwards, driven by local government budgets, property values, and the increasing cost of repairs and construction. Environmental factors and policy changes further influence these components, impacting the overall cost of homeownership.
Preparation and Planning: Partnering with a trusted real estate agent and mortgage lender who offer comprehensive research and budgeting assistance can be invaluable. Such professionals can help navigate the complexities of the housing market, identify potential cost-saving opportunities, and offer advice tailored to managing costs more effectively.
The journey to homeownership is filled with important financial decisions for prospective homebuyers. A clear understanding of P.I.T.I. is crucial for budgeting correctly, avoiding unexpected expenses, and choosing the right time to enter the market. For current homeowners, knowledge of these components can aid in decision-making about refinancing, selling, or adjusting household budgets to accommodate changes in mortgage payments.
Whether you are buying your first home or looking to understand better your current mortgage, a comprehensive grasp of P.I.T.I. and its influencing factors is invaluable. It helps make informed decisions and plan for a secure financial future in homeownership.<br /><br />The Impact of P.I.T.I. Changes on Homebuyers
The components of P.I.T.I.—Principal, Interest, Taxes, and Insurance—play a significant role in the overall affordability of a home. Changes in any of these components can directly impact homebuyers, influencing both the immediate affordability of a home and the long-term cost of homeownership. This section explores how rising P.I.T.I. affects affordability and outlines strategies for prospective homebuyers to manage these expenses effectively.
How Rising P.I.T.I. Affects Affordability
Increased Monthly Payments: As the components of P.I.T.I. increase, monthly mortgage payments rise. This can stretch the budgets of homeowners, especially those with fixed or limited incomes.
Higher Qualification Thresholds: Lenders use debt-to-income ratios to determine loan eligibility. As P.I.T.I. payments increase, qualifying for a mortgage becomes more challenging for prospective buyers.
Reduced Buying Power: Rising P.I.T.I. payments mean that buyers might not be able to afford as much house as they could have when interest rates were lower, taxes were less, or insurance premiums were cheaper. This can force buyers to look in different areas or consider homes that might not meet all their criteria.
Strategies for Prospective Homebuyers to Manage P.I.T.I. Expenses
Save for a Larger Down Payment: A larger down payment reduces the principal amount of the loan, which can lower monthly payments and potentially eliminate the need for private mortgage insurance (PMI).
Shop for Competitive Mortgage Rates: Interest rates can vary significantly between lenders. Don't fall for the national lenders that spend a lot of money on advertising; instead, ask your trusted real estate agent for a list of local lenders that they know will take great care of you at a highly competitive rate.
Consider the Total Cost of Homeownership: Beyond the listing price, consider how property taxes and insurance premiums affect your monthly payments. Some areas, even within a local municipality, have significantly higher taxes or insurance costs, impacting affordability.
Budget for Future Increases: Property taxes and insurance premiums can increase over time. When calculating what you can afford, factor in potential increases to ensure you can manage future payments.
Explore Fixed-Rate Mortgages: A fixed-rate mortgage locks in your interest rate for the life of the loan, providing predictability in your monthly payments and protecting against future interest rate increases.
Understand Tax Benefits: Some components of P.I.T.I., like mortgage interest and property taxes, may be tax-deductible. Understanding these benefits can help you accurately assess the after-tax cost of homeownership.
By employing these strategies, prospective homebuyers can better navigate the complexities of P.I.T.I. and make informed decisions that align with their financial goals and capabilities. Managing these expenses effectively is key to securing a desirable and affordable home in the long term.<br /><br />Future Outlook
As we look ahead, several factors suggest potential trends in the components of P.I.T.I. that could affect future homebuyers:
Interest Rates: Economists predict that interest rates may fluctuate based on global economic conditions and central bank policies. Prospective homebuyers should stay informed about these trends, as even a small change in interest rates can significantly impact mortgage affordability. Active buyers should keep their local mortgage lender on speed dial and be prepared to lock in a rate when the lender thinks it appropriate.
Property Taxes: As municipalities adjust to changing economic realities and funding needs, property taxes may continue to rise in many areas. This trend underscores the importance of considering ongoing property tax obligations when purchasing a home.
Insurance Costs: Hazard insurance premiums are soaring-, especially in regions susceptible to natural disasters. While technological advancements and building materials may offset some expenses, the overarching trend indicates increased premiums. Homeowners and potential buyers must stay informed about flood zones and any factors that could contribute to higher monthly mortgage payments. Understanding the risks associated with a property and the potential for increased insurance costs is essential for financial planning and protecting one's investment in the face of evolving climate and market conditions.
Principal Amounts: With housing demand in many urban and suburban areas outpacing supply, the principal cost of homes may continue to rise. However, market corrections could occur, influenced by economic shifts, changes in work-from-home policies, and demographic trends. Active buyers and sellers should discuss supply and demand for comparable homes with their trusted real estate agent.
Prospective homebuyers should consider these trends as they plan their home purchase. Staying informed and flexible, exploring various mortgage options, and working with experienced, 5-star real estate professionals can help navigate the future housing market more effectively.2024-02-26T04:00:00-07:002024-02-24T16:44:58-07:00Joe Manausatag:manausa.com,2012-09-20:41933Centerville Conservation Listings And Home Sales February 2024<img src="https://assets.site-static.com/userfiles/663/image/centerville-conservation-february-2024.jpg" width="880" height="587" alt="Centerville Conservation, located in NE Tallahassee, is a premier neighborhood boasting luxury homes. Since 2008, it has housed about 200 upscale properties, many valued over one million dollars and set on expansive lots, providing a distinct living experience." title="Centerville Conservation Tallahassee FL" class="img_box_center" />
Located in NE Tallahassee, Centerville Conservation stands out as a premier neighborhood, home to luxury residences. Since its inception in 2008, the area has welcomed around 200 upscale properties, with many valued at over one million dollars. These homes are on large lots, offering residents a unique and distinguished living experience.
The neighborhood's strategic location ensures a picturesque drive along Centerville Road to the downtown area. With its combination of spacious homesites and modern construction, Centerville Conservation is a leading choice for buyers in search of high-end properties.
Homes For Sale In Centerville Conservation<br /><br />Centerville Conservation Schools
Centerville Conservation is zoned for the following Leon County schools:
<a href="https://www.manausa.com/idx/results/?searchid=172974" target="_blank">Roberts Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172991" target="_blank">Montford Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172992" target="_blank">Chiles High School</a>
This comprehensive report provides insights into the Centerville Conservation real estate market, featuring graphs that depict average home prices, values, and sizes within the neighborhood. It also includes a full list of current listings from the Tallahassee Multiple Listing Service (MLS), and a detailed table of all closed home sales in Centerville Conservation since its inaugural sale in 2008.
The report's three real estate graphs use red columns (on the left vertical axis) to display the annual number of closed luxury home sales. The blue highlights (on the right vertical axis) indicate key real estate statistics.
It's important to note that the narrative includes sales data up through December for past years and extends to three weeks into February for 2024. For the latest updates on Centerville Conservation homes, <a href="https://www.manausa.com/centerville-conservation/" title="Centerville Conservation Real Estate Information">bookmark this page</a>. We will continuously update the listings, graphs, and sales table to provide you with the most current neighborhood status.
Centerville Conservation Home Prices
Home prices in Centerville Conservation experienced a nearly 19% surge in 2023, coming after an almost 23% increase the year before.
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Despite these factors, sales activity in Centerville Conservation continues to be strong. There are five homes on the market, although one is not visible online because the agent opted not to list it on the internet. For a showing of this <a href="https://www.manausa.com/drop-joe-a-note/" title="Contact us to see this great property">exclusive listing</a>, please contact us directly. The other four homes are already under contract with buyers.
Centerville Conservation Home Values
In 2023, the average home value in Centerville Conservation saw an increase of nearly 11%.
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The average value per square foot for a home in Centerville Conservation stood at $354 in 2023.<br /><br />Centerville Home Sizes
Homes in Centerville Conservation typically sell within the range of 3,000 to 5,000 square feet annually, and 2023 followed this pattern.
{si-chart-id=138}
In 2023, the average size of the ten homes sold in Centerville Conservation was 3,946 square feet.
Centerville Conservation Home Sales
The following table details recent home sales in Centerville Conservation, allowing for column sorting to gain insights into the neighborhood's home sale history.
{si-table-id=65}2024-02-23T04:00:00-07:002024-02-20T07:23:29-07:00Joe Manausatag:manausa.com,2012-09-20:41932Centerville Trace Listings And Home Sales Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/centerville-trace-february-2024.jpg" width="880" height="587" alt="Centerville Trace is a Northeast Tallahassee neighborhood positioned in the heart of the 32309 zip code." title="Centerville Trace Tallahassee Real Estate" class="img_box_center" />
Centerville Trace, a popular Northeast Tallahassee neighborhood, sits at the core of the high-demand 32309 zip code.
This community, home to about 150 residences constructed mainly from the late 1980s to the mid-1990s, with a few added later, boasts an excellent location. Positioned along Centerville Road within the I-10 boundary, its prime location is a key attraction.<br /><br />Centerville Trace Schools
The residents of Centerville Trace are served by these Leon County Public Schools:
<a href="https://www.manausa.com/idx/results/?searchid=172982" title="Homes for sale zoned for WT Moore Elementary School">W.T. Moore Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172983" title="Homes for sale zoned for Cobb Middle School">Cobb Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" title="homes for sale zoned for Lincoln High School">Lincoln High School</a>
This report provides a comprehensive analysis of the Centerville Trace neighborhood, complete with charts and graphs that outline average home prices, values, sizes, and a summary of the most recent sales.
The included real estate graphs show the annual number of closed home sales with red columns on the left vertical axis, while a crucial real estate metric appears in blue on the right vertical axis.
It's crucial to note that the data presented covers sales up to the end of the year for all previous years, but only extends to mid-February for 2024. We will regularly update the graphs and sales table to deliver the most current information. For the latest updates on the Centerville Trace housing market, you might want to bookmark this page.
Centerville Trace Home Prices
The average home price in Centerville Trace hit $344K in 2023, experiencing a rise of less than 1% from the 2022 average.
{si-chart-id=139}
The real estate market in Centerville Trace has slowed down, yet we anticipate a surge in buyer activity soon as the Spring market starts to pick up.
Sellers who implement a <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Centerville Trace">strong pre-marketing strategy</a> can look forward to attracting multiple buyers, receiving several offers, and securing a favorable sales price. Currently, there are two homes on the market, and neither has entered into a contract with a buyer.
Centerville Trace Home Values
In 2023, the average price per square foot for homes in Centerville Trace decreased by just over 1.5%.
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The homes sold in Centerville Trace in 2023 averaged $188 per square foot.<br /><br />Centerville Trace Home Sizes
Homes in Centerville Trace typically range from 1,600 to 2,000 square feet, though you can find both larger and smaller sized homes.
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In 2023, the seven homes sold in Centerville Trace had an average size of 1,840 square feet.
Centerville Trace Home Sales
Here's a detailed table that shows all the home sales in Centerville Trace since 1991.
{si-table-id=66}2024-02-22T04:00:00-07:002024-02-24T07:39:53-07:00Joe Manausatag:manausa.com,2012-09-20:41931Buckhead Listings And Sales February 2024<img src="https://assets.site-static.com/userfiles/663/image/buckhead-february-2024.jpg" width="880" height="587" alt="Buckhead, located in Northeast Tallahassee just north of I-10 on the east side of Centerville Road, is a small neighborhood featuring around 160 executive-style homes on half-acre lots. Nestled in the coveted 32309 zip code, it perfectly combines suburban comfort with city convenience." title="Buckhead Tallahassee FL" class="img_box_center" />
Buckhead, situated in Northeast Tallahassee just north of I-10 and on the east side of Centerville Road, is a quaint neighborhood that boasts about 160 executive-style homes on half-acre lots. Located in the sought-after 32309 zip code, it offers the perfect mix of suburban tranquility and city accessibility.
Buckhead's homes are newer and larger than the neighboring Killearn Estates, catering to families and professionals in search of additional space and contemporary amenities. Its prime location provides effortless access to downtown Tallahassee and easy commutes, ensuring residents are just minutes away from a variety of dining, shopping, and entertainment options, including the upscale boutiques and eateries at Village Square.
Buckhead represents the ultimate in luxury living combined with a strategic location, presenting an ideal option for those desiring a perfect balance of urban convenience and generous suburban living space.
Homes For Sale In Buckhead<br /><br />Buckhead Schools
The Buckhead neighborhood is served by the following Leon County Schools:
<a href="https://www.manausa.com/idx/results/?searchid=172982" target="_blank">WT Moore Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172991" target="_blank">Montford Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" target="_blank">Lincoln High School</a>
Buckhead Real Estate Report
This detailed report offers a deep dive into the Buckhead real estate market, with graphs illustrating the average prices, values, and sizes of homes in the area. Additionally, it presents a comprehensive list of current listings from the Tallahassee Multiple Listing Service (MLS) and a thorough table documenting all closed home sales in Buckhead since 1991.
The three real estate graphs in the report use red columns on the left vertical axis to represent the annual number of closed luxury home sales. Meanwhile, the blue highlights on the right vertical axis emphasize key real estate statistics.
Please note that the sales data in this narrative covers up to December for past years and includes information up through the first three weeks of February for 2024. To stay updated on Buckhead homes, remember to <a href="https://www.manausa.com/buckhead/" title="Buckhead Real Estate Information">bookmark this page</a>. We'll keep the listings, graphs, and sales table refreshed, ensuring you have the latest information on the neighborhood's status.
Average Home Prices In Buckhead
In 2023, the average selling price of homes in Buckhead reached $703K, marking an increase of nearly 2% over the year.
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Demand in Buckhead remains robust. Sellers adopting an <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Buckhead Tallahassee">omnichannel pre-marketing strategy</a> for their homes can achieve top dollar and quick sales. Presently, Buckhead has two homes listed for sale.
Average Home Values
In 2023, the average home value in Buckhead saw an increase of just over 5%.
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The current average value of Buckhead homes is $228 per square foot.<br /><br />Average Home Sizes
Buckhead homes typically fall within the 2,500 to 3,500 square feet range, and 2023 adhered to this standard.
{si-chart-id=126}
Six homes were sold in Buckhead in 2023, with an average size of 3,101 square feet.
Buckhead Home Sales
This list showcases the homes sold in Buckhead since it was established in 1994.
{si-table-id=57}2024-02-21T04:00:00-07:002024-02-18T07:03:52-07:00Joe Manausatag:manausa.com,2012-09-20:41927Piedmont Park Listings And Home Sales February 2024<img src="https://assets.site-static.com/userfiles/663/image/piedmont-park-february-2024.jpg" width="880" height="587" alt="Piedmont Park Neighborhood Real Estate Information" title="Piedmont Park Tallahassee Florida" class="img_box_center" />
Piedmont Park, nestled just off Thomasville Road, stretches primarily across Sandhurst and Brandemere Drives. This community boasts towering trees and a tranquil setting, offering an ideal retreat from city life while keeping you close to all of Tallahassee's daily conveniences.
The neighborhood's homes, mostly constructed from the 1960s to the 1980s, exude a midcentury modern charm. You'll find properties with ranch and split-level designs, many of which feature extensive upgrades such as hardwood floors and mature landscaping, elements often missing in newer constructions.<br /><br />Piedmont Park Schools
Piedmont Park is zoned for the following Leon County schools:
<a href="https://www.manausa.com/idx/results/?searchid=172966" target="_blank" title="Homes for saqle zoned for Gilchrist Elementary School">Gilchrist Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172989" target="_blank" title="Homes for sale zoned for Raa Middle School">Raa Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" target="_blank" title="Homes for sale zoned for Leon High School">Leon High School</a>
This comprehensive report provides insights into the Piedmont Park real estate market, featuring graphs that depict the average prices, values, and sizes of homes in the area. It also includes a full list of current listings from the Tallahassee Multiple Listing Service (MLS) and a detailed table of all closed home sales in Piedmont Park since 1991.
The report's three real estate graphs feature red columns on the left vertical axis, indicating the annual number of closed luxury home sales. The blue highlights on the right vertical axis showcase key real estate statistics.
It's important to note that this narrative includes sales data up to December for previous years and extends through the first three weeks of February for 2024. For the latest information on Piedmont Park homes, <a href="https://www.manausa.com/piedmont-park/" title="Piedmont Park Real Estate Information">bookmark this page</a>. We will continuously update the listings, graphs, and sales table to provide the most current neighborhood status.
Piedmont Park Home Prices
In 2023, Piedmont Park saw home prices increase by more than 20%, with the homes sold being notably smaller than those sold in 2022, highlighting the alarming price surge.
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Piedmont Park is experiencing robust home sales activity, with two homes currently listed for sale. Sellers employing a <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Piedmont Park Tallahassee">dynamic omnichannel pre-marketing strategy</a> can achieve sales on their preferred timelines and secure top dollar for their homes.
Piedmont Park Home Values
In 2023, Piedmont Park's average home value increased by an incredible 43%.
{si-chart-id=393}
The average home value in Piedmont Park is $241 per square foot.<br /><br />Piedmont Park Home Sizes
Homes in Piedmont Park typically sell within the range of 1,700 to 2,100 square feet each year, and 2023 followed this pattern closely.
{si-chart-id=394}
Four homes sold in Piedmont Park in 2023, each averaging 1,798 square feet in size.
Piedmont Park Home Sales
The following table details home sales in Piedmont Park since 1991. Sorting each column will give you a clearer view of the neighborhood's home sales history.
{si-table-id=173}2024-02-20T04:00:00-07:002024-02-18T06:45:41-07:00Joe Manausatag:manausa.com,2012-09-20:41929Foreclosures & Clickbait: Facts vs. Fiction in 2024<img src="https://assets.site-static.com/userfiles/663/image/foreclosures-clickbait-facts-vs-fiction-in-2024.jpg" width="880" height="587" alt="We are in the midst of a historic housing crisis, but does that mean we're facing a foreclosure crisis?" title="Foreclosures & Clickbait: Facts vs. Fiction in 2024" class="img_box_center" />We are in the midst of a historic housing crisis, but does that mean we're facing a foreclosure crisis?
Amid swirling headlines and speculative forecasts, it's crucial to separate fact from fiction. This report embarks on a meticulous journey through the latest data and trends to uncover the truth behind sensational claims regarding foreclosures and distressed properties.
Focusing on delinquency rates, foreclosure starts, and homeowner equity, this article delivers a comprehensive analysis that cuts through the prevailing narrative of doom. Are the alarm bells justified, or is the market more resilient than we're led to believe?
Join us as we dissect the numbers, challenge the hype, and offer a clear-eyed assessment of the housing market's current state. This is not just another commentary; it's a deep dive into the facts that matter.<br /><br />
Delinquencies Tick Up - Foreclosure Starts Plummet
Our report begins with an analysis of the number of borrowers who are behind on their mortgage payments. After all, if the massive foreclosure crisis predicted by YouTube hypsters is to materialize, it will originate from the segment of homeowners failing to make their mortgage payments.
<img src="https://assets.site-static.com/userfiles/663/image/foreclosure-market-overview-feb-2024.jpg" width="880" height="576" alt="Foreclosure crisis in the US housing market?" title="Mortgage Foreclosures Overview" class="img_box_center" />
The national delinquency rate increased to 3.57%, up marginally from November, largely because December ended on a Sunday. This timing delayed payment processing on the last day of the month. The payments recorded after the end-of-month weekend that were received on time will not be marked delinquent, even though they were included in the delinquency report.
While the increase of 5.6% was higher than the typical December rise of 1.4%, it was less severe compared to previous Decembers ending on a Sunday, which have historically seen delinquencies surge by an average of 9.9%. Hypersters pushing scare tactics from the December report either do not know what they are talking about or are purposely misusing the delinquency report to generate clicks.
Delinquencies rose across all categories, with both inflows and progression to later stages of delinquency increasing, while recoveries from both early and late stages saw improvements. Most importantly, serious delinquencies climbed to 475,000 loans but were still 19% (or 108,000 loans) fewer than last year's levels.<br /><br />National Delinquency Rate Hovers Above All-Time Low
This graph analyzes the percentage of borrowers behind on their mortgage payments. After all, if the massive foreclosure crisis predicted by YouTube hypsters is to materialize, it will originate from the segment of homeowners failing to make their mortgage payments.
<img src="https://assets.site-static.com/userfiles/663/image/national-delinquency-rate-february-2024.jpg" width="880" height="576" alt="National delinquency rate of first-lien mortgages" title="Mortgage Delinquencies" class="img_box_center" />
The black line charts the average delinquency rates from 2000 to 2005 for comparison, whereas the blue line represents the current delinquency rate among borrowers. The all-time low in delinquency rates was noted just over a year ago, with today's rate at 3.57%, only marginally higher than this historic low.
Given that mortgage payments are being made at near-record levels, why are we hearing about foreclosures on the rise? Roughly 96.4% of borrowers are current today, close to a 22-year high (and perhaps even longer, though we do not have that data). So, if you’re looking for a foreclosure crisis due to delinquencies, you will struggle as the market is nearly less delinquent than ever.<br /><br />Who Has Been Borrowing Mortgage Money Lately?
A YouTube channel covering foreclosures suggested that lenders, facing a downturn in the market, are now eager to issue loans and have thus relaxed borrowing standards to meet quotas. This rationale seemed plausible, prompting me to collect data to assess the validity of the claim.
<img src="https://assets.site-static.com/userfiles/663/image/low-credit-score-loan-originations-feb-2024.jpg" width="880" height="576" alt="Low credit score loans are at all-time lows" title="Loans Made To Borrowers With Low Credit Scores" class="img_box_center" />
My research revealed quite the contrary situation. In 2023, the number of borrowers with credit scores below 660 who successfully closed on their loans hit a 21-year low. Given the high numbers recorded from 2003 to 2007, this recent figure likely sets a record for an even longer period. It's evident that today, few borrowers with low credit scores are getting loans.<br /><br />Wave Of Foreclosures?
This graph plots the inventory of foreclosure homes for sale. Do you sense a foreclosure wave coming soon?
<img src="https://assets.site-static.com/userfiles/663/image/foreclosure-inventory-feb-2024.jpg" width="880" height="576" alt="Inventory of foreclosure homes for sale" title="Foreclosure Inventory Graph" class="img_box_center" />
Foreclosures currently account for less than half of 1% of all homes for sale in the US, despite warnings from alarmists about an impending crisis. Consider this perspective they may have overlooked:
In 2009, the market saw nearly 2.5 million homes in foreclosure; today, that number has plummeted to below 300,000. While there are many aspects to scrutinize when evaluating the state of housing, mortgage foreclosures should not be a major concern unless there's a significant downturn in the US economy.
The likelihood of a near-term surge in foreclosure activity remains low, as the volume of foreclosure starts is still nearly 40% below the levels seen before the pandemic. It appears that the primary motive behind the "foreclosure warning" videos is more about attracting views to clickbait channels than providing a factual assessment of the housing market's health.<br /><br />Are All Foreclosures ... Foreclosures?
This graph displays foreclosure starts (when banks first file lis pendens) alongside foreclosure sales (when a property is sold at a foreclosure auction or sale). Analyzing the trends in starts and sales over time provides a clear understanding of the current conditions within the foreclosure market.
<img src="https://assets.site-static.com/userfiles/663/image/foreclosure-start-sales-feb-2024.jpg" width="880" height="576" alt="US Foreclosure starts and foreclosure sales" title="Foreclosure Starts And Sales Graph" class="img_box_center" />
The term foreclosure is thrown around a lot, and many "reporters" you see online and on TV do not understand the difference between foreclosure starts and foreclosure sales.
Firing up the hype train on foreclosure starts is straightforward, but it's crucial to remember that, historically, most foreclosure starts do not lead to a foreclosure sale. Typically, the homeowner manages to catch up on payments, sells the property to repay the loan, or opts for a short sale. During the 2008 housing market collapse, the situation escalated as government actions restricted lending, leading to an increase in foreclosure sales due to the diminished pool of new buyers caused by the scarcity of loan products.
The current scenario is markedly different—and in a positive way. Home values have significantly increased, providing most homeowners with substantial equity. If a homeowner falls behind on loan payments today, they can sell the home on the open market, repay the loan, and walk away with their equity, making the prospect of a foreclosure sale less likely.<br /><br />Affordability Improves
For years, I've been alerting readers to the unfolding affordability crisis, so it's with a sense of relief that I can now report a slight improvement in the situation over the past few months.
<img src="https://assets.site-static.com/userfiles/663/image/homeowner-payment-to-income-ratio-feb-2024.jpg" width="880" height="576" alt="Relationship to what people make and how much they spend on their home" title="Homeowner Payment To Income Ratio" class="img_box_center" />
This graph plots the national payment-to-income ratio on new loans. It's the share of median income needed to make the monthly principal and interest payment on purchasing the average-priced home using a 20% down, 30-year fixed-rate mortgage at the prevailing interest rate.
Despite a slight increase in mortgage rates recently, home affordability has improved in the last few months. To purchase a median-priced home with a 20% down payment on a 30-year fixed-rate loan, it now requires a monthly payment of $2,257. This represents a nearly 10% decrease (-$243) from the record high in October but an increase of $831 (+58%) from the beginning of 2022.
The average payment now constitutes 33.4% of the median household income, a decrease from the 38-year high of over 38% seen in October. However, it remains 9 percentage points higher than the 30-year average of 24.2% and is just below the 33.8% peak observed before the housing market downturn in 2006.<br /><br />Inventory Deficit - The Real Estate US Housing Crisis
I have also highlighted the concern that insufficient homes are being built to accommodate the growing US population. We might be beginning to observe some minor relief in this area, albeit slightly.
<img src="https://assets.site-static.com/userfiles/663/image/us-housing-shortage-feb-2024.jpg" width="880" height="576" alt="Shortage of homes for sale across the US" title="US Housing Market Shortages" class="img_box_center" />
The national shortfall in homes available for sale saw an adjusted improvement in December, dropping to -36%, marking its most favorable point since July 2020. This is a significant recovery from the lows of -51% last summer and -69% in early 2022. Although the number of new listings remains below pre-pandemic levels by -17%, this gap has lessened from as much as -31% in March.
Inventory levels have improved in 99% of major markets on an adjusted basis over the past six months. The most notable increases, ranging between 28-30%, occurred in Florida markets such as Lakeland, Tampa, Orlando, Cape Coral, North Port, and Palm Bay, along with Memphis and Colorado Springs, each seeing a +29 percentage point improvement, and Knoxville and San Jose, both at +25 percentage points.
13 of the Top 100 markets with the most significant inventory deficits are located in the Northeast, with Hartford leading at a deficit of -79%.<br /><br />Inventory Is Still Below What's Needed
If you've been a reader of the Tallahassee Real Estate Blog for a while, you'll know that I consistently emphasize "supply and demand" as a critical lens through which to assess the health of the housing market. Today's analysis is no exception.
This graph displays the months of inventory on the right axis, underscoring the ongoing issue: we have not constructed enough homes to accommodate the expanding US population.
<img src="https://assets.site-static.com/userfiles/663/image/months-supply-homes-for-sale-feb-2024.jpg" width="880" height="576" alt="Graph displaying the months of supply of homes for sale in the US" title="Months Supply Homes For Sale" class="img_box_center" />
With the inventory starting in 2024 at a 36% deficit and demand, as gauged by purchase applications, showing a 38% deficit, the market is seemingly on the cusp of a shift towards more neutral pricing and a gradual increase in sales volumes. This adjustment is particularly anticipated as we progress into the spring buying season, traditionally a peak for real estate activity.
The current situation, although not yet aligned with the 5 to 6 months of inventory that define a balanced market, indicates a potential easing of the extreme conditions seen in recent years. As supply and demand move closer to equilibrium, we can expect a more stable market environment benefiting buyers and sellers.<br /><br />Scaremongers Do Not Understand Equity In Housing
Historically, high equity levels act as a safeguard for mortgage investors against potential losses. Additionally, these levels lay the groundwork for a surge in equity lending, anticipated to occur once interest rates lower to a point where homeowners find equity withdrawals more enticing.
<img src="https://assets.site-static.com/userfiles/663/image/us-home-owner-equity-feb-2024.jpg" width="880" height="576" alt="Mortgage holders’ equity levels rose by 11% in 2023" title="Homeowner equity on mortgaged residential properties" class="img_box_center" />
Mortgage holders concluded 2023 with a record $16 trillion in equity, marking a $1.6 trillion increase (+11%) from the previous year. Of this, $10.3 trillion is deemed "tappable," accessible while keeping a combined loan-to-value (CLTV) ratio of 80% or lower, reflecting a $1.14 trillion rise (+12%) in 2023. The average mortgage holder now possesses $299K in equity, a growth from $274K at 2022's end, with an average of $193K available for withdrawal, maintaining a 20% equity cushion in their home.
These historically high equity levels serve as a protective measure for mortgage investors against potential losses. Notably, two-thirds of all equity is owned by borrowers with mortgage rates below 4%, creating a disincentive for these individuals, especially those with substantial balances, to refinance their mortgages for equity access.
Similarly, an equivalent two-thirds of this equity is held by borrowers with credit scores of 760 or above, identifying a particularly low-risk group for lenders to focus on. The total market CLTV stands at 45.9%, showing an improvement from 47.2% the previous year, though it has increased from a record low of 42.6% in mid-2022.
Despite what the hypsters warn, the current state of equity in the housing market mitigates the immediate concern for a widespread foreclosure crisis.<br /><br />Fewer Borrowers "Under Water" On Their Mortgages
The surge in home prices across most of the U.S. has led to very few homeowners finding themselves underwater on their mortgages.
<img src="https://assets.site-static.com/userfiles/663/image/number-underwater-mortgages-us-feb-2024.jpg" width="880" height="576" alt="Very few homeowners are currently underwater on their homes" title="Number and share of underwater mortgages" class="img_box_center" />
By the end of 2023, only 1.1% of mortgage holders (582,000) were underwater, a decrease from 1.5% (807,000) the previous year. The proportion of borrowers with less than 10% equity in their homes has remained stable at 5.3%, following a low of 2.2% at the height of home price increases in the second quarter of 2022.
For example, I always advise homebuyers that using a low or no-down-payment mortgage program, such as an FHA loan with a 3.5% down payment and 3% in closing costs, will put them nearly 7% underwater on their mortgage as soon as they move into their new home. Considering the historical real estate appreciation rate of less than 4% per year, I historically recommended preparing to pay money at closing if they decide to sell their home within the first three years of ownership.<br />
Today, the slow pace at which homebuilders produce inventory has decreased the risk for buyers and lenders. For instance, in the Tallahassee real estate market, we've observed appreciation rates exceeding 10% over the past four years, offering protection to lenders and buyers.<br /><br /><br />Foreclosures - Fear Mongering For Clicks
Let's close today's report with one hard fact ... there is no foreclosure wave in the foreseeable future!
<img src="https://assets.site-static.com/userfiles/663/image/foreclosure-statistics-feb-2024.jpg" width="880" height="576" alt="Summary of US foreclosures 2023" title="Foreclosure Statistics For 2023" class="img_box_center" />
The ICE-McDash team has my gratitude, as it gives us the numbers needed to squash the hype that is so prevalent online.
Here's the real information you need to know about delinquencies and foreclosures:
Delinquent Loans fell 2.8% last year
Foreclosure sales fell 3.6% last year
Foreclosure starts fell 11% last year
Seriously-delinquent loans fell 22% last year
Somehow, with all this data available online, the hypsters continue to report a coming wave of foreclosures. Shame on them for using scare tactics to generate views, and congratulations to you for being smart enough to find the facts!<br /><br />As we've journeyed through the intricate landscape of the housing market, dissecting delinquencies, foreclosures, and the equity that buffers many homeowners from disaster, it's clear that the narrative isn't as dire as some would have you believe. The data doesn't just suggest stability; it screams it, offering a beacon of light in what many assumed was an impending darkness.
But knowledge, while powerful, is only as impactful as the actions it inspires. So, what's next for you, the informed reader? First, if you're a homeowner, take a moment to understand the equity you've built in your home and how it positions you in today's market. If you're considering buying, let this information be a tool in your decision-making process, understanding that the market, while always fluctuating, is not on the brink of collapse as some would suggest.
For those looking to sell, consider the equity you've accumulated and how it can be leveraged in your next steps. And for everyone else, stay informed, stay critical, and always look beyond the headlines.
The call to action is clear: Engage with the housing market from a place of knowledge and understanding. Whether you're buying, selling, or simply observing, let the facts guide your perspective and your actions. And remember, in a world where sensationalism often clouds judgment, being informed is your greatest asset.
Don't let fear-mongering dictate your financial decisions. Instead, arm yourself with knowledge, consult with professionals, and move forward with confidence. The future isn't written in the stars; it's shaped by the informed choices we make today. Let's choose wisely, together.<br /><br />Are Recent High-Interest-Rate Mortgages Crashing?
One YouTube channel concluded that loans established a few years ago, when interest rates were low, are performing well today. However, it suggested that loans issued in the past two years, carrying interest rates well above 6%, are lagging and will trigger the next wave of foreclosures. This theory seemed to make sense, prompting a closer examination of the data to verify these claims.
<img src="https://assets.site-static.com/userfiles/663/image/delinquency-rates-of-recent-mortgages-feb-2024.jpg" width="880" height="576" alt="Early payment delinquencies, measured six months after origination, have been climbing gradually among both FHA and VA loans in recent years and are worth watching closely" title="Delinquency rate of mortgages originated six months ago" class="img_box_center" />
FHA loans, representing less than 15% of the mortgage market, stand out as the only mortgage product with a higher delinquency rate than pre-pandemic levels. While VA loan delinquency rates have reverted to pre-pandemic figures, they are slightly higher than their levels at the onset of the pandemic. On the other hand, portfolio loan delinquencies are well below pre-pandemic levels, only marginally above their record low in August 2023.
Early payment delinquencies, observed six months post-origination, have gradually increased for both FHA and VA loans in recent years, signaling a trend that merits close attention. However, we are much closer to record lows in delinquency rates than to a threshold that would justify hyped-up alarmist foreclosure reports.2024-02-19T04:00:00-07:002024-02-19T07:48:16-07:00Joe Manausatag:manausa.com,2012-09-20:40357Golden Eagle Plantation Listings And Sales Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/Golden_Eagle_Plantation_Nov_2023_880x577.jpg" width="880" height="576" alt="Golden Eagle Plantation is a neighborhood located in the northeastern part of Tallahassee, Florida. It is known for its beautiful homes and well-manicured lawns. " title="Golden Eagle Plantation" class="img_box_center" />
Golden Eagle Plantation, nestled in northeastern Tallahassee, Florida, stands out for its exquisite homes and pristine lawns. This gated community ensures privacy and security for its residents. With homes ranging from traditional to modern designs on large lots, it offers extensive space for outdoor activities.
Close to shopping, dining, parks, and recreational spots, it's also a brief drive from downtown Tallahassee, making cultural and entertainment venues easily accessible.
Golden Eagle Plantation represents an upscale, tranquil living environment, blending luxury with the beauty of nature.
Homes For Sale In Golden Eagle Plantation<br /><br />Golden Eagle Plantation Schools
The zoning for Golden Eagle Plantation includes these public schools in Leon County:
<a href="https://www.manausa.com/idx/results/?searchid=172969" target="_blank">Killearn Lakes Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172984" target="_blank">Deerlake Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172992" target="_blank">Chiles High School</a>
This housing report for Golden Eagle Plantation includes graphs of average home price trends, home value trends, and home size trends. Additionally, we have included a list of every past home sale back to 1991.
For each of the three real estate graphs in this report, you will find the number of closed home sales for each year (red columns, measured on the left vertical axis) and an important real estate statistic shown in blue (measured on the right vertical axis).
The narrative below is for sales through December for all past years and through the middle of February in 2023. All the graphs and the closed sales table will be continuously updated in the future (meaning, bookmark this page if you always want to know the current status of <a href="https://www.manausa.com/golden-eagle-plantation/" title="Golden Eagle Plantation Tallahassee">homes in Golden Eagle</a>).
Golden Eagle Plantation Home Prices
The average home price in Golden Eagle Plantation rose by nearly 8% in 2023, up to $822K, but much of this gain is due to larger homes selling (as we'll demonstrate below).
{si-chart-id=16}
Activity in Golden Eagle remained fairly cool in 2023, but this was due to limited inventory, not a drop-off in demand. There is only one home for sale in Golden Eagle Plantation, and it's already under contract with a buyer. Home sellers using an <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell A Home In Golden Eagle Plantation Tallahassee Florida">omnichannel pre-marketing plan</a> will sell fast and for top dollar.
Golden Eagle Plantation Home Values
The average home value in Golden Eagle Plantation fell by more than 2% in 2023.
{si-chart-id=17}
The average value of the homes sold in Golden Eagle Plantation in 2023 was $217 per square foot.<br /><br />Golden Eagle Plantation Home Sizes
Homes in Golden Eagle typically span 3,000 to 3,500 square feet, yet 2023 witnessed the sale of larger homes.
{si-chart-id=18}
The 30 homes sold in 2023 had an average size of 3,779 square feet.
Golden Eagle Plantation Home Sales
Below is a table listing the home sales in Golden Eagle Plantation since 2002. You can sort the data by clicking on any column heading.
{si-table-id=6}2024-02-16T04:00:00-07:002024-02-11T10:05:28-07:00Joe Manausatag:manausa.com,2012-09-20:41811Camellia Bluff Listings And Housing Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/camellia-bluiff-feb-2024.jpg" width="880" height="587" alt="Camellia Bluff offers easy access to local favorites like Momo’s Pizza and Chipotle, making dining decisions tough. Nearby T.J. Maxx and Publix simplify shopping, while the AMC Tallahassee Mall 20 and Farmers’ Market are just moments away for entertainment." title="Camellia Bluff Tallahassee FL" class="img_box_center" />
Camellia Bluff, a small Tallahassee subdivision featuring just six lots, currently offers new homes for sale. Situated in NE Tallahassee on the east side of Thomasville Road, just north of the entrance to Killearn Estates, it presents a unique chance for six families to experience life in NE Tallahassee in a brand-new home.
Just across the street, the Alfred B. Maclay Gardens provide a serene getaway with walking trails, Lake Hall for aquatic activities, and a playground, guaranteeing that relaxation and adventure are easily accessible.
Homes For Sale In Camellia Bluff<br /><br />Camellia Bluff Schools
Camellia Bluff is served by the following public schools in Leon County:
<a href="https://www.manausa.com/idx/results/?searchid=172966" target="_blank">Gilchrist Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172991" target="_blank">Montford Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" target="_blank">Lincoln High School</a>
This report offers a deep dive into Camellia Bluff's home price trends, values, and sizes, accompanied by an exhaustive list of all home sales since 1991.
The real estate graphs included show the yearly count of closed home sales in red columns on the left vertical axis, alongside a vital real estate metric in blue on the right vertical axis.
Note that the analysis here covers sales up to the end of December for all preceding years and up athrough the first ten days of February for 2024. We intend to keep the graphs and sales table current, so we recommend <a href="https://www.manausa.com/blog/tag/shannon-forest/" title="About Shannon Forest Tallahassee Florida">bookmarking this page</a> to keep track of Camellia Bluff's ongoing home sales status.
Camellia Bluff Home Prices
In 2023, the average sale price for homes in Camellia Bluff was $603K.
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Camellia Bluff's market remains robust. Sellers implementing <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Shannon Forest Tallahassee Florida">omnichannel pre-marketing tactics</a> will sell their homes quickly and at top prices. Currently, two homes are on the market in Camellia Bluff, with one under contract.
Camellia Bluff Home Values
The average home value in Camellia Bluff was $250 per square foot of heated and cooled space in 2023.
{si-chart-id=390}
Camellia Bluff is small enough that we have confidence to expect values here to move higher in the 2% to 6% range in 2024.<br /><br />Camellia Bluff Home Sizes
Camellia Bluff's average home size is expected to fall between 2,300 to 2,600 square feet, just as it did in 2023.
{si-chart-id=391}
The average size for the three homes sold in Camellia Bluff in 2023 was 2,405 square feet.
Camellia Bluff Home Sales
The list below shows all homes sold in Camellia Bluff starting from the first sale in 2023.
{si-table-id=172}2024-02-15T04:00:00-07:002024-02-11T09:01:26-07:00Joe Manausatag:manausa.com,2012-09-20:41750Terrence Heights Listings And Real Estate Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/terrence-heights-february-2024.jpg" width="880" height="587" alt="Terrence Heights in Northwest Tallahassee is located south of Monroe Street (US Hwy 27) and just north of Town N Country Park. This sought-after neighborhood boasts a prime central location with all of Tallahassee's amenities at your fingertips." title="Terrence Heights Tallahassee FL" class="img_box_center" />
In Northwest Tallahassee, Terrence Heights sits south of Monroe Street (US Hwy 27) and north of Town N Country Park, offering a central location close to all of Tallahassee's amenities.
The neighborhood features a variety of homes in terms of size, style, and age, with median-priced options for those seeking affordability without sacrificing location.
Residents are a short walk from the Tallahassee Centre, providing easy access to shopping, dining, entertainment, and cultural venues.
Terrence Heights serves a range of housing needs, from cozy starter homes to larger family residences, offering a tight-knit community atmosphere, central convenience, and the unique charm of Northwest Tallahassee living.
Homes For Sale In Terrence Heights<br /><br />Terrence Heights Schools
Terrence Heights is zoned for the following Leon County public schools:
<a href="https://www.manausa.com/idx/results/?searchid=172975" title="Homes for sale zoned for Ruediger Elementary School">Ruediger Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172987" title="Homes for sale zoned for Giffin Middle School">Griffin Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" title="Homes for sale zoned for Leon High School">Leon High School</a>
This report features three real estate graphs, each displaying the annual number of closed home sales in red columns (aligned with the left vertical axis) and a crucial real estate statistic in blue (on the right vertical axis).
Please note that while the descriptions account for sales up to December for previous years, they only cover up to the first ten days of February for 2024. We will continuously update both the graphs and the closed sales table. To keep abreast of the latest on Terrence Heights home sales, <a href="https://www.manausa.com/terrence-heights/" title="Terrence Heights Real Estate Information">bookmark this page</a>.
Terrence Heights Home Prices
In 2023, the average home price in Terrence Heights increased by almost 8% to $228K.
{si-chart-id=353}
The slight cooling in Terrence Heights home sales in 2023 was attributed to a shortage of homeowners willing to sell. Despite this, high demand ensures that sellers using an <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell home Terrence Heights">omnichannel pre-marketing strategy</a> often receive immediate interest upon listing.
Currently, three homes are listed for sale in Terrence Heights, with one already under contract.
Terrence Heights Home Values
In 2023, the average home value in Terrence Heights saw an increase of almost 12%.
{si-chart-id=354}
The average value per square foot for homes in Terrence Heights is $169 in 2023.<br /><br />Terrence Heights Home Sizes
The average home size in Terrence Heights typically spans 1,100 to 1,600 square feet, a pattern that persisted in 2023.
{si-chart-id=355}
The nine homes sold in Terrence Heights in 2023 averaged 1,358 square feet.
Terrence Heights Home Sales
Below is a list of homes sold in Terrence Heights starting from 1991.
{si-table-id=161}2024-02-14T04:00:00-07:002024-02-10T15:34:04-07:00Joe Manausatag:manausa.com,2012-09-20:41816Jordans Pass Listings and Home Sales February 2024<img src="https://assets.site-static.com/userfiles/663/image/jordans-pass-feb-2024.jpg" width="880" height="587" alt="Jordans Pass is a newer residential community located in the northwest part of Tallahassee, Florida. The neighborhood is comprised of approximately 116 single-family detached and attached homes that were built between 2008 and the present day, making it one of the newer neighborhoods in the area." title="Jordan Pass Tallahassee FL" class="img_box_center" />
Jordans Pass, a recent addition to northwest Tallahassee, features around 116 modern single-family homes built since 2008, making it a standout neighborhood. These homes are celebrated for their contemporary designs, high-end finishes, and energy efficiency. Most properties occupy quarter-acre lots, offering ample outdoor space.
Strategically located south of Highway 90 West and east of Barineau Road, Jordans Pass offers easy commutes to downtown Tallahassee and quick access to major roads like Interstate 10 and U.S. Highway 27. This makes it an ideal spot for both young professionals and families seeking modern living close to city conveniences.
Jordans Pass stands out for its desirable homes, prime location, and appealing amenities, making it a great choice in Tallahassee.
Homes For Sale In Jordans Pass<br /><br />Jordans Pass Schools
Jordans Pass is zoned for the following Leon County public schools:
<a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&elementaryschool=Ft%2E+Braden" title="Homes for sale zoned for Ft. Braden Elementary School" target="_blank">Ft. Braden Elementary</a>
<a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&middleschool=Ft%2E+Braden" title="Homes for sale zoned for Ft. Braden Middle School" target="_blank">Ft. Braden Middle School</a>
<a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&highschool=Godby" title="Homes for sale zoned for Godby High School" target="_blank">Godby High School</a>
This report covers average home prices, values, and sizes in Jordans Pass and lists all home sales since 1991.
The three graphs present yearly closed home sales (in red columns, left vertical axis) and a key real estate statistic (in blue, right vertical axis).
Please note the narrative below includes sales through December for past years and through the first ten days of February for 2024. We'll continuously update the graphs and sales table, so <a href="https://www.manausa.com/jordans-pass/" title="Jordans Pass Real Estate Information">bookmark this page</a> to stay updated on Jordans Pass homes.
Jordans Pass Home Price Trends
In 2023, the average home price in Jordans Pass rose by nearly 7% to $290K.
{si-chart-id=338}
The demand for homes in Jordans Pass continues to be strong. Currently, five homes are on the market, with only one under contract. Sellers who <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell home Jordans Pass">effectively pre-market their homes</a> can anticipate multiple offers and a swift sale.
Home Value Trends
In 2023, home values in Jordans Pass increased by nearly 7%.
{si-chart-id=339}
The average home value in Jordans Pass stands at $187 per square foot.<br /><br />Home Size Trends
Homes in Jordans Pass typically span 1,350 to 1,800 square feet, a trend that continued in 2023.
{si-chart-id=340}
The 14 homes sold in 2023 had an average size of 1,576 square feet.
Home Sales in Jordans Pass
Below is a list of all homes sold in Jordans Pass since its inception in 2008.
{si-table-id=155}2024-02-13T04:00:00-07:002024-02-10T15:03:45-07:00Joe Manausatag:manausa.com,2012-09-20:41813Tallahassee Housing Market Update February 2024<img src="https://assets.site-static.com/userfiles/663/image/housing-market-tallahassee-feb-2024.jpg" width="880" height="587" alt="Whether you're a first-time buyer, a seasoned investor, or somewhere in between, understanding these trends is key to unlocking the potential of Florida's capital city market" title="Tallahassee Housing Market Update February 2024" class="img_box_center" />Diving into the Tallahassee housing market reveals a landscape of shifting sands, where the winds of demand, supply, and luxury converge to create a dynamic and evolving real estate environment. From historic lows in distressed listings to a luxury market that's tightened from a sprawling 21 months of supply down to a mere five, the story of Tallahassee's homes is one of resilience, recovery, and remarkable transformation.
Whether you're a first-time buyer, a seasoned investor, or somewhere in between, understanding these trends is key to unlocking the potential of Florida's capital city market. Join us as we explore the intricate dance of numbers and narratives that define Tallahassee's real estate scene, offering insights and opportunities in equal measure.
I've included a list of the homes for sale in Tallahassee; the report follows below.
Homes For Sale In Tallahassee<br /><br />
Housing Market Activity
This graph plots the monthly supply and sales of homes in Tallahassee and offers a nuanced perspective on market conditions. The green and red lines represent sales and inventory, respectively, while the blue bars indicate the months of supply of homes. The gold line, crucially, plots the relative supply of homes for sale, adjusting for the rate of demand, with the gold field marking the zone of market equilibrium (the market state where neither sellers nor buyers hold an advantage).
<img src="https://assets.site-static.com/userfiles/663/image/Activity-housing-market-feb-2024.jpg" width="880" height="576" alt="Home sales activity in the Tallahassee real estate market" title="Tallahassee Housing Market Activity Report" class="img_box_center" />
The current positioning of the gold line below the equilibrium zone indicates a strong seller's market, characterized by a lower relative supply of homes compared to demand. This situation typically results in upward pressure on prices and a competitive environment for buyers, who may find themselves in bidding wars or having to make quick decisions. Despite dealing with this for more than four years, we have not built enough homes in Tallahassee to make it much easier for buyers today.
Despite these conditions favoring sellers, there's an observable trend toward reversal, suggesting a gradual shift that could lead to a more balanced market. This shift is significant for both buyers and sellers. Buyers might soon find more options available and less competition, while sellers may need to adjust their expectations as the market cools and becomes more equitable. This evolving dynamic underscores the importance of monitoring market trends closely for those looking to make informed real estate decisions in Tallahassee.<br /><br />Luxury Homes Market
The analysis of the luxury home segment in Tallahassee reveals distinct market dynamics when compared to the broader housing market. In this specialized graph, the color coding remains consistent with the previous general market graph: green for sales, red for inventory, blue bars for the months of supply, and the gold line representing the relative supply of homes for sale, adjusted for demand. The gold field highlights market equilibrium, a critical reference point for understanding market conditions.
<img src="https://assets.site-static.com/userfiles/663/image/Activity-Tallahassee-luxury-homes-feb-2024.jpg" width="880" height="576" alt="Luxury home sales activity in the Tallahassee real estate market" title="Tallahassee Luxury Home Market Activity Report" class="img_box_center" />
A striking feature of the luxury home market is the significant decrease in the relative supply of homes for sale, with the gold line now below five months of supply, a sharp decline from the 21 months of supply observed in 2017. This dramatic reduction signifies a robust shift towards a seller's market within the luxury segment, characterized by a much tighter inventory relative to demand.
This tightening of the luxury market is indicative of increased demand for high-end properties in Tallahassee, driven by factors such as economic growth and historically low mortgage interest rates. For sellers of luxury homes, this trend suggests a favorable market condition, with the potential for quicker sales and possibly higher prices due to the limited inventory. On the other hand, buyers face a more competitive market, with fewer options available and the need for swift decision-making to secure desirable properties.
The marked decrease in the months of supply for luxury homes underscores the importance of timing, market knowledge, and strategic planning for participants in this segment. Whether looking to buy or sell luxury properties in Tallahassee, stakeholders would benefit from a keen understanding of these market dynamics to navigate the current landscape effectively.<br /><br />For Sale - But Not Available!
This graph showcases the current inventory status of homes for sale in Tallahassee and offers a clear view of market dynamics, with homes under contract plotted in blue and those listed but not under contract in red. The green line represents the percentage of homes under contract, while the dashed-green line indicates the annual trend for this metric.
<img src="https://assets.site-static.com/userfiles/663/image/real-estate-listing-status-report-feb-2024.jpg" width="880" height="576" alt="Home listing status in the Tallahassee real estate market" title="Tallahassee Housing Market Listing Status" class="img_box_center" />
In a balanced market, 17% to 30% of listings are typically under contract. However, Tallahassee's market has been exceptionally tight on inventory, with over 50% of listings under contract for more than three years and peaks where over 70% of listings were under contract, highlighting a challenging environment for buyers due to the scarcity of available homes.
Imagine looking to buy a home in Tallahassee only to discover that of the 20 listings in your price range, only six are really available! Tallahassee buyers have been struggling with this for years.
Currently, the percentage of homes under contract stands at 45%, the lowest since 2019, suggesting a slight easing of the market. This shift could indicate a more favorable environment for buyers, as a higher proportion of the inventory remains available for viewing and purchase. If this trend strengthens, sellers might need to adjust expectations and strategies in a market that is becoming slightly less competitive (for buyers) than in previous years.<br /><br />Are We About Back To Normal?
Years ago, somebody asked me what percentage of listings sell each month. You could say he was looking to ascertain the "normal" percentage of home listings that go under contract monthly. To answer his question, I created the "Normal" graph below, something I've updated with more than 15 years of Tallahassee housing data.
<img src="https://assets.site-static.com/userfiles/663/image/listings-under-contract-tallahassee-real-estate-feb-2024.jpg" width="880" height="576" alt="Home contract status in the Tallahassee real estate market" title="Tallahassee Listings Under Contract Report" class="img_box_center" />
Understanding the dynamics of the Tallahassee housing market requires a deep dive into historical data and trends. One particularly insightful analysis comes from a graph that plots over 15 years of housing data, focusing on the number of homes that went under contract each month (plotted in blue) against the percentage of the inventory sold (plotted in red). This graph introduces a concept of "normalcy" in the market through a red banner, which delineates the expected range of inventory turnover in a balanced market environment.
In a typical year, the market would exhibit a balanced distribution: three months would fall below this "normal" range, indicating slower sales activity; three months would surpass it, showing heightened activity; and six months would align within the range, suggesting a stable market. However, the data reveals that since before the COVID-19 pandemic, the Tallahassee market has consistently seen months in or above this normal range. This pattern indicates a prolonged period of strong seller's market conditions, where a higher percentage of listings are selling each month than would be expected in a balanced market. Such conditions typically result from high demand coupled with a limited inventory, leading to competitive market dynamics that favor sellers.
Interestingly, the trend is showing signs of a downward shift, suggesting that the market may be moving towards a more balanced state. If this trend continues, it could mean that by the end of 2024, the market might return to normal percentages of inventory sold. This potential shift towards normalization is significant for several reasons. For buyers, it could herald a market with more options and less competition, making it easier to purchase homes without the frenetic pace and pressure seen in recent years. On the other hand, sellers might need to recalibrate their expectations and strategies if the market cools and becomes more balanced.
This evolving market landscape in Tallahassee offers a unique opportunity for stakeholders to adjust their approaches, whether they are looking to buy, sell, or invest. The anticipation of a return to a more balanced market underscores the importance of staying informed and agile, ready to adapt to the changing dynamics of the local real estate scene.<br /><br />Very Few Foreclosures And Short Sales
This graph provides a compelling narrative about the evolving dynamics of the Tallahassee housing market over the past 14 years. It shows arms-length listings in green and distressed listings in red, and the navy blue line records the percentage of homes sold in distressed situations, providing invaluable insights into market health and trends.
<img src="https://assets.site-static.com/userfiles/663/image/Distressed-property-update-tallahassee-feb-2024.jpg" width="880" height="576" alt="Distressed property activity in the Tallahassee real estate market" title="Tallahassee Distressed Property Report" class="img_box_center" />
The current distressed listing rate of 7% hovers just above an all-time low, suggesting a market that has completely recovered from past turmoil, such as the financial crisis of 2008 and subsequent years of economic instability. However, this figure comes with a crucial caveat: the overall number of active listings is at a historic low. This scarcity of inventory inherently skews the percentage of distressed sales higher, as there are fewer transactions overall.
Understanding the significance of these findings requires a nuanced interpretation. If the inventory levels were closer to historic norms, the actual percentage of distressed properties on the market would likely be at an unprecedented low, indicating robust health and stability in the Tallahassee real estate market. This scenario suggests a strong seller's market, where fewer homeowners are forced into distress sales, reflecting an economy where more people are able to meet their mortgage obligations due to better employment rates, rising incomes, or other favorable economic conditions (like low mortgage interest rates).
This analysis not only highlights the current state of the market but also underscores the importance of considering inventory levels when evaluating the percentage of distressed listings. For potential buyers, investors, and policymakers, understanding these dynamics is crucial for making informed decisions. When contextualized with the overall low inventory, the low percentage of distressed listings points to a market where home sellers control nearly every price point and location.<br /><br />Local Tallahassee Housing Expert
As we've navigated through the intricate details of Tallahassee's housing market, from the overarching trends to the nuanced shifts within the luxury segment, it's clear that this market is both vibrant and complex. The journey from a period of high-distressed listings to a robust seller's market underscores a rapidly evolving landscape. For those poised on the brink of decision-making, whether contemplating entering the market for the first time, considering an investment in luxury properties, or thinking about selling, the time to act is now.
The current trends signal a unique window of opportunity. Buyers have a chance to secure homes in a market that's gradually becoming more balanced, while sellers can capitalize on favorable conditions, even in the luxury segment where demand remains strong. The key to navigating this market successfully lies in informed decision-making backed by the latest data and trends.
Don't let the complexities of the market deter you. Whether you're drawn to the allure of luxury homes or looking to find your footing in the broader Tallahassee real estate market, the moment to make your move is here. Let our team of experienced agents guide you through the nuances of the market, ensuring that you make decisions that align with your goals and aspirations. In the dynamic landscape of Tallahassee's real estate, armed with the right information and expert advice, you can turn your real estate dreams into reality.2024-02-12T04:00:00-07:002024-02-12T07:34:30-07:00Joe Manausatag:manausa.com,2012-09-20:41704Mission San Miguel Listings And Home Sales February 2024<img src="https://assets.site-static.com/userfiles/663/image/mission-san-miguel-february-2024.jpg" width="880" height="587" alt="The Mission San Miguel neighborhood is an exceptional community located in the 32317 zip code of Tallahassee, Florida, offering great amenities for its residents." title="Mission San Miguel Tallahassee FL" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />
Mission San Miguel is celebrated for its safety, community spirit, and schools. Its proximity to shopping, dining, and entertainment makes it attractive to families and professionals alike. It stands out as an inviting community with excellent amenities for those seeking a connected and vibrant neighborhood.
Residents enjoy a range of amenities in this community, such as a swimming pool, tennis courts, ball fields, and a community center.
The pool offers a refreshing escape during summer, while the tennis courts are ideal for active residents. Ball fields cater to sports lovers, and the community center hosts various events and meetings.<br /><br />Mission San Miguel Schools
The following Leon County public schools serve the area that includes Mission San Miguel:
<a href="https://www.manausa.com/idx/results/?searchid=172962" title="Homes For Sale In Chaires Elementary School Zone">Chaires Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172990" title="Homes For Sale In The Swift Creek Middle School Zone">Swift Creek Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" title="Homes For Sale In The Lincoln HS Zone">Lincoln High School</a>
This Mission San Miguel neighborhood report features detailed charts and graphs showcasing average home prices, values, and sizes, alongside a list of the latest closed home sales in Mission San Miguel.
Within this Tallahassee housing report, each of the three real estate graphs provides the annual number of closed home sales (illustrated by red columns aligned with the left vertical axis) and a key real estate metric in blue (aligned with the right vertical axis).
Please note that the information below accounts for sales until December for all past years and includes data up through the first week of February for 2024. We will keep the graphs and the closed sales table up to date, so <a href="https://www.manausa.com/mission-san-miguel/" title="Mission San Miguel Real Estate Information">bookmarking this page</a> is recommended for those who wish to stay informed about the ongoing status of homes in Mission San Miguel.
Mission San Miguel Home Prices
The average price of homes sold in Mission San Miguel surged by 67% in 2022 but then dropped by 24% in 2023. This isn't indicative of market turmoil but rather typical of the fluctuations seen in areas with low liquidity.
{si-chart-id=240}
There's been a slowdown in activity in Mission San Miguel, with the most recent new home being built and sold two years ago. The sole available home recently went under contract in about one week. Sellers who employ an <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Mission San Miguel">omnichannel pre-marketing campaign</a> can expect fast sales and high prices.
Home Values In Mission San Miguel
In 2023, the average home value in Mission San Miguel increased by over 4%.
{si-chart-id=241}
The average value per square foot for homes in Mission San Miguel stood at $250 in 2023.<br /><br />Mission San Miguel Home Sizes
Homes sold in Mission San Miguel usually range from 2,000 to 2,500 square feet, a trend that persisted in 2023.
{si-chart-id=242}
In 2023, the average size of the three homes sold in Mission San Miguel was 2,106 square feet.
Recent Home Sales in Mission San Miguel
This list details all the home sales in Mission San Miguel starting from 2007, the year sales first commenced. To sort the list, click on the column heading of the data you're interested in.
{si-table-id=117}2024-02-09T04:00:00-07:002024-02-03T17:25:33-07:00Joe Manausatag:manausa.com,2012-09-20:41748Summerfield Listings And Home Sales Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/summerfield-february-2024.jpg" width="880" height="587" alt="Summerfield, a relatively new neighborhood in Northwest Tallahassee, is known for its modern homes, most of which were built since 2020. These homes range in size from 1,650 to 2,300 square feet and sit on lots varying from an eighth to a quarter of an acre, with a few larger ones as well." title="Summerfield Tallahssee FL" class="img_box_center" />
Summerfield, a new neighborhood in Northwest Tallahassee, features modern homes built primarily since 2020. These homes vary in size from 1,650 to 2,300 square feet and are situated on lots ranging from an eighth to a quarter of an acre, with some larger lots available.
Only 7 miles from downtown Tallahassee, Summerfield ensures a short commute to the city center, benefiting those working or studying there. The neighborhood boasts easy access to public transport and key roads like Monroe Street and Capital Circle NW, facilitating travel.<br /><br />Summerfield Schools
Summerfield is zoned for the following public schools in Leon County:
<a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&elementaryschool=Canopy Oaks" title="Homes For Sale In The Astoria Park Elementary School Zone">Canopy Oaks Elementary School</a>
<a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&middleschool=Raa" title="Homes For Sale In The Raa Middle School Zone">Raa Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172993" title="Homes For Sale In The Godby HS Zone">Godby High School</a>
The Summerfield report includes detailed charts and graphs on average home prices, values, sizes and a list of recently closed sales.
Each graph presents two key metrics: the annual number of closed home sales depicted by red columns (aligned with the left vertical axis) and an important real estate statistic shown in blue (aligned with the right vertical axis).
Please note that the data encompasses sales up to the end of the year for previous years and extends through the first week of February for 2024. For the latest insights into the Summerfield housing market, make sure to <a href="https://www.manausa.com/summerfield/" title="Summerfield Real Estate Information">bookmark this page</a>. We will continue to update the graphs and the sales table to provide you with the most current information.
Summerfield Home Prices
The average sale price of homes in Summerfield saw a nearly 9% increase in 2023, reaching $379K.
{si-chart-id=258}
The demand for homes in Summerfield remains strong. Buyers eagerly await new listings, and homes that are effectively marketed with a strategic <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home In Summerfield">pre-marketing plan</a> are selling quickly and for premium prices.
Currently, two homes are listed for sale in Summerfield, and both have already gone under contract.
Home Values In Summerfield
In 2023, the average home value in Summerfield increased by over 9%, indicating a housing market with insufficient inventory. Summerfield has shifted from offering new construction homes to focusing on resale, a stage that typically sees a slight dip in home values before they begin to rise again. Despite this, Summerfield's home values continue to climb.
{si-chart-id=259}
As of 2023, the average home value in Summerfield stands at $192 per square foot.<br /><br />Summerfield Home Sizes
Summerfield homes typically span from 1,800 to 2,000 square feet, a trend that persisted into 2023.
{si-chart-id=260}
The average size for the four homes sold in Summerfield in 2023 was 1,988 square feet.
Recent Home Sales in Summerfield
This list showcases every home sale in Summerfield since the initial sale in 2020. You can sort the data by clicking on the column heading of interest.
{si-table-id=123}2024-02-08T04:00:00-07:002024-02-03T17:04:18-07:00Joe Manausatag:manausa.com,2012-09-20:41705Sagebrook Mill Listings And Home Sales Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/sagebrook-mill-february-2024.jpg" width="880" height="587" alt="Established 15 years ago, Sagebrook Mill features just over sixty 3-bedroom, 2-bathroom homes equipped with modern amenities highly sought after by today's average homebuyer." title="Sagebrook Mill Tallahassee FL" class="img_box_center" />
Established 15 years ago, Sagebrook Mill boasts just over sixty homes, each featuring 3 bedrooms and 2 bathrooms, along with modern amenities that today's average homebuyer seeks.
Located east of Capital Circle NW and south of Fred George Road, Sagebrook Mill offers easy access to Tallahassee's west side and the downtown area.
Homes For Sale In Sagebrook Mill<br /><br />Sagebrook Mill Schools
Sagebrook Mill is zoned for the following public schools in Leon County:
<a href="https://www.manausa.com/idx/results/?searchid=172979" title="Homes For Sale In The Kate Sullivan Elementary School Zone">Springwood Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172983" title="Homes For Sale In The Cobb Middle School Zone">Griffin Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" title="Homes For Sale In The Leon HS Zone">Godby High School</a>
Our report thoroughly examines trends in home prices, values, and sizes through detailed graphs. It also includes a table that lists every home sale in Sagebrook Mill since the community's inaugural sale in 2007.
You'll find all the essential information here if you're looking to buy or sell a home in Sagebrook Mill.
You will see three distinct real estate graphs below. Each graph features the annual number of closed home sales with red columns, plotted against the left vertical axis. A key real estate statistic, depicted in blue, is plotted against the right vertical axis.
It's important to note that the data below includes sales up to December for all previous years and up to the first five days of February for 2024. We will keep updating the graphs and the closed sales table, so make sure to <a href="https://www.manausa.com/sagebrook-mill/" title="Sagebrook Mill Real Estate Information">bookmark this page</a> to stay informed about the latest trends in Sagebrook Mill homes.
Sagebrook Mill Home Prices
The average home price in Sagebrook Mill fell by more than 3% to $300,000 in 2023, attributed to the sale of smaller homes.
{si-chart-id=344}
Home sales in Sagebrook Mill have shown stability over the last seven years. Given the strong demand, sellers using a detailed, <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Sagebrook Mill">omnichannel pre-marketing approach</a> can expect fast sales at competitive prices.
Currently, there are two homes listed for sale in Sagebrook Mill, with one more under contract.
Sagebrook Mill Home Values
In 2023, Sagebrook Mill saw a 3% increase in average home values.
{si-chart-id=345}
The average price per square foot in Sagebrook Mill reached $207.
<br /><br />Sagebrook Mill Home Sizes
Sagebrook Mill homes typically measure between 1,400 and 1,600 square feet, a trend that continued in 2023.
{si-chart-id=346}
The average size of the five homes sold in Sagebrook Mill in 2023 was 1,452 square feet.
Recent Home Sales in Sagebrook Mill
Here is a comprehensive list of all home sales in Sagebrook Mill since its establishment in 2008.
{si-table-id=158}2024-02-07T04:00:00-07:002024-02-03T16:35:22-07:00Joe Manausatag:manausa.com,2012-09-20:41557Gardens Of Killearn Listings And Housing Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/gardens-of-killearn-february-2024.jpg" width="880" height="576" alt="The Gardens of Killearn is a desirable neighborhood located in the Northeast of Tallahassee, Florida. It comprises more than 250 three to five-bedroom homes that are approximately 30 years old. " title="Gardens of Killearns Tallahassee FL" class="img_box_center" />
The Gardens of Killearn, nestled in Northeast Tallahassee, Florida, features over 250 homes aged around 30 years, with three to five bedrooms on executive-sized lots. Most homes are priced below $500K, attracting considerable interest. Located on the west side of Centerville Road near Killearn Estates, it's in the coveted 32309 zip code.
Situated about 10 miles from downtown Tallahassee, the neighborhood offers convenient transportation links, dining, shopping at Village Square and Killearn Square Shopping Center, and outdoor activities with parks like Alfred B. Maclay Gardens State Park nearby.
Homes in the Gardens of Killearn, set on quarter to half-acre lots, showcase well-kept brick and stucco exteriors, lush lawns, and mature trees, embodying a serene, family-oriented community ideal for those seeking a suburban feel close to city amenities.
Homes For Sale In The Gardens of Killearn<br /><br />Gardens Of Killearn Schools
The Gardens Of Killearn is served by the following Leon County Schools:
<a href="https://www.manausa.com/idx/results/?searchid=172982" target="_blank">WT Moore Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172991" target="_blank">Montford Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" target="_blank">Lincoln High School</a>
This report will look at long-term average home price trends, value trends, and size trends of homes sold in the, as well as all closed home sales going back to 1991.
For the three real estate graphs found below, you will find the number of closed home sales for each year (green columns, measured on the left vertical axis) and an important real estate statistic shown in red (measured on the right vertical axis).
It is important to note that the narrative contained below is for sales through December for all previous years but through the first few days of February for 2024. The graphs and the closed sales table will be continuously updated in the future (meaning, bookmark <a href="https://www.manausa.com/gardens-of-killearn/" target="_blank">this</a> page if you always want to know the current <a href="https://www.manausa.com/blog/tag/gardens-of-killearn/" title="Gardens of Killearn Home Sales Reports">status of homes in the Gardens of Killearn</a>).
The Gardens of Killearn Home Prices
The average home price in the Gardens of Killearn rose by more than 13% when compared to the average from 2022.
<img src="https://assets.site-static.com/userfiles/663/image/gardens-of-killearn-home-prices-feb-2024.jpg" width="880" height="576" alt="Gardens of Killearn Average Home Price Graph May 2023" title="Gardens of Killearn Average Home Prices Feb 2024" class="img_box_center" />
The average price of a home sold in the Gardens Of Killearn In 2023 was $494K.
Home sales activity in the Gardens of Killearn is strong. Currently, there are two homes for sale in the Gardens of Killearn, and one is under contract with a buyer.
The Gardens of Killearn Home Values
The average value of the homes sold in the Gardens of Killearn in 2023 rose by nearly 7% in 2023.
<img src="https://assets.site-static.com/userfiles/663/image/gardens-of-killearn-home-values-feb-2024.jpg" width="880" height="576" alt="Average home values in the Gardens of Killearn in Tallahassee May 2023" title="Gardens of Killearn Average Home Values Graph Feb 2024" class="img_box_center" />
The average home value in the Gardens of Killearn in 2023 was $206 per square foot.<br /><br />Gardens of Killearn Home Sizes
Homes sold in the Gardens of Killearn usually range from 2,100 to 2,500 square feet, and 2023 followed this trend.
<img src="https://assets.site-static.com/userfiles/663/image/gardens-of-killearn-home-sizes-feb-2024.jpg" width="880" height="576" alt="The average home size sold in the Gardens of Killearn May 2023" title="Tallahassee Gardens of Killearn Average Home Sizes 2024 February" class="img_box_center" />
In May 2023, the Gardens of Killearn saw the sale of ten homes, averaging 2,404 square feet in size.
Gardens of Killearn Home Historic Home Sales
This list covers all the home sales in the Gardens of Killearn starting from 1991.
{si-table-id=82}2024-02-06T04:00:00-07:002024-02-03T16:23:33-07:00Joe Manausatag:manausa.com,2012-09-20:418096 Real Estate Contract Terms You Should Not Overlook<img src="https://assets.site-static.com/userfiles/663/image/real-estate-contract-terms-you-should-not-overlook.jpg" width="880" height="587" alt="Buying a house is more than just picking the right place—it's about nailing the details that can make or break your experience" title="6 Real Estate Contract Terms You Should Not Overlook" class="img_box_center" />Buying a house is more than just picking the right place—it's about nailing the details that can make or break your experience. Sure, we all know about checking for a sturdy roof or a working cooling system, but what about the nitty-gritty legal stuff?
You know, those 'Force Majeure' clauses that could throw your plans out the window or the sneaky bits like prorations and special assessments. This video is about those six crucial but easy-to-miss parts of real estate contracts that can burn you if you’re unaware.
And you know what? Sometimes, even top-notch real estate agents might miss pointing out these things (and lower-notch agents). It's not always obvious at first why they're important. But trust me, you don't want to learn the hard way that these details matter. So, let's dive in and uncover these hidden gems together. It's all about staying one step ahead and ensuring your dream home doesn't become a legal headache after you get the keys.<br /><br />
What the heck is “Force Majeure?”
"Force Majeure" in real estate contracts refers to extraordinary events or circumstances beyond the control of the parties involved, such as natural disasters (like earthquakes or hurricanes), war, strikes, or acts of government. These events are considered unforeseeable and unavoidable. When a Force Majeure clause is included in a real estate contract, it typically excuses one or both parties from fulfilling their contractual obligations when such events occur.
For instance, if a major storm drops a tree on a home the day before closing, it will impact the terms of the contract. The Force Majeure clause might allow the seller to extend the deadline without facing penalties or delay so that the house can be returned to its pre-storm condition. The specific applications and consequences of a Force Majeure event can vary based on the wording of the contract and the legal context in which it is interpreted.
A Force Majeure clause can provide critical relief in unexpected and uncontrollable situations, but its impact depends heavily on the specific circumstances, the contractual language, and the applicable legal standards.
If you have never worked with a real estate agent who understands the contract inside and out, you'll certainly understand their value if you find yourself dealing with a force majeure scenario. You definitely don't want to learn this lesson when moving during hurricane season in Florida!<br /><br />"Closing" Doesn't Necessarily Mean "Possession"
In a real estate contract, the terms "closing" and "possession" refer to two distinct but related aspects of the property transfer process:
Closing: This is the final step in a real estate sale where the buyer officially becomes the property's owner. It involves signing documents, paying the purchase price, and handling fees. Once paperwork is finalized and payments made, the sale is complete.
Possession: This is when the buyer gets to move into the property. It typically occurs immediately after closing, but the contract might specify a different time (or perhaps, a condition could establish this date that surprises the buyer). The exact terms of possession depend on the agreement between the buyer and seller.
The specific terms regarding closing and possession are crucial in a real estate contract and can vary greatly depending on the agreement between the buyer and seller. The contract should clearly define these terms to avoid any misunderstandings or disputes. Make sure your real estate agent briefs you on closing and possession before you sign an offer or contract; you’ll need to know when you must be in or out of the home.
Let me share a story that vividly illustrates why it's crucial to understand that certain terms in real estate are not interchangeable and should be taken seriously. Picture this: we were representing a buyer, thrilled to be on the cusp of owning their dream home. As part of the process, and with the closing date just a week away, we conducted a final inspection of the property, following the completion of agreed-upon repairs. What we encountered was unexpected—the current homeowner appeared to have made no preparations whatsoever for their impending move.
Curious and a bit concerned, our agent inquired about the seller's moving plans. The seller casually mentioned they were moving to a new location, but their move was scheduled for a few days after our planned closing date. The conversation took a turn when our agent asked where they intended to store their furniture until then. It became painfully clear that the seller was under the impression they didn't need to vacate the property on the closing day. This misunderstanding stemmed from a failure in communication by the seller's agent, who hadn't clarified the contract terms.
This oversight led to the seller having to scramble at the last minute, incurring additional costs for a rushed move. Imagine the legal problems the seller might have encountered had our agent not saved the day. This scenario underscores a lesson we always emphasize: If you are of the mindset that your agent selection is not important, it will only take one bad move to change your mind!
<br /><br />Prorations - Who Pays What?
In a real estate contract, "prorations" refer to the process of dividing ongoing expenses related to the property between the buyer and seller, based on the period each party is in possession of the property. These expenses can include property taxes, utility bills, homeowners association fees, insurance premiums, and other local expenses.
The purpose of prorations is to ensure that each party pays only for the expenses incurred during the time they actually own the property. For example, if a seller has paid property taxes for the entire year but sells the property on the final day of November, the buyer would be responsible for a prorated share of those taxes, covering the month of December when they will own the property.
The exact details of how prorations are calculated and handled are typically specified in the real estate contract and are often settled at closing. This ensures a fair distribution of costs and prevents either party from paying more than their share of expenses for the time they own the property unless, of course, something is overlooked by either party.
The typical problems that arise from prorations is that one or both parties might not have been told what they mean. For example, a homeowner selling a house at the mid-year point will have to pay prorated property taxes to the buyer. Anybody who has paid property taxes knows the amount is not peanuts, so sellers giving up 6 months of property taxes (unexpectedly) could find themselves in a bind coming up with their downpayment on the next home.<br /><br />A Special Surprise For The Buyer
A special assessment lien in real estate refers to a charge imposed on a property for public improvements that enhance the value of the property, such as road construction or neighborhood beautification. It's crucial for both buyers and sellers to understand special assessments before executing a real estate contract.
These liens are distinct from regular taxes as they are attached to the property itself, not the owner. This means the lien remains with the property if the property is sold. Special assessments can be paid in full or in installments, depending on the terms set by the authority imposing the assessment.
A common example is when a neighborhood transitions from individual septic systems to a public sewer system. The local authority charges each home a special assessment for the sewer connection, often spread over time to ease the financial burden. The situation gets interesting when a property is sold during the term of a special assessment repayment, as the buyer must take over the payments.
Sellers are required to disclose any existing liens to potential buyers, as failure to do so can lead to legal issues. Buyers, on their part, should investigate any liens on a property before purchasing, as these can impact the property’s value and attractiveness. The sales contract should clearly outline what liens exist and who is responsible for paying these liens – the buyer or the seller.
You don’t want to be a buyer finding out after closing that you’re monthly payment is higher than you were briefed because an existing special assessment lien exists on the property. And you don’t want to be the seller in this situation either, as you could be sued and end up having to reimburse the buyer, or worse!
Understanding special assessment liens is crucial as they can significantly affect the costs of buying or selling property, and misunderstandings can complicate the transaction process.<br /><br />Do You Hold All The Rights To The Home You Just Purchased?
Here's something buyers often don't realize – there might be a lease you don't know about, whether written down or just verbally agreed upon.
The contract should specifically ask about any existing leases. This is super crucial because as a buyer, you might not be aware of a tenant secretly renting the place. The contract language should be clear – it needs to find out about any leases, oral or written.
Why is this important? Well, if you buy a house and surprise - there's a tenant living there! You’re now the landlord, whether you planned to be or not. The existing lease doesn't just vanish because the house is sold. You’re stuck with it until it ends. Can you imagine planning on moving into your new home only to discover somebody else (through a lease) has all the rights to use the property for another six months or even six years?
Your purchase agreement should include language addressing an “estoppel letter or estoppel certificate.” This is a tenant’s confirmation of their lease details. Getting the seller to sign one of these estoppel letters is a great idea, even if you don't think there are any leases on the property. Think of this letter as a safety net – it protects you from any surprises about leases that might pop up after you close on the home. At a bare minimum, you need something in writing from the seller (or their agent) that tells you no leases exist on the property.
In a twist of fate that underscores the importance of clear communication in real estate, we once found ourselves in the middle of an almost disastrous mix-up. We were assisting a buyer in purchasing a home that was listed by a property management company. Unbeknownst to some within that organization, the home was up for sale and not available for rent. This oversight nearly led to a fiasco when, by sheer luck, our buyer's agent noticed a rental agent from the same property management company showing the home to a potential tenant, poised to sign a one-year lease.
Curious and concerned, our agent inquired about the rental agent's intentions. The explanation was as shocking as it was unexpected: the rental agent was under the impression the house was available for lease and had a tenant ready to commit to a year, completely unaware of the sale process underway.
Thanks to this fortuitous timing, we managed to avert what could have been a legal nightmare. Had the lease been signed, the ensuing entanglements involving the seller, the buyer, the unwitting tenant, and our real estate company could have been extensive and messy. This incident served as a vivid reminder of the critical need for effective communication and coordination within real estate operations.
For homes that are being sold with valid leases, the contract should include details on the lease period, security deposits, and how the rent gets split at closing. This ensures you’re not losing out on money that is rightfully yours.<br /><br />You Can't Do That Here!
In a residential real estate contract, you should address Homeowners Associations (HOAs) and restrictive covenants. HOAs enforce rules, often outlined in restrictive covenants, that regulate various aspects of property use. These covenants cover aesthetics like home colors and restrictions such as renting out your home or operating a business from it.
Restrictive covenants may also limit the types of pets you can have and specify maintenance requirements. It's crucial to review these covenants before purchasing. They are legally binding, and violations can result in fines or legal actions. Can you imagine discovering (after moving in) that your neighborhood does not allow dogs (like the one you own)? The law requires you to discover this before buying the home!
These covenants may appear too restrictive, but they serve important purposes. They help maintain property values, ensure community uniformity, and prevent resident conflicts. HOAs play a pivotal role in planned communities and condo complexes. They establish and enforce rules, often documented in restrictive covenants, to maintain the community's integrity and functionality. Violating these covenants can result in penalties or legal actions, making compliance essential.
While some may find these restrictions limiting, knowing them before committing to buy and being regulated by them is important. Understanding and adhering to HOA restrictive covenants is paramount when entering a residential real estate contract, so pay close attention to see what you’re signing up for!<br /><br />The Devil Is In The Details
Paying attention to these often-overlooked details in your real estate contract can save you from future headaches and unexpected problems. Remember, knowledge is power, especially if you have not selected your real estate agent carefully.
So, take charge, ask questions, and don't hesitate to seek professional advice if you're unsure about anything. Before signing on the dotted line, ensure you're fully informed and comfortable with every aspect of your agreement. And now, it's your turn to take the next step:
If you are getting ready to move, contact us at the link below the video. Let us know where you’re moving to and from, and we’ll help you choose the best agent to care for your needs. Empower yourself with the right agent, one who is an expert in real estate contracts, and confidently move forward in your property journey!2024-02-05T04:00:00-07:002024-02-03T15:19:40-07:00Joe Manausatag:manausa.com,2012-09-20:40460Eagles Ridge Listings And Housing Report December 2023
<img src="https://assets.site-static.com/userfiles/663/image/Eagles_Ridge_Dec_2023_880x577.jpg" width="880" height="576" alt="Eagles Ridge is a luxurious patio-home community nestled next to the Tom Fazio-designed Golden Eagle Golf Course in Tallahassee, Florida. Known for its high-end, low-maintenance homes, upscale amenities, and tranquil surroundings, Eagles Ridge offers spacious homes with open floor plans, high ceilings, and quality finishes, all within a secure gated community." title="Eagles Ridge Tallahassee FL" class="img_box_center" />
Eagles Ridge, a high-end patio-home community, sits adjacent to the Tom Fazio-designed Golden Eagle Golf Course in Tallahassee, Florida. This community is renowned for its upscale, low-maintenance homes, featuring spacious layouts, high ceilings, and quality finishes within a secure gated environment.
As part of the Golden Eagle Plantation, a master-planned community, residents enjoy a range of amenities like a top-rated golf course, tennis courts, a swimming pool, and a clubhouse, all set in lush, green surroundings.
Despite its secluded ambiance, Eagles Ridge is conveniently located a short drive from downtown Tallahassee and major shopping centers. This makes it an ideal choice for those seeking a luxurious, low-maintenance lifestyle in a peaceful setting with the benefits of city amenities nearby.
Homes For Sale In Eagles Ridge
For current home listings in Eagles Ridge, see the dynamically updated list below.<br /><br />Eagles Ridge School System
The public schools in Leon County serving the Eagles Ridge neighborhood include:
<a href="https://www.manausa.com/idx/results/?searchid=172969">Killearn Lakes Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172984">Deerlake Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172992">Chiles High School</a>
This report presents average home prices, values, and sizes trends in Eagles Ridge, along with a record of all closed home sales since 1991.
The graphs below display the annual number of home sales (red columns, left vertical axis) and a key real estate statistic (blue, right vertical axis).
Remember that the analysis covers sales data through the end of each year for all prior years and through 4 weeks of January for 2024. We will continuously update the graphs and sales table, so <a href="https://www.manausa.com/eagles-ridge/" title="Eagles Ridge Tallahassee, Florida">bookmark this page</a> to stay updated on Eagles Ridge's home status.
Eagles Ridge Home Prices
In 2023, Eagles Ridge's average home price rose by nearly 15%.
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The average home price in Eagles Ridge for 2023 stands at $463K.
With robust sales activity in Eagles Ridge, <a href="https://comingsoonhomestallahassee.com/" title="Find Tomorrow's Homes Today">aggresively pre-marketed homes</a> will likely sell quickly and achieve premium prices.
Home Values In Eagles Ridge
In 2023, Eagles Ridge's average home value increased by nearly 8%.
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In 2023, the average value of a home sold in Eagles Ridge was $217 per square foot of heated and cooled space.<br /><br />Eagles Ridge Home Sizes
Eagles Ridge homes typically span from 1,800 to 2,400 square feet, a trend that persisted in 2023.
{si-chart-id=178}
In 2023, Eagles Ridge saw the sale of five homes, averaging 2,124 square feet in size.
Eagles Ridge Home Sales
The table below chronicles home sales in Eagles Ridge starting from 1992. You can sort the data by clicking on any column heading.
{si-table-id=92}2024-02-02T04:00:00-07:002024-01-27T13:56:40-07:00Joe Manausatag:manausa.com,2012-09-20:41537Park Charleston Listings And Sales Report February 2024<img src="https://assets.site-static.com/userfiles/663/image/park-charleston-january-2024.jpg" width="880" height="587" alt="Park Charleston Real Estate Information" title="Park Charleston Tallahassee FL" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />
Park Charleston, situated northwest of Capital Circle NE and on the west side of Miccosukee Road, lies in Northeast Tallahassee.
This neighborhood boasts over 120 detached and attached single-family homes, all four and three-bedroom, constructed since 2005. Residents of Park Charleston enjoy superb access to major medical centers and downtown Tallahassee.
Homes For Sale In Park Charleston<br /><br />Park Charleston Schools
Park Charleston is zoned for the following Leon County public schools:
<a href="https://www.manausa.com/idx/results/?searchid=172982" target="_blank">WT Moore Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172990" target="_blank">Swift Creek Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" target="_blank">Lincoln High School</a>
The following report includes graphs displaying average home prices, values, and sizes in <a href="https://www.manausa.com/park-charleston/" title="Park Charleston Neighborhood In Tallahassee">Park Charleston</a> and a complete list of all closed home sales going back to the beginning of sales in 2006.
For the real estate graphs found in this report, you will find the number of closed home sales for each year (red columns, measured on the left vertical axis), and an important real estate statistic shown in blue (measured on the right vertical axis).
It is important to note that the narrative contained below is for sales through the end of December for all previous years but through four weeks of January for 2024. The graphs and the closed sales table will be continuously updated in the future (meaning bookmark <a href="https://www.manausa.com/blog/tag/park-charleston/" title="the real estate market in Park Charleston" target="_blank">this</a> page if you always want to know the current status of homes in Park Charleston).
Home Prices In Park Charleston
The average price of homes sold in Park Charleston rose 7% in 2022 compared to the average recorded in 2021. Currently, the average home price in Park Charleston is $367K.
{si-chart-id=94}
Home sales activity in Park Charleston has been dormant for more than a year as there were no homes available. All <a href="https://www.manausa.com/how-to-sell-your-house/" title="How to sell a Park Charleston home fast and for top dollar">properly pre-marketed homes</a> will sell for top dollar, and they will sell within days or hours of hitting the market.
Currently, there is just one home for sale in Park Charleston.
Home Values In Park Charleston
The average home value in Park Charleston reached $187 per square foot in 2022 when the last home sold for $198 per square foot.
{si-chart-id=95}
The average value of the Park Charleston homes sold and closed in 2022 was $187 per square foot.<br /><br />Home Sizes In Park Charleston
The average size of homes sold in Park Charleston typically falls in the range of 1,850 to 2,000 square feet, and the average size was no different in 2023 (as there were no sales).
{si-chart-id=96}
The homes sold in 2022 were measured at an average size of 1,958 square feet.
Park Charleston Home Sales
The following list shows the home sales in Park Charleston going back to 2006 when the first homes were built here.
{si-table-id=48}2024-02-01T04:00:00-07:002024-01-27T13:48:06-07:00Joe Manausatag:manausa.com,2012-09-20:41530Tallahassee Center Condominium Listings And Sales January 2024<img src="https://assets.site-static.com/userfiles/663/image/tallahassee-center-condo-january-2024.jpg" width="880" height="587" alt="Tallahassee Center Condo Real Estate Information" title="Tallahassee Center Condominium" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />The Tallahassee Center Condominium is located in the heart of downtown Tallahassee, offering a relatively rare urban lifestyle in Florida's Capital City.
Residents have easy access to various amenities, including shopping, dining, entertainment, and some government offices, plus features such as secure entry, maintenance services, and on-site amenities like the 24-hour fitness center, covered parking, conference rooms, and meeting spaces.<br /><br />Tallahassee Center Schools
The public schools in Leon County serving the Tallahassee Center area are:
<a href="https://www.manausa.com/idx/results/?searchtype=2&searchid=172958" title="Homes for sale zoned for Hartsfield Elementary School">Bond Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172983" title="Homes for sale zoned for Cobb Middle School">Cobb Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" title="Homes for sale zoned for Leon High School">Leon High School</a>
This article includes three detailed graphs illustrating average prices, values, and sizes of condominiums in Tallahassee Center, along with a comprehensive table of all completed condominium sales since 1991.
Each graph features two essential elements: red columns indicate the annual number of condominium sales, corresponding to the left vertical axis. The blue line tracks a key real estate metric aligned with the right vertical axis.
Our narrative covers sales data up to December of the previous year and includes the first four weeks of January 2024. Please note that both the graphs and the sales table are regularly updated. We recommend <a href="https://www.manausa.com/blog/tag/tallahassee-center/" title="Tallahassee Center Condominium Real Estate Information">bookmarking this page</a> to keep up with the latest sales trends in Tallahassee Center.
Tallahassee Center Average Condo Prices
In 2023, condominium unit values in Tallahassee Center climbed to $324K.
{si-chart-id=383}
Currently, two units are up for sale in Tallahassee Center Condominium, with one already in contract with a prospective buyer.
Tallahassee Center Average Condo Values
Tallahassee Center witnessed a notable 7% increase in condominium unit values in 2023.
{si-chart-id=384}
The selling price for condo units in Tallahassee Center in 2023 averaged $274 per square foot.<br /><br />Tallahassee Center Average Condo Sizes
Condominium units in Tallahassee Center typically range from 900 to just over 1,500 square feet in size. In 2023, the sales adhered to this standard size range.
{si-chart-id=385}
The six condo units sold in Tallahassee Center in 2023 had an average size of 1,121 square feet.
Tallahassee Center Condo Sales
The following list provides a comprehensive record of condominium transactions in Tallahassee Center, tracing back to 2006 when unit sales began.
{si-table-id=170}2024-01-31T04:00:00-07:002024-02-03T16:23:03-07:00Joe Manausatag:manausa.com,2012-09-20:41536Heartwood Hills Listings And Home Sales Report January 2024<img src="https://assets.site-static.com/userfiles/663/image/heartwood-hills-january-2024.jpg" width="880" height="587" alt="Heartwood Hills Real Estate Information" title="Heartwood Hills Tallahassee Florida" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />Heartwood Hills is a residential neighborhood located in NE Tallahassee, featuring larger homes on lots of 1.5 to 4.4 acres of land.
This area is known for its assortment of beautiful home styles, varying sizes, and relatively affordable prices. Homes in Heartwood Hills typically range from 1,500 to 3,600 square feet in size yet typically sell for less than $500K.<br /><br />Heartwood Hills Schools
Heartwood Hills is zoned for the following Leon County public schools:
<a href="https://www.manausa.com/idx/results/?searchid=172962" title="Homes For Sale In Chaires Elementary School Zone">Chaires Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172990" title="Homes For Sale In The Swift Creek Middle School Zone">Swift Creek Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" title="Homes For Sale In The Lincoln HS Zone">Lincoln High School</a>
This Heartwood Hills neighborhood report includes charts and graphs that display average home prices, home values, and home sizes, as well as a list of the most recent closed home sales in Heartwood Hills.
For each of the three real estate graphs found in this Tallahassee housing report, you will find the number of closed home sales for each year (red columns, measured on the left vertical axis) and an important real estate statistic shown in blue (measured on the right vertical axis).
It is important to note that the narrative below is for sales through December for all previous years but through four weeks of January for 2024. The graphs and the closed sales table will be continuously updated in the future (meaning, bookmark <a href="https://www.manausa.com/mission-san-miguel/" title="Heartwood Hills Neighborhood In Tallahassee">this page</a> if you always want to know the current status of homes in Heartwood Hills).
Heartwood Hills Home Prices
In 2023, the average price of homes sold in Heartwood Hills decreased by over 17%. This decline primarily resulted from the sale of smaller-than-average homes, as detailed in the "size" section below.
{si-chart-id=386}
Heartwood Hills' market activity has slowed, aligning with trends observed over the past 15 years. This slowdown doesn't reflect a diminishing market; instead, it stems from homeowners' reluctance to move. Currently, only one home is available for sale in Heartwood Hills.
Home Values in Heartwood Hills
The average home value in Heartwood Hills experienced a notable increase in 2023, rising by over 54%. This increase highlights the potential for significant fluctuations in average values within low-liquidity neighborhoods.
{si-chart-id=387}
The average value of homes in Heartwood Hills reached $228 per square foot in 2023.<br /><br />Heartwood Hills Home Sizes
Homes sold in Heartwood Hills usually range from 2,000 to 2,500 square feet in size. However, the average size of the two homes sold in 2023 was notably smaller, at 1,713 square feet.
{si-chart-id=388}
Heartwood Hills Home Sales
Home sales in Heartwood Hills started in 2007, and the list below details these transactions since then. To organize the data, click on the desired column heading to sort the list.
{si-table-id=171}2024-01-30T04:00:00-07:002024-01-27T12:28:53-07:00Joe Manausatag:manausa.com,2012-09-20:41538Size Matters: A 20-Year Journey Through the Ups and Downs of Home Prices<img src="https://assets.site-static.com/userfiles/663/image/home-prices-categorized-by-home-sizes.jpg" width="880" height="577" alt="Housing market report evaluating home sizes, home prices, and home values" title="Home Size Matters" class="img_box_center" />The housing market is witnessing an unprecedented surge, with values skyrocketing in a short span. This rapid growth signals a looming affordability crisis that needs urgent addressing.
Just how bad is it? Take a look at today's short analysis, and you'll see why it's time we start holding politicians accountable for our declining quality of life.
How severe is the situation? Our brief analysis reveals the extent of the issue and underscores the urgency of holding politicians accountable for the diminishing quality of life.<br /><br />
How Home Prices Vary By Size
Homes in Tallahassee vary widely in size, price, and value. Today, we're focusing on the core of the housing market, encompassing homes from 1,000 to 3,500 square feet.
<img src="https://assets.site-static.com/userfiles/663/image/home-prices-by-home-size.jpg" width="880" height="641" alt="Comparing home prices across different ranges of home sizes" title="How Home Prices Vary By Size" class="img_box_center" />
The graph depicts how home prices have shifted annually, broken down into 500-square-foot sections. I've extracted three significant timeframes from this data for closer examination.
The first timeframe covers the entire duration represented in the graph. The second focuses on the housing market's recovery beginning in 2012. The last period spans from pre-COVID times to the end of 2023.
Let's examine the changes in home prices during these specific periods:
Size
2003 to 2023
2012 to 2023
2019 to 2023
1000-1499
94%
126%
50%
1500-1999
101%
101%
46%
2000-2499
105%
97%
49%
2500-2999
92%
84%
42%
3000-3499
92%
88%
45%
The first column spans the entire tracked period, revealing that homes in the 2,000 to 2,500 square foot range have experienced the most robust growth, with prices soaring by 105% since 2003. To illustrate, a typical home in this category, valued at $218K in 2003, would currently fetch around $446K.
Meanwhile, homes sized between 2,500 to 3,000 square feet were the least dynamic, showing a 92% increase since 2003. In practical terms, a home that sold for $281K in 2003 in this size range would now be priced around $538K.
Since 2003, home values have surged by 99%, translating to an annualized growth rate of 3.5%. This trend holds significant implications for long-term investors. Despite experiencing an uncommon major market correction – the likes of which hadn't been seen since before WWII and the Great Depression – home prices have consistently trended upwards.<br /><br />How Home Values Vary By Size
The previous graph showing home prices offers great insight into the housing market, but a full analysis should include average home values, too. Think of it this way: prices are what buyers pay, values are what sellers get, and home sizes tell you why they move at different rates.
<img src="https://assets.site-static.com/userfiles/663/image/home-values-by-home-size.jpg" width="880" height="641" alt="Comparing home values across different ranges of home sizes" title="How Home Values Vary By Size" class="img_box_center" />
This graph shows how home values have responded to changing market conditions over time, broken down into the same 500-square-foot sections as we used for home prices. Again, we'll focus on the same three timeframes as before.
Size
2003 to 2023
2012 to 2023
2019 to 2023
1000-1499
96%
130%
51%
1500-1999
102%
104%
47%
2000-2499
103%
97%
48%
2500-2999
93%
85%
43%
3000-3499
93%
89%
44%
Values have trended similarly to prices, which is expected given the tight constraints on the size ranges we're analyzing. However, plotting values separately is beneficial, as it provides a clear picture of the gains or losses homeowners have experienced over time.
A prime example is the dramatic 51% increase in values over the past four years for homes ranging from 1,000 to 1,500 square feet, equating to a nauseating annualized growth rate of 10.85%!
This rate suggests home values could double in less than eight years. Such rapid growth raises sustainability concerns, and the lack of significant action from politicians at any level to address this escalating housing crisis has me gravely concerned.<br /><br />We Must Demand Change
The consistent rise in home values, especially the staggering 51% increase in smaller homes, points to a deeply concerning trend in affordability. This rapid escalation, potentially leading to values doubling in under eight years, isn't just unsustainable — it's alarming. Our analysis underscores the urgent need for effective solutions to this housing affordability crisis.
As concerned citizens, we hold the power to drive change. It's crucial that we voice our concerns and demand action. I urge you to reach out to your political representatives. Let them know that resolving the housing affordability issue is not just a policy matter but a vital necessity for the well-being of our communities.
Your voice matters. Contact your local, state, and national leaders. Address your housing crisis concerns and ask for concrete, actionable solutions. Together, we can advocate for policies that ensure affordable housing is not just a privilege but a right accessible to all.2024-01-29T04:00:00-07:002024-02-05T09:09:28-07:00Joe Manausatag:manausa.com,2012-09-20:41442Tower Gates Listings And Sales January 2024<img src="https://assets.site-static.com/userfiles/663/image/tower-gates-january-2024.jpg" width="880" height="587" alt="Tower Gates, situated in Northwest Tallahassee, is a vibrant development presenting brand-new homes set on plots of about 1/8th acre." title="Tower Gates Tallahassee FL" class="img_box_center" />
Tower Gates, located in Northwest Tallahassee, is an exciting new development featuring modern homes on approximately 1/8th acre plots.
Conveniently close to downtown Tallahassee, Tower Gates offers easy access to transportation, a variety of dining choices, entertainment, and shopping. This development is perfect for those seeking contemporary living with the convenience of city amenities nearby.
Homes For Sale In Tower Gates<br /><br />Tower Gates Schools
Tower Gates is zoned for the following public schools in Leon County:
<a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&elementaryschool=Springwood" title="Homes For Sale In Springwood Elementary School Zone" data-uw-styling-context="true" data-uw-rm-brl="false">Springwood Elementary School</a>
<a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&middleschool=Griffin" target="_blank" title="Homes For Sale In Griffin Middle School Zone" data-uw-styling-context="true" data-uw-rm-brl="false" aria-label="Griffin Middle School - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&middleschool=griffin$griffinmiddleschool">Griffin Middle School</a>
<a href="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&highschool=Godby" target="_blank" title="Homes For Sale In Godby High School Zone" data-uw-styling-context="true" data-uw-rm-brl="false" aria-label="Godby High School - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.manausa.com/idx/results/?mlsregion=110&listtype=1&highschool=godby$godbyhighschool">Godby High School</a>
This report provides a detailed analysis of average home prices, values, and sizes in Tower Gates, along with a complete record of all home sales since the community's establishment in 2021.
The graphs within the report showcase the annual number of closed home sales as red columns on the left vertical axis. Additionally, an important real estate metric is depicted in blue on the right vertical axis.
It's important to note that the information includes sales data up to December for each previous year, extending through the first four weeks of January 2024. Both the graphs and the sales table will be consistently updated. <a href="https://www.manausa.com/tower-gates/" title="Tower Gates Real Estate Information">Bookmarking this page</a> is recommended to stay updated on the latest in Tower Gates' housing market.
Tower Gates Home Prices
In 2023, the average home price in Tower Gates reached $305K, reflecting an increase of almost 8% compared to the previous year.
{si-chart-id=278}
Real estate activity in Tower Gates continues to be robust. There are seven homes on the market in this neighborhood, with two already under contract with buyers.
Tower Gates Average Home Value
In 2023, Tower Gates experienced a significant increase in average home values, with a rise of nearly 11%.
{si-chart-id=279}
The average value of the homes sold in Tower Gates in 2023 was $203 per square foot.<br /><br />Tower Gates Average Home Size
In Tower Gates, homes typically fall within the 1,400 to 1,600 square-foot range, a trend that continued in 2023.
{si-chart-id=280}
The average size of the 31 homes sold in 2023 was 1,506 square feet.
Tower Gates Home Sales History
Below is a complete list of all home sales in Tower Gates since its establishment in 2021:
{si-table-id=131}2024-01-26T04:00:00-07:002024-01-20T10:52:50-07:00Joe Manausatag:manausa.com,2012-09-20:41441Camellia Oaks Listings And Home Sales Report January 2024<img src="https://assets.site-static.com/userfiles/663/image/camellia-oaks-january-2024.jpg" width="880" height="587" alt="Camellia Oaks, a delightful neighborhood in Tallahassee, Florida, caters exclusively to residents aged 55 and over. This community, the first of its kind in Tallahassee, provides a unique living experience tailored for those pursuing a relaxed, retirement-centered lifestyle." title="Camellia Oaks tallahassee FL" class="img_box_right" />
Camellia Oaks in Tallahassee, Florida, is a unique 55+ community offering a serene, retirement-focused living experience. It features a variety of detached and attached single-family homes, specifically designed for seniors, with spacious layouts and maintenance-free living.
The neighborhood is peaceful, with lush green spaces, walking paths, and outdoor amenities perfect for enjoying Florida's weather.
Strategically located, Camellia Oaks is near essential amenities like grocery stores, shopping, dining, and medical facilities, with easy access to downtown Tallahassee's arts and recreational activities.
Camellia Oaks thus provides seniors with tranquility and convenience in a well-maintained setting, ideal for a relaxed lifestyle.
Homes For Sale In Camellia Oaks<br /><br />Camellia Oaks Schools
Camellia Oaks is an age-restricted neighborhood, specifically designed for residents aged 55 and older. As such, the proximity to schools might not be a primary concern for homebuyers in this community. The condominium regulations of Camellia Oaks restrict residency of individuals under the age of 19 to no more than 30 days within a calendar year.
However, for those residents who are interested in community involvement or mentoring opportunities, information about the Leon County public schools serving the Camellia Oaks area is available. These links can be useful for those looking to engage with the local educational community or seeking to participate in volunteer activities.
<a href="https://www.manausa.com/idx/results/?searchid=172960" target="_blank">Buck Lake Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172990" target="_blank">Swift Creek Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" target="_blank">Lincoln High School</a>
This report offers an in-depth look at average home prices, values, and sizes in Camellia Oaks, including a complete record of all home sales since the neighborhood's first year of sales in 2020.
The real estate graphs in this report display the annual number of closed home sales as red columns on the left vertical axis. Additionally, a key real estate metric is shown in blue on the right vertical axis.
It's important to note that the data includes sales up to December for past years, and extends through the first three weeks of January for 2024. These graphs and the sales table will be continually updated to provide the most current information. For ongoing updates on Camellia Oaks, <a href="https://www.manausa.com/camellia-oaks/" title="Camellia Oaks Real Estate Information">bookmarking this page</a> is recommended.
Camellia Oaks Home Prices
In Camellia Oaks, the average home price has reached $479K in 2023, marking an increase of nearly 9% from the average in 2022.
{si-chart-id=265}
While sales activity in Camellia Oaks has decreased, the market remains robust for these homes. Currently, there are three homes listed for sale in the neighborhood, though none are under contract yet. Sellers in Camellia Oaks employing an aggressive, <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Camellia Oaks Tallahassee">omnichannel pre-marketing strategy</a> can anticipate prompt and substantial offers.
Camellia Oaks Home Values
In 2023, Camellia Oaks experienced a significant increase in average home values, rising by nearly 9%.
{si-chart-id=266}
The average value for homes sold ire Camellia Oaks in 2023 reached $262 per square foot.<br /><br />Camellia Oaks Average Home Size
In Camellia Oaks, homes typically fall between 1,500 and 2,000 square feet, a trend that persisted in 2023.
{si-chart-id=267}
In 2023, the 21 homes sold in Camellia Oaks averaged 1,829 square feet.
Camellia Oaks Home Sales History
Below is a detailed list of home sales in Camellia Oaks, dating back to its inaugural year of sales in 2020.
{si-table-id=126}2024-01-25T04:00:00-07:002024-01-20T10:35:03-07:00Joe Manausatag:manausa.com,2012-09-20:41440The Tennyson Condominium Sales Report January 2024
<img src="https://assets.site-static.com/userfiles/663/image/the-tennyson-january-2024.jpg" width="880" height="587" alt="The Tennyson stands as an icon in downtown Tallahassee, featuring 90 meticulously designed condominium units. Each residence, varying from spacious 1-bedroom units to expansive 4-bedroom options, provides covered parking and panoramic views of the city's vibrant skyline." title="The Tennysone Tallahassee FL" class="img_box_center" />
The Tennyson, a prominent fixture in downtown Tallahassee, offers 90 elegantly crafted condominium units. These residences range from roomy 1-bedroom to expansive 4-bedroom layouts, each featuring covered parking and sweeping views of the city's dynamic skyline.
Located at the intersection of North Monroe Street and East Call Street, The Tennyson is the epitome of urban living. Its prime position affords residents easy access to the heart of Tallahassee's downtown area. This combination of convenience, luxury, and prime location makes The Tennyson a highly sought-after choice for those seeking a sophisticated urban lifestyle.
Condo Units For Sale In The Tennyson<br /><br />The Tennyson Schools
The Tennyson is serviced by the following Leon County Public Schools:
<a href="https://www.manausa.com/idx/results/?searchid=172967" title="Homes for sale zoned for Hartsfield Elementary School">Hartsfield Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172983" title="Homes for sale zoned for Cobb Middle School">Cobb Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" title="Homes for sale zoned for Leon High School">Leon High School</a>
This article features three informative graphs illustrating average condominium prices, values, and sizes in The Tennyson, along with a detailed table of all completed condominium sales since 1991.
In each graph, the red columns indicate the annual number of condominium sales, plotted against the left vertical axis. The blue line, on the other hand, represents a significant real estate statistic, mapped on the right vertical axis.
The narrative covers sales data up to December for previous years and includes the first three weeks of January for 2024. We continuously update both the graphs and the sales table, so <a href="https://www.manausa.com/the-tennyson/" title="The Tennyson Tallahassee Real Estate Information">bookmarking this page</a> is recommended to keep up with the latest sales trends and information at The Tennyson.
The Tennyson Average Condo Prices
In 2023, The Tennyson Condominiums saw an increase of over 10% in average prices, reaching an average sale price of $361K.
{si-chart-id=204}
Currently, three units are listed for sale in The Tennyson Condominium, with two already under contract with potential buyers.
The Tennyson Average Condo Values
In 2023, the value of units in The Tennyson increased by more than 8%.
{si-chart-id=205}
The average value of the condo units sold in The Tennyson in 2023 reached $260 per square foot.<br /><br />The Tennyson Condo Unit Sizes
The average size of condominium units sold in The Tennyson typically varies from 900 to just over 1,500 square feet, a range that was maintained in 2023.
{si-chart-id=206}
In 2023, the average size of the eight condo units sold in The Tennyson was 1,388 square feet.
The Tennyson Condo Sales History
Below is a comprehensive record of condominium transactions in The Tennyson, dating back to 2006, which marks the start of unit sales in this condominium.
{si-table-id=102}2024-01-24T04:00:00-07:002024-01-20T10:07:47-07:00Joe Manausatag:manausa.com,2012-09-20:41439Town N Country Park Real Estate Report January 2024<img src="https://assets.site-static.com/userfiles/663/image/town-n-country-park-january-2024.jpg" width="880" height="587" alt="Town N Country Park is a lovely neighborhood located in northwest Tallahassee. It features homes that were built from the 1960s through the 1990s and has a mix of one-story and two-story houses." title="Town N Country Park Tallahassee FL" class="img_box_center" />
Town N Country Park, in northwest Tallahassee, offers homes built from the 1960s to the 1990s, with both single and two-story options. The neighborhood has lots ranging from one-fifth to half an acre, allowing for spacious outdoor areas.
Located a short drive from downtown Tallahassee, the area provides easy access to key transport routes like Interstate 10 and US Highway 27. Nearby Midtown and Monroe Street offer diverse dining and shopping choices.
Overall, Town N Country Park combines diverse home styles, ample outdoor space, and convenient city access, making it a desirable community with a small-town feel.
Homes For Sale In Town N Country Park<br /><br />Town N Country Park Schools
Town N Country Park falls under the zoning for these Leon County public schools:
<a href="https://www.manausa.com/idx/results/?searchid=172975" title="Homes for sale zoned for Ruediger Elementary School">Ruediger Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172987" title="Homes for sale zoned for Giffin Middle School">Griffin Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" title="Homes for sale zoned for Leon High School">Leon High School</a><a href="https://www.manausa.com/idx/results/?searchid=172994" target="_blank"></a>
This report includes graphs showing key metrics for Town N Country Park's real estate market. The annual number of closed home sales is represented by red columns on the left vertical axis, while a significant real estate statistic is displayed in blue on the right vertical axis.
Please note that the data presented covers sales through December for all previous years and extends through the first three weeks of January for 2024. These graphs and the sales table will be regularly updated to provide the most current information on the housing status in Town N Country Park. For the latest insights, consider <a href="https://www.manausa.com/town-n-country-park/" title="Town 'n Country Park Real Estate Information">bookmarking this page</a> to stay informed about ongoing trends and developments in the neighborhood.
Home Prices In Town N Country Park
In 2023, the average home price in Town N Country Park saw an increase of nearly 7% compared to the average in 2022.
{si-chart-id=112}
The average home price in Town N Country Park for 2023 was recorded at $306K.
The real estate activity in Town N Country Park mirrors the trends observed over the past thirty years. Currently, there are three homes listed for sale in the neighborhood, with two already under contract.
For homeowners in Town N Country Park aiming to achieve the best possible sale price and a swift transaction, implementing an <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell home in Town 'n Country Park Tallahassee">omnichannel pre-marketing strategy</a> is crucial. Without this approach, sellers may not realize the full potential value of their properties.
Town N Country Park Home Values
The average home value in Town N Country Park Rose fell by nearly 10% in 2023 after exploding by more than 60% for the two years ending in 2022.
{si-chart-id=113}
Town N Country Park home values are expected to trend upward overall. However, it's important to consider the relative age and condition of the properties sold. Homes that have been renovated or updated tend to command much higher values compared to those that are more dated.<br /><br /><br />Town N Country Park Home Sizes
In Town N Country Park, home sizes generally range from 1,500 to 1,900 square feet, but 2023 saw an exceptional increase.
{si-chart-id=114}
Last year, the ten homes sold averaged 1,926 square feet, setting a new record high.
Town N Country Park Home Sales History
Below is a list of all home sales in Town N Country Park since 1991.
{si-table-id=39}2024-01-23T04:00:00-07:002024-01-20T08:44:21-07:00Joe Manausatag:manausa.com,2012-09-20:414597 "Need-To-Know" Tips On Buying A Home With A Pool<img src="https://assets.site-static.com/userfiles/663/image/buy-home-pool-tips-january-2024.jpg" width="880" height="577" alt="Determine the value added by a swimming pool when buying or selling a home" title="Tips For Buying A Home With A Pool" class="img_box_center" />Embarking on the journey of buying a home with a pool can be as exciting as it is daunting. Swimming pools are not just a symbol of luxury and leisure; they are a commitment demanding time and financial investment.
In today's article, we dive into the critical aspects of pool ownership - from the daily upkeep and safety measures to the often-overlooked financial implications. Whether you're dreaming of sun-soaked afternoons by the water or cautious about the responsibilities that come with a pool, we've covered it all.
And for those curious about the true value a pool adds to a property, stick around for our seventh and final tip, an insightful piece of advice you won't find detailed anywhere else. Join us as we navigate the waters of pool ownership, ensuring you make a splash in your pool-buying journey for all the right reasons.
Tallahassee Homes For Sale With Swimming Pools
If you are a reader located in Tallahassee (or interested in homes in Tallahassee), the following is a current list of homes for sale with swimming pools (updated multiple times throughout the day). If you find one you want to see, let us know and we'll get you there right away.<br /><br />
<img src="https://assets.site-static.com/userfiles/663/image/one.png" width="51" height="75" alt="1" title="1" class="img_box_left" />Understanding Swimming Pool Maintenance Requirements
Owning a home with a pool entails significant maintenance responsibilities that are essential for keeping the pool in good condition.
Key Maintenance Tasks
Regular Cleaning: This includes skimming the pool to remove debris, brushing the walls to prevent algae buildup, and using a pool vacuum.
Chemical Balance: Maintaining the right chemical balance is crucial. Testing the pool water chemistry and adding necessary chemicals is a weekly requirement to ensure the water is safe for swimming.
Time and Effort
Pool maintenance is not a passive activity. It requires a consistent investment of time and effort. This includes daily checks for skimming and filter function and weekly tasks for vacuuming and chemical adjustments<a href="https://www.bobvila.com/slideshow/9-things-you-should-know-before-buying-a-house-with-a-pool-580336" target="_blank" rel="noreferrer" class="px-0.5 text-green-600 !no-underline"></a>.
Considerations for Potential Owners
Potential pool owners should be prepared to dedicate time each week to pool maintenance or be willing to budget for pool service. Understanding these responsibilities is crucial before making the decision to buy a home with a pool.
Understanding swimming pool maintenance requirements when owning a home with a pool ensures that you are aware of the time, effort, and dedication needed to keep the pool in optimal condition.<br /><br /><img src="https://assets.site-static.com/userfiles/663/image/two.png" width="51" height="68" alt="2" title="2" class="img_box_left" />Pool Life Expectancy
The second tip helps you understand the different types of pool materials, their respective lifespans, and the implications for long-term maintenance and costs. This knowledge is crucial for making an informed decision when purchasing a home with a pool.
Understanding Pool Materials and Lifespan
Pools are constructed from various materials, each with its own lifespan. The common materials are vinyl, concrete, or fiberglass.
Vinyl pools tend to have the shortest lifespan, often needing a liner replacement every 5 to 9 years.
Concrete pools are known for their durability, but they may require resurfacing every 10 to 15 years.
Fiberglass pools are recognized for their longevity, with some lasting over 25 years without significant maintenance.
Impact of Material on Maintenance and Cost
The choice of material not only affects the pool's longevity but also influences maintenance needs and costs. Concrete pools, for instance, may require more chemical balancing and cleaning compared to fiberglass pools.
Potential buyers should consider the age of the pool and the material it is made of, as this will impact future maintenance and repair costs.
Planning for Long-Term Maintenance
Understanding the life expectancy of the pool helps in planning for future expenses, such as resurfacing for concrete pools or liner replacement for vinyl pools.
It is advisable to ask the current homeowner or a pool professional about the pool's age, maintenance history, and any major repairs done or anticipated soon.
<br /><br /><img src="https://assets.site-static.com/userfiles/663/image/three.png" width="51" height="71" alt="3" title="3" class="img_box_left" />Budgeting for Necessities and Accessories
This tip guides you in understanding and planning for the financial aspects of pool ownership, emphasizing the importance of budgeting for immediate and long-term pool-related expenses.
Initial and Recurring Costs
Owning a pool involves both one-time and ongoing expenses. Initial costs include necessary equipment like skimmer baskets, filters, pumps, lighting, and heating systems.
Recurrent expenses predominantly consist of chemicals for water treatment, replacement parts for equipment, and utilities like increased water and electricity usage for pool operation.
Budget Planning for Pool Maintenance
Prospective homeowners should plan a budget that accounts for these recurring costs. It's crucial to understand that maintaining a pool is a long-term financial commitment.
Costs can vary based on pool size, type, and usage but should be estimated and factored into the overall home maintenance budget.
Considerations for Long-Term Expenses
In addition to regular maintenance, pools may require occasional significant expenditures like replacing a pool liner or resurfacing.
It's advisable to have a contingency budget for unexpected repairs or upgrades that might be needed over time.
Pool Opening and Closing Costs
Homeowners in regions with seasonal weather changes will also need to budget for pool opening and closing costs. This includes preparing the pool for use in the spring and winterizing it in the fall, which can average around $450 each time.
<br /><br /><img src="https://assets.site-static.com/userfiles/663/image/four.png" width="51" height="63" alt="4" title="4" class="img_box_left" />Importance of a Pool Inspection
This section of the article provides you with a comprehensive understanding of the importance of a specialized pool inspection when purchasing a home with a pool. It emphasizes the need to assess the pool's condition, safety, and maintenance history, which are crucial for making an informed decision about the property.
The Necessity of a Specialized Pool Inspection
When purchasing a home with a pool, conducting a pool-specific inspection is crucial. This is because general home inspections may not cover detailed aspects of pool conditions.
A specialized pool inspection can identify potential issues that might be costly to repair, such as leaks, faulty equipment, or structural problems.
What to Look for in a Pool Inspection
The inspection should assess the condition of the pool's structure, the filtration system, heaters, and any other installed equipment like pool lights or automated covers.
It should also evaluate the overall safety of the pool, including the fencing, gates, and pool covers, to ensure compliance with local regulations and standards.
Inspectors should also check the condition of the pool's surface for signs of wear, such as cracks, delamination, and rust marks, which are indicative of more significant underlying issues.
Questions to Ask During a Pool Inspection
Inquire about the age of the pool, the type of maintenance it has received, and the history of any repairs or renovations.
Ask about the costs associated with running the pool, including monthly expenses for the pool pump or heater.
Post-Inspection Considerations
Based on the inspection findings, consider negotiating repair costs or a reduction in the home's price.
If significant issues are discovered, evaluate whether the potential costs of repair are manageable or if they might be a deal-breaker.
Consider the long-term implications of any identified issues on both the usability of the pool and the overall value of the property.
<br /><br /><img src="https://assets.site-static.com/userfiles/663/image/five.png" width="51" height="70" alt="5" title="5" class="img_box_left" />Assessing Ongoing Costs and Outsourcing Maintenance
This section guides you in understanding and planning for the ongoing costs associated with pool maintenance. It emphasizes the importance of budgeting for both regular maintenance and potential repairs, and presents the option of hiring professional services for those who prefer or need or prefer it.
Understanding Regular Maintenance Costs
Owning a pool involves ongoing maintenance costs, which include cleaning, chemical balancing, and equipment upkeep.
Homeowners need to be prepared for these recurring expenses, which can vary based on pool size, type, and frequency of use.
Outsourcing Pool Maintenance
Hiring a professional pool service is an option for those who cannot commit time to regular maintenance.
Professional pool care services generally range between $100 and $250 per month, but this can vary based on the level of service and location.
Additional Seasonal Expenses
In climates with seasonal weather changes, homeowners must also budget for pool opening and closing costs, which can average around $450 each time.
These seasonal services are essential for preparing the pool for use in warmer months and properly winterizing it to prevent damage during colder periods.
Long-Term Financial Planning
It's advisable for potential pool owners to consider these costs in their long-term financial planning. This includes both the expected routine expenses and the potential for unexpected repairs.
Setting aside a contingency fund for pool maintenance and repairs can help manage these costs without significant financial strain.
Weighing the Convenience vs. Cost of Professional Services
Homeowners should weigh the convenience of outsourcing pool maintenance against the ongoing costs.
Factors such as personal time availability, comfort with handling pool chemicals, and the complexity of the pool's system can guide this decision.
Additionally, regular professional services can extend the pool's lifespan by ensuring consistent and thorough maintenance.
<br /><br /><img src="https://assets.site-static.com/userfiles/663/image/six.png" width="51" height="66" alt="6" title="6" class="img_box_left" />Additional Responsibilities and Safety Measures
This section of the article highlights the importance of safety considerations for potential pool owners. It addresses the need to understand and comply with local safety regulations, the impact on insurance, and proactive measures for accident prevention. The goal is to ensure that readers are fully aware of the responsibilities that come with pool ownership in terms of safety and legal requirements.
Emphasizing Safety Around the Pool
Safety is a paramount concern when it comes to pool ownership, especially if children are present.
Installing and maintaining appropriate safety measures such as fences, gates, pool covers, and alarms is essential to prevent accidents and comply with local safety regulations.
Understanding Local Regulations and Compliance
Familiarize yourself with local regulations regarding pool safety, as these can vary significantly by region.
This includes requirements for fencing, gate locks, and other safety features that may be mandated by local laws.
Non-compliance can not only pose safety risks but also result in legal and financial repercussions.
Insurance Considerations
Owning a pool can impact your homeowner's insurance policy. It's important to understand how having a pool affects your liability and whether additional coverage is necessary.
Some insurance providers may require specific safety features as a condition for coverage, and failing to meet these requirements could impact claims.
Proactive Measures for Accident Prevention
Proactive measures, such as teaching children to swim and setting clear pool usage rules, are vital for preventing accidents.
Consider enrolling in CPR and first aid courses, and keep lifesaving equipment readily accessible near the pool area.
Making Safety a Priority
Making safety a priority not only protects your family and guests but also ensures a more enjoyable and stress-free pool experience.
<br /><br /><img src="https://assets.site-static.com/userfiles/663/image/seven-good-version.png" width="51" height="68" alt="7" title="7" class="img_box_left" />Determining the Value Added by a Pool
This section of the article guides you on how to evaluate the additional value a pool might bring to a property. It covers the importance of considering market trends, consulting professionals, and balancing personal enjoyment against financial investment.
The goal is to provide you with a comprehensive understanding of the factors influencing the value added by a pool to a home. We've included a graph that shows a real-world example of how we determine the value a pool adds to a home, something I’ve never seen explained online.
Assessing Market Influence
The added value of a pool is influenced by several factors, including geographical location, climate, and the type of pool. In warmer climates or regions where pools are in high demand, they can significantly increase a property's value.
Role of Real Estate Trends and Neighborhoods
Real estate trends and the standards in a particular neighborhood play a crucial role in determining a pool's added value. In upscale neighborhoods where pools are common, they may be considered a necessary luxury, thereby adding more value.
As an example, I've scoured through 20+ years of MLS data in Tallahassee to determine the added value a pool brings to a home during a sale. In order to remove as many variables as possible, I've only chosen existing home sales on non-premium lots (for example, none of these homes are on a golf course, a lake, a river, the ocean, etc.).
<img src="https://assets.site-static.com/userfiles/663/image/what-is-a-swimming-pool-worth-2024.jpg" width="880" height="576" alt="How to determine the value added by a swimming pool when buying a home" title="What Is A Swimming Pool Worth 2024?" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />
Currently, the average existing home with a pool sells for about $60K more than an average home without a pool. This is valuable data for Tallahassee homeowners. So, how do we use it?
For homes near the Tallahassee average, we should assume that pool homes are worth about $60K more. For homes below average, the pool is worth less than an additional $60K. The opposite is true for homes that are above average.
One can perform this same analysis locally to a specific area or home type, and it will yield different results that will guide a buyer (or seller) on the added value that specific pool brings to a sale.
NOTE: I've never seen another real estate agent perform this analysis, so you might have to work hard to find an expert in swimming pool valuations if you are outside of the Tallahassee real estate market.
Consulting with Real Estate Professionals
Engage with real estate professionals or appraisers to understand how a pool impacts a property's value in the current market. They can provide insights based on comparative market analyses of homes with and without pools.
Considering the Type and Condition of the Pool
The type of pool (in-ground vs. above-ground) and its condition (age, maintenance history, and features) are key factors in valuation. In-ground pools typically add more value, especially if they are well-maintained and feature upgrades like heating systems or aesthetic enhancements.
Weighing Cost vs. Value
Understand that the cost of installing and maintaining a pool typically will not be fully recouped in the home's resale value. It's important to balance the potential enjoyment and use of the pool against the financial investment if you want to add a pool to a home, but buyers who purchase homes with pools will very often save money compared to those who add a pool to a home that does not have one.<br />
Personal Value vs. Resale Value
Finally, consider the personal value and enjoyment a pool brings, which might not be quantifiable in monetary terms. For some homeowners, the lifestyle benefits of having a pool can outweigh any financial considerations.
<br /><br />Buying A Home With A Swimming Pool
As we conclude our exploration into the intricacies of buying a home with a pool, it's important to reflect on the key insights we've gathered.
We delved into the importance of understanding the regular maintenance requirements, which are vital for the health and longevity of the pool. Recognizing the life expectancy of the pool based on its material is crucial for future cost planning. Budgeting for both the initial setup and ongoing maintenance expenses, including seasonal services, is a significant part of pool ownership. The role of a specialized pool inspection cannot be overstated, as it reveals potential issues that might not be immediately apparent.
Additionally, considering the ongoing costs and deciding whether to outsource pool maintenance are essential financial considerations. It's also important to factor in additional responsibilities and safety measures, especially if children are involved. Lastly, understanding how a pool impacts your property's value in the current market is key to making an informed and balanced decision on what to pay for a home with a pool. These facets of pool ownership, from practical maintenance to financial implications and safety considerations, require careful thought and planning.
As you consider the prospect of buying a home with a pool, we encourage you to weigh these benefits and responsibilities thoughtfully. Whether it's the joy of leisurely poolside afternoons or the commitment to upkeep and safety, each aspect plays a crucial role in your decision. If you're planning to navigate this exciting venture in Tallahassee, we are here to assist. Our market knowledge and experience are at your disposal to ensure you find the best home that meets your current and future needs.
Our expertise will guide you through evaluating homes with pools, ensuring you make a choice that brings both enjoyment and peace of mind. So, when you're ready to take the plunge into pool home ownership in Tallahassee, give us a call. We're committed to helping you find the perfect home that aligns with your lifestyle and needs, today and in the future.
2024-01-22T04:00:00-07:002024-01-22T09:06:49-07:00Joe Manausatag:manausa.com,2012-09-20:41400Woodgate Listings And Home Sales Report January 2024<img src="https://assets.site-static.com/userfiles/663/image/Woodgate_Jan_2024_880x577.jpg" width="880" height="576" alt="Located in scenic Northeast Tallahassee, Woodgate is a peaceful residential area known for its quiet ambiance, tree-lined streets, and well-kept single-family homes." title="Woodgate Tallahassee FL" class="img_box_center" />
Woodgate, set in the picturesque Northeast Tallahassee, is a serene residential area characterized by its tranquil atmosphere, tree-lined streets, and well-maintained single-family homes.
The community is known for its welcoming and secure environment, fostered by an active homeowner's association that promotes a family-friendly atmosphere. Combining natural beauty, pristine properties, and a sense of close community, Woodgate stands out as an excellent choice for those seeking an ideal living environment in Northeast Tallahassee.
Homes For Sale In Woodgate
This listing of homes for sale in Woodgate is the most current available online, updated frequently throughout the day to ensure the most accurate information for this sought-after NE Tallahassee neighborhood.<br /><br />Woodgate Schools
Homes in Woodgate are zoned for the following Leon County Public Schools:
<a href="https://www.manausa.com/idx/results/?searchid=172979" title="Homes for sale zoned for Kate Sullivan Elementary School">Kate Sullivan Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172983" title="Homes for sale zoned for Cobb Middle School">Cobb Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" title="homes for sale zoned for Leon High School">Leon High School</a>
This report presents detailed insights into average home prices, values, and sizes in Woodgate and a complete record of all home sales since 1991.
Each graph in this report highlights two key data points: the annual number of closed home sales, shown in red columns on the left vertical axis, and an important real estate metric, depicted in blue on the right vertical axis.
It's important to note that the included data covers sales up to the end of the year for past years and extends through mid-January for 2024. For the latest information on Woodgate's housing market, <a href="https://www.manausa.com/woodgate/" title="Woodgate Real Estate Information">bookmark this page</a>. We will continue to update the graphs and sales table.
Woodgate Home Prices
In 2023, the average home price in Woodgate saw an increase of nearly 4%.
{si-chart-id=173}
The sales activity in Woodgate is robust. Sellers using an <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Woodgate Home">omnichannel pre-marketing approach</a> can expect multiple offers soon after listing. Presently, there are two homes for sale in Woodgate, with none under contract yet.
Home Values In Woodgate
In 2023, Woodgate experienced an increase of over 9% in average home values, though there was a slight decrease since the report from a few months ago.
{si-chart-id=174}
The average value of homes in Woodgate for 2023 was $195 per square foot.<br /><br />Woodgate Home Sizes
In Woodgate, homes typically fall within the 1,600 to 1,900 square-foot range, and 2023 was consistent with this trend.
{si-chart-id=175}
The average size of the ten homes sold in Woodgate in 2023 was 1,7905 square feet.
Woodgate Home Sales History
Below is a list of home sales in Woodgate since 1991.
{si-table-id=91}2024-01-19T04:00:00-07:002024-01-13T13:42:17-07:00Joe Manausatag:manausa.com,2012-09-20:41356Moore Pond Listings And Real Estate Report January 2024<img src="https://assets.site-static.com/userfiles/663/image/Moore_Pond_Jan_2024_880x577.jpg" width="880" height="576" alt="Moore Pond is a small, upscale neighborhood in Northeast Tallahassee, situated north of Ox Bottom Road and west of Thomasville Road, in the 32312 zip code. With about 50 large homes built around Moore pond, it features some of Tallahassee's most expensive properties." title="Moore Pond Tallahassee FL" class="img_box_center" />
Moore Pond stands out as a unique gated community in Tallahassee, known for its luxurious homes set in a secluded environment and centered around a picturesque pond.
Situated north of Ox Bottom Road in the Thomasville Road Corridor, Moore Pond is home to about 50 of Tallahassee's larger and more opulent residences.
For those considering the purchase of a high-end home soon, Moore Pond's offerings are definitely worth exploring and should be a top consideration on your list of potential homes.
Homes For Sale In Moore Pond<br /><br />Moore Pond Schools
Moore Pond is zoned for the following A-rated schools in Leon County:
<a href="https://www.manausa.com/idx/results/?searchid=172968" target="_blank">Hawks Rise Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172984" target="_blank">Deerlake Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172992" target="_blank">Chiles High School</a>
This report presents detailed graphs on average home prices, values, and sizes in Moore Pond, accompanied by the latest Tallahassee MLS listings and a comprehensive record of all home sales in Moore Pond since 1993.
Each graph displays two key metrics: annual home sales, shown in red columns on the left vertical axis, and a vital real estate statistic represented in blue on the right vertical axis.
Please note that the data includes sales up to December for previous years and extends to mid-January for 2024. We will continue to update the listings, graphs, and sales table. <a href="https://www.manausa.com/moore-pond/" title="Moore Pond Real Estate Information">Bookmark this page</a> for the latest information on the housing market in Moore Pond.
Moore Pond Home Prices
The home price graph for today effectively showcases the price volatility in Moore Pond, one of Tallahassee's areas with the highest average home prices. The fluctuation is primarily due to the diverse sizes of the homes and the limited number of sales each year.
{si-chart-id=133}
In 2023, the average sale price of the two homes in Moore Pond was $1.65M. This activity aligns with the sales trends observed in the neighborhood over the past 18 years.
Currently, there is just one home listed for sale in Moore Pond.
Moore Pond Home Values
In 2023, Moore Pond saw a slight dip in average home values, contrasting with the generally rising trend in the luxury homes market.
{si-chart-id=134}
The average value of the two homes sold in Moore Pond in 2023 was $257 per square foot.<br /><br />Moore Pond Home Sizes
In Moore Pond, homes typically fall within the 4,000 to over 8,000 square-foot range, a trend that continued in 2023.
{si-chart-id=135}
The average size of the two homes sold in 2023 was 6,462 square feet.
Moore Pond Home Sales History
Below is a list of all home sales in Moore Pond since its inception in 1993.
{si-table-id=64}2024-01-18T04:00:00-07:002024-01-13T13:28:47-07:00Joe Manausatag:manausa.com,2012-09-20:38985Twin Lakes Listings And Home Sales January 2024<img src="https://assets.site-static.com/userfiles/663/image/880x577_Twin_Lakes_Sep_2023.jpg" width="880" height="577" title="Twin Lakes Tallahassee FL" class="img_box_center" />
The Twin Lakes Community, nestled in southeast Tallahassee, Florida, features homes built from 1982 to 1986, offering both attached and detached single-family homes ranging from 1,000 to 1,300 square feet.
Situated about 7 miles from downtown Tallahassee, Twin Lakes provides convenient access to major roads, facilitating easy travel around the city.
Nearby, residents enjoy a variety of dining and shopping options, including Governor's Square Mall and venues along Apalachee Parkway. The area also boasts recreational spots like the JR Alford Greenway, offering ample outdoor activity options.
Homes For Sale In Twin Lakes<br /><br />Twin Lakes Schools
The Leon County public schools that service Twin Lakes include:
<a href="https://www.manausa.com/idx/results/?searchid=172963" target="_blank" title="Homes for sale zoned for Conley Elementary School">Conley Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172985" target="_blank" title="Homes for sale zoned for Fairview Middle School">Fairview Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172996" target="_blank" title="Homes for sale zoned for Rickards High School">Rickards High School</a>
This Twin Lakes home sales report provides an in-depth analysis of long-term trends in home prices, values, and sizes within the neighborhood, along with a comprehensive listing of all homes sold since 1991.
The accompanying real estate graphs show the annual number of closed home sales depicted as red columns on the left vertical axis. Additionally, a key real estate metric is represented in blue on the right vertical axis.
Please note that the narrative covers sales through December for all previous years, and extends to mid-January for 2024. We will continually update the graphs and sales table, so <a href="https://www.manausa.com/twin-lakes/" title="Twin Lakes Real Estate Information">bookmark this page</a> to stay informed about the latest trends in Twin Lakes.
Twin Lakes Home Prices
The average home price in Twin Lakes currently stands at $165K.
{si-chart-id=213}
In Twin Lakes, home sellers currently dominate the market, indicating that <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Twin Lakes Home">well-pre-marketed homes</a> are likely to sell swiftly and at premium prices. At present, there is only one home listed for sale in Twin Lakes.
Twin Lakes Home Values
In 2023, there was a slight decrease of about 2% in the average home value in Twin Lakes.
{si-chart-id=214}
The average value for homes sold in Twin Lakes in 2023 stood at $142 per square foot.<br /><br />Twin Lakes Home Sizes
In Twin Lakes, homes usually sell within the 1,000 to 1,250 square-foot range, and this trend continued in 2023.
{si-chart-id=215}
The average size of the three homes sold in 2023 was 1,160 square feet of heated and cooled space.
Twin Lakes Home Sales History
Below is a list of all the homes sold in Twin Lakes since 1991.
{si-table-id=106}2024-01-17T04:00:00-07:002024-01-13T13:13:50-07:00Joe Manausatag:manausa.com,2012-09-20:41432Retreat At Mahan Housing Report January 2024<img src="https://assets.site-static.com/userfiles/663/image/retreat-at-mahan-housing-report-january-2024.jpg" width="880" height="577" alt="The Retreat At Mahan is a hot new neighborhood in the popular 32317 zip code." title="Retreat At Mahan In Tallahassee Florida" class="img_box_center" />
The Retreat At Mahan, located in the sought-after 32317 zip code in eastern Tallahassee, is a newer, upscale neighborhood with homes built since 2020 featuring modern designs.
Most lots in the Retreat At Mahan are around 0.15 acres, complemented by community green spaces and walking trails.
Situated about 10 miles from downtown Tallahassee, the neighborhood offers excellent connectivity to major highways and public transportation.
Overall, the Retreat At Mahan combines modern living with easy access to amenities and downtown Tallahassee, making it a desirable location for homeowners.
Homes For Sale In Retreat At Mahan<br /><br />Retreat At Mahan Schools
The Retreat At Mahan is zoned for the following Leon County public schools:
<a href="https://www.manausa.com/idx/results/?searchid=172960" target="_blank">Buck Lake Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172990" target="_blank">Swift Creek Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" target="_blank">Lincoln High School</a>
This report examines the average home prices, values, and sizes in the Retreat At Mahan and includes a complete record of all closed home sales since the neighborhood's inception in 2020.
The number of closed home sales per year in the real estate graphs is represented by red columns on the left vertical axis, while a key real estate statistic appears in blue on the right vertical axis.
Please note that the data below includes sales through December for all previous years and extends to the first two weeks of January 2024. We will keep updating these graphs and the sales table, so <a href="https://www.manausa.com/blog/tag/retreat-at-mahan/" title="Retreat At Mahan Real Estate Information">bookmark this page</a> for the latest information on the Retreat At Mahan.
Retreat At Mahan Home Prices
In 2023, the average home price increased by nearly 7% to $495K in the Retreat At Mahan.
{si-chart-id=262}
With the completion of new home construction, the Retreat At Mahan activity has slowed down. Currently, there is only one home listed for sale in the neighborhood. Homes in the Retreat At Mahan are in high demand. Homeowners hiring an agent who delivers a powerful, <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Home Retreat At Mahan Tallahassee">omnichannel pre-marketing plan</a> will get top dollar for their homes while selling them in their desired timeframe.
Retreat At Mahan Home Values
In 2023, the average home value in the Retreat At Mahan saw a significant increase of over 9%. This rise is noteworthy for a neighborhood transitioning from new to used home sales.
{si-chart-id=263}
The homes sold in the Retreat At Mahan in 2023 achieved an average value of $234 per square foot.<br /><br />Retreat At Mahan Home Sizes
In the Retreat At Mahan, homes usually sell within the 1,600 to 2,200 square-foot range, a trend consistent in 2023.
{si-chart-id=264}
In 2023, the average size of the five homes sold was 2,123 square feet.
Retreat At Mahan Home Sales History
Below is a list of all homes sold in the Retreat At Mahan since its inception in 2020.
{si-table-id=124}2024-01-16T04:00:00-07:002024-01-13T12:58:20-07:00Joe Manausatag:manausa.com,2012-09-20:41319The Power of Graphs in Understanding the US Housing Market<img src="https://assets.site-static.com/userfiles/663/image/the-power-of-graphs-in-understanding-the-us-housing-market-2024.jpg" width="880" height="587" alt="The Power of Graphs in Understanding the US Housing Market" title="US Housing Market" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />In 2024, the US housing market is an intricate tapestry of regional trends, each telling its own story. Understanding these trends is crucial, and the power of graphs in understanding the US housing market has become more relevant than ever. Everything you could want to know about current US housing market conditions can be found (and graphed) in the data available online.
As we see some regions like Albany and Grand Rapids gearing up for growth and others like coastal Florida potentially facing declines, what should we expect for the overall housing market?
Influenced by variable mortgage rates and housing supply challenges, this year's market underscores the importance of visualizing and interpreting these complex dynamics through graphs and data. Stay ahead in the real estate game by grasping the power of this analytical tool.<br /><br />
US Home Price Trends
Home prices are expected to rise in most U.S. cities, but at a slower pace that aligns more with historical norms. This growth could vary significantly across different regions, with prices likely to fall in some areas (like parts of coastal Florida) and rise in others (like Albany, NY, and Grand Rapids, MI).
<img src="https://assets.site-static.com/userfiles/663/image/median-home-price-jan-2024.jpg" width="880" height="587" alt="Home prices are expected to rise in most U.S. cities, but at a slower pace that aligns more with historical norms" title="US Home Price Trends" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />
The overall trend suggests a rise in home prices by about 3 to 4%, though this growth may slow down later in the year due to factors like rising interest rates, an increase in home supply, and affordability challenges for buyers.<br /><br />Impact of Mortgage Rates
Mortgage rates continue to play a crucial role in shaping the housing market. While there's hope for a decrease in rates, their movement will be a key determinant of home pricing and sales dynamics.
<img src="https://assets.site-static.com/userfiles/663/image/mortgage-rates-january-2024.jpg" width="880" height="587" alt="Mortgage rates continue to play a crucial role in shaping the housing market" title="30 Year Fixed Mortgage Rates" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />
Should mortgage rates significantly drop, we could see a surge in buyer demand, potentially driving up home prices. Conversely, increasing rates may lead to reduced buyer demand.
However, contrary to a common belief that rising rates cause home price declines, due to the current housing supply-demand dynamics, increasing rates are more likely to slow the growth in home prices rather than cause them to fall. This is because when buyers withdraw from the market due to high mortgage rates, the primary source of new listings (homeowners selling to buy) diminishes. Therefore, a decrease in demand often leads to a parallel decrease in supply, maintaining a balance that prevents substantial price drops.<br /><br />Housing Supply and Construction
The national housing shortage is expected to continue through the end of the 2020s. There has been a gradual increase in single-family housing starts throughout 2023, but it will likely take years of accelerated new home construction to significantly narrow the supply shortage gap.
<img src="https://assets.site-static.com/userfiles/663/image/us-housing-starts-needed-jan-2024.jpg" width="880" height="587" alt="The national housing shortage is expected to continue through the end of the 2020s" title="Housing Supply and Construction" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />
<br />The anticipated increase in new construction in 2024 is a positive development, but it's unlikely to significantly alter the overall housing market dynamics within the year.
The prolonged shortfall in new home construction since 2008 has led to a housing shortage, exacerbated by a growing population. This scarcity has been a major factor behind the escalation in home prices and rents.
The upcoming uptick in construction might start addressing this issue, but given the depth of the shortage, it may take more time to see a substantial impact on the market.<br /><br />Buyer and Seller Dynamics
The market in 2024 is predicted to favor sellers due to the ongoing national housing shortage. However, with potentially lower mortgage rates and a slight increase in housing inventory, buyers might find some relief compared to the previous years.
<img src="https://assets.site-static.com/userfiles/663/image/us-housing-inventory-jan-2024.jpg" width="880" height="587" alt="The market in 2024 is predicted to favor sellers due to the ongoing national housing shortage" title="Home Buyer and Seller Dynamics" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />
The interplay between buyers and sellers will indeed be a critical factor in shaping the 2024 housing market.
The graph above indicates a slight increase in the average monthly supply of homes for sale, moving above the 32-year low seen two years ago. However, the current actual supply of homes, at 1.13 million, is still 72% less than the peak during the housing bubble over 15 years ago.
This data underscores the resilience of home prices against significant drops, even with fluctuating demand. The current market conditions highlight a pressing need for more housing in the US. This is evident from the increasing homelessness rate, decreasing vacancies, and the escalation of both prices and rents to levels that are increasingly unaffordable for many.
The supply-demand dynamic illustrated by this graph is essential for understanding the US housing market's current state and future trajectory. It's a crucial indicator, a "power graph," providing insights into market stability and potential future trends.<br /><br />Regional Variations and External Factors
The housing market's performance will vary significantly across regions, influenced by local economic conditions, climate risks, and housing policies. External factors such as economic unpredictability, financial market volatility, and geopolitical situations could also influence market dynamics.
<img src="https://assets.site-static.com/userfiles/663/image/home-value-forecast-jan-2024.jpg" width="880" height="587" alt="While regional disparities mark the landscape, with certain areas experiencing growth and others facing declines, the overall trend leans towards a moderate increase in home prices" title="Home Value Growth, With Regional Disparities" class="img_box_center" style="display: block; margin-left: auto; margin-right: auto;" />
While Zillow predicts that fewer than half of all US markets will see rising home prices, the persistent imbalance between supply and demand will likely continue driving overall growth in US home prices. This imbalance, marked by a limited supply against a backdrop of a growing population, can exert significant upward pressure on prices.
I recommend closely monitoring your specific market's local supply and demand dynamics. These local factors are crucial in determining the direction of home prices. Housing markets can vary widely from region to region, and understanding these nuances will provide better insights into potential price movements in your area. Keeping an eye on local trends, inventory levels, buyer demand, and economic factors will be key to making informed decisions in the housing market.<br /><br />Growth, With Regional Disparities
As 2024 unfolds, the US housing market continues to navigate a complex terrain. While regional disparities mark the landscape, with certain areas experiencing growth and others facing declines, the overall trend leans towards a moderate increase in home prices. This nuanced market dynamic is driven by fluctuating mortgage rates, a persistent national housing shortage, and an evolving balance between buyers and sellers. With economic unpredictability and external factors playing a crucial role, staying informed and adaptable is key for anyone involved in the housing market.
For the latest insights, trends, and detailed reports on the US housing market, we invite you to visit our <a href="https://www.youtube.com/channel/UC91JHHJm-D8cFDeXR1RQIBA" title="Joe Manausa Real Estate on YouTube">YouTube Channel</a>. Stay ahead of the curve in 2024 by subscribing and tuning into our comprehensive, up-to-date analyses, forecasts, tips, and recommendations for home sellers and buyers. Your real estate journey deserves the best information - find it all on our channel.2024-01-15T04:00:00-07:002024-01-15T08:06:43-07:00Joe Manausatag:manausa.com,2012-09-20:41062Betton Neighborhoods Listings And Sales January 2024<img src="https://assets.site-static.com/userfiles/663/image/Betton_Jan_2024_880x577.jpg" width="880" height="576" alt="The Betton neighborhoods are a testament to the enduring charm and convenience that can be found in Midtown Tallahassee. Their mix of classic and modern home designs, set among mature trees and well-kept lots, offer a picturesque living environment that many find irresistibly inviting." title="Betton Tallahassee FL" class="img_box_center" />
The Betton neighborhoods in Midtown Tallahassee blend classic and modern homes amidst mature trees, offering a unique, picturesque living experience. These areas, known for their architectural diversity and varying lot sizes, attract those valuing both history and modernity.
Strategically located, Betton provides residential peace with easy access to downtown Tallahassee. The balance of secluded streets and urban reach is a key appeal.
Residents enjoy proximity to Midtown's vibrant scene with restaurants, cafes, and shops, alongside tranquil green spaces like Winthrop and Lafayette Parks. Convenient access to quality shopping enhances daily life.
These qualities make Betton a top choice in Tallahassee, marrying modern amenities with a strong sense of community and history.
Home For Sale In Betton Neighborhoods
The list below provides an up-to-date selection of properties currently on the market in the Betton neighborhoods.<br /><br />Betton Neighborhood Schools
The Betton neighborhoods fall under the zoning for these Leon County Schools:
<a href="https://www.manausa.com/idx/results/?searchid=172979" target="_blank">Sullivan Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172983" target="_blank">Cobb Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172994" target="_blank">Leon High School</a>
This report presents a detailed analysis of average home prices, values, and sizes in the Betton neighborhoods, along with a comprehensive list of 1,000 past home sales.
Each graph within the report shows the annual number of closed home sales as red columns on the left vertical axis, while key real estate metrics are depicted in blue on the right vertical axis.
To stay informed about the latest trends in Betton homes, consider <a href="https://www.manausa.com/betton/" title="Betton Real Estate Information">bookmarking this page</a> for continual updates.
Home Prices In Betton Neighborhoods
In 2023, the average sale price for homes in the Betton neighborhoods increased by nearly 2%, a trend driven by the sale of smaller homes rather than a decrease in appreciation rates.
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The average sale price in Betton in 2023 reached $525K. The market remains robust; homes that employ effective <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Betton Home">omnichannel pre-marketing strategies</a> are selling swiftly at high prices.
Currently, there are eleven homes for sale in Betton, with five of them already under contract.
Home Values In Betton Neighborhoods
In 2023, Betton neighborhoods experienced an approximate 6% increase in average home values compared to 2022.
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Last year, the average value of homes in Betton was $211 per square foot.<br /><br />Average Home Sizes In Betton Neighborhoods
Historically, homes in Betton have usually been within the 2,100 to 2,700 square-foot range, a pattern consistent in 2023.
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This year, the 38 homes sold in Betton averaged 2,505 square feet.
Recent Home Sales In Betton Neighborhoods
Below is a list of the 1,000 most recent home sales in all the Betton neighborhoods.
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2024-01-12T04:00:00-07:002024-01-06T13:21:09-07:00Joe Manausatag:manausa.com,2012-09-20:41061Piney Z Listings And Sales Report January 2024<img src="https://assets.site-static.com/userfiles/663/image/Piney_Z_Jan_2024_880x577.jpg" width="880" height="576" alt="Located just off Apalachee Parkway in eastern Tallahassee, Piney Z offers a mix of home styles from the late 1990s to today. Most homes sit on lots under one-third of an acre, yet still have ample room for outdoor living." title="Piney Z Tallahassee FL" class="img_box_center" />
Piney Z, situated near Apalachee Parkway in eastern Tallahassee, presents a variety of home styles dating from the late 1990s to the present. The homes typically occupy lots smaller than one-third of an acre but offer sufficient space for outdoor activities.
The neighborhood is enhanced by parks, walking trails, and a community pool, making it attractive for outdoor enjoyment. Its proximity to downtown, shopping areas, and major roads makes Piney Z a great choice for families and professionals who value a balance of natural surroundings and easy access to urban conveniences.
Homes For Sale In Piney Z
The following are the current Tallahassee MLS listings in Piney Z.<br /><br />Piney Z Schools
Piney Z falls under the zoning for these Leon County public schools:
<a href="https://www.manausa.com/idx/results/?searchid=172955" target="_blank">Apalachee Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172985" target="_blank">Fairview Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172995" target="_blank">Lincoln High School</a>
This Piney Z report includes charts and graphs that display trends in average home prices, values, sizes, and details of the latest 1,000 sales.
Each graph shows the annual number of closed sales in red on the left axis and an important real estate metric in blue on the right axis.
Be sure to <a href="https://www.manausa.com/piney-z/" title="Piney Z Real Estate Information">bookmark this page</a> to stay updated on the Piney Z neighborhood.
Piney Z Home Prices
In 2023, the average home price in Piney Z decreased by nearly 4%, a trend attributable to the sale of smaller-than-normal homes, rather than a depreciation in value.
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2023's average selling price stands at $336K. Sellers employing an <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell Piney Z House">omnichannel pre-marketing strategy</a> are likely to achieve swift sales at premium prices. At present, there are five homes listed for sale in Piney Z, with three already under contract.
Home Values
In 2023, Piney Z experienced a nearly 7% increase in average home values.
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Last year, homes in Piney Z sold for an average of $204 per square foot, establishing a new annual record.
<br /><br />Home Sizes
Homes in Piney Z typically sell in the 1,700 to 1,900 square-foot range.
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In 2023, the average size of the 28 homes sold in Piney Z was 1,658 square feet.
Piney Z Home Sales
Below is a list of the 1,000 most recent home sales in Piney Z. You can easily sort this list by clicking on the column heading of the data you're interested in.
{si-table-id=12}2024-01-11T04:00:00-07:002024-01-06T13:02:14-07:00Joe Manausatag:manausa.com,2012-09-20:41297Indian Head Acres & Lehigh Home Sales January 2024<img src="https://assets.site-static.com/userfiles/663/image/indian-head-acres-lehigh-january-2024.jpg" width="880" height="577" alt="Indian Head Acres and Lehigh are popular Tallahassee neighborhoods" title="Indian Head Acres and Lehigh In Tallahassee Florida" class="img_box_center" />
Indian Head Acres and Lehigh, located in downtown Tallahassee, offer a prime location easily accessible to major downtown attractions. Residents can walk to Cascades Park, Governor's Square Mall, and Myers Park.
These neighborhoods, positioned east of Magnolia Drive and Jim Lee Road, just south of Apalachee Parkway, provide a perfect setting for those looking for a lively and convenient downtown lifestyle in Tallahassee.
Homes For Sale In Indian Head Acres & Lehigh<br /><br />Indian Head Acres and Lehigh Schools
Indian Head Acres and Lehigh are zoned for these schools in Leon County:
<a href="https://www.manausa.com/idx/results/?searchid=172967" target="_blank">Hartsfield Elementary School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172985" target="_blank">Fairview Middle School</a>
<a href="https://www.manausa.com/idx/results/?searchid=172996" target="_blank">Rickards High School</a>
This report features graphs that chart average home prices, values, and sizes in Indian Head Acres and Lehigh, along with a comprehensive list of all closed home sales in these neighborhoods since 1991.
The three real estate graphs display the annual number of closed home sales in red columns (left vertical axis) and a key real estate metric in blue (right vertical axis).
We'll regularly update both the graphs and the sales table. <a href="https://www.manausa.com/blog/tag/indian-head-acres/" title="Indian Head Acres & Lehigh Real Estate Information">Bookmark this page</a> to stay informed about the latest trends and statuses of homes in Indian Head Acres and Lehigh.
Indian Head Acres and Lehigh Home Prices
In 2023, the average home price in Indian Head Acres & Lehigh increased by over 10%.
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While sales activity in Indian Head Acres and Lehigh in 2022 and 2023 was lower compared to recent years, it wasn't due to diminished demand. If more sellers want to move, we have buyers standing by.
Homeowners who proactively <a href="https://www.manausa.com/how-to-sell-your-house/" title="Sell home in Indian Head Acres or Lehigh">pre-market</a> their properties can expect to receive multiple offers quickly and sell at high prices. Even with rising mortgage interest rates, these neighborhoods still have strong buyer interest.
Currently, four homes are listed for sale in Indian Head Acres & Lehigh, with two already under contract.
Indian Head Acres and Lehigh Home Values
In 2023, Indian Head Acres & Lehigh saw a significant increase in average home values, rising by more than 19%.
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The average value for homes sold in Indian Head Acres & Lehigh in 2023 was $191 per square foot of heated and cooled living space.<br /><br />Indian Head Acres and Lehigh Home Sizes
In 2023, the average home size sold in Indian Head Acres and Lehigh remained within the usual 1,300 to 1,600 square-foot range.
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The 33 homes sold in Indian Head Acres and Lehigh in 2023 averaged 1,447 square feet.
Indian Head Acres and Lehigh Home Sales History
Below is a table with the most recent 1,000 home sales in Indian Head Acres and Lehigh.
{si-table-id=28}2024-01-10T04:00:00-07:002024-01-06T12:47:22-07:00Joe Manausa