If you've been waiting to sell your home until the end of the year, you're going to be happy.
In this report, we look at supply and demand and see why a swarm of buyers is waiting for your home.
The supply and demand of homes for sale in Tallahassee goes through seasonal changes, so it often means that there are better times of year to target a home sale. But current market conditions have been continuing to improve for home sellers in most areas and price ranges in the Tallahassee real estate market.
The following real estate graphs provide useful insight for those homeowners who have been waiting until the end of the year to sell a home. Of course, if you are thinking about waiting for Spring, this information will be very helpful as well.
Barbara Corcoran created and managed the top brokerage in New York City, and she understands that the agents who are committed to spending the money could generate more buyers for each seller than the ones that worked on false promises.
Take a quick look at what Barbara says about Joe Manausa's marketing plan in Tallahassee, and why she would hire Joe if she were to sell a home here. And she's not the only one talking about Joe ...
Status Of Homes For Sale
35% of homes for sale in Tallahassee are already under contract. Note the red bars, the actual number of homes available right now is lower now than at any time in the past 8 years.
The green line shows that more than 1 in every 3 homes for sale in Tallahassee is already under contract, and while this is not an all-time high, it is certainly higher than what we have typically experienced over the past ten years.
The more important information to derive from this graph is that the total number of homes available (red bars) is at an all-time low of just over 900 homes.
We are anticipating about 5,000 home sales over the next year, and right now only 1410 are on the market. That means we need 3,600 other homes, whether they come from existing homeowners or from new home construction (and most new homes won't be ready until the Spring). Are you seeing a home-selling opportunity here?
Normal Rate Of Home Sales
In the graph below, we look to see how the market is selling compared to "normal."
So what is normal?
We consider the market is normal when 1/6th of the homes are selling each month, on average. That means we expect to see higher than 1 in every 6 homes being sold in some of the Summer months, and lower than 1 in 6 during some of the Winter months.
The graph above plots the percentage of homes sold each month and compares them to this normal standard. What we are seeing now is an imbalance towards "more than normal" home sales.
New Construction In Tallahassee
Builders should be gearing up for their best year in more than 10 years in 2018, likely beginning in early Spring.
This means that more supply will be hitting the market and sellers in the $300K to $600K price range will likely see more competition and thus lose some of the advantages that we have shown above.
If you are planning to move, an end-of-year home sale will likely make you one of few home sellers from which the growing number of buyers can choose. Before you decide to sell now or wait until Spring, why not talk it over with a home selling specialist (somebody who only works with home sellers). We can arrange that at your convenience, simply drop me a note and we'll be in touch right away.
Of course, you could simply do what Barbara Corcoran would do!
Joe Manausa, MBA is a 27 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.