It doesn’t seem that long ago that distressed properties dominated the listings in the Tallahassee MLS, but times do change.
Today, there are only eight distressed properties for sale, and we’ll both show them all to you and include a distressed property report below. The list does not include this one that we put under contract recently.
Distressed Homes For Sale In Tallahassee
The following list of homes for sale is updated multiple times daily, so keep this page favorited if you want to stay informed on distressed listings in Tallahassee.
Tallahassee Distressed Homes For Sale
How Healthy Is The Housing Market
One way to measure the health of the real estate market is to look at the percentage of distressed home sales that is being recorded.
The graph above contains valuable insight into the health of the real estate market. The blue lines report the percentage of lis pendens filed versus the number of homes sold, while the red line measures the same for foreclosures.
In case you are new to our site, “lis pendens” can be viewed as the beginning of the foreclosure process, while “foreclosures” are the actual sale of the property by the lender. The difference between filings and foreclosures is those homes that resolve without a foreclosure sale or are awaiting resolution.
The lower each ratio, the lower the “bad” number of sales in the market. The graph above clearly shows that foreclosures have all but gone away. From the standpoint of distressed sales, the market is very healthy.
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Why Are There So Few Distressed Properties For Sale
For those readers who are fairly new to Tallahassee, the number of distressed properties for sale is pretty much “back to normal” for Tallahassee. The huge numbers seen in recent years were highly unusual for Tallahassee, so having just a handful or so is pretty much what I saw for the first 15 years of my career.
When the market tanked in 2006, home values fell so far that all the equity in the market went away. Prior to that, if a homeowner got behind on their mortgage payments, they could usually sell the house and pay-off all the debt because the house had gone up in value since it was purchased.
But the huge loss of values left property owners unable to sell for what was owed their homes. This meant distressed properties really had to be foreclosed upon (or sold short with lender approval). Those were unusual and different times.
Homes last year appreciated 9.38% and this year’s appreciation rate has accelerated. People who purchase even two years ago have ample equity to satisfy existing liens.
On top of the rising equity, we see the declining inventory of homes for sale, so even a big rush of distressed properties would not bring down home prices. Demand is still far ahead of today’s historic low inventory levels.
We should expect to find distressed homes as few and far between for the foreseeable future.
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When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at (850) 366-8917, or drop us a note and we'll give you the local information needed to ensure a successful, smooth transaction.
As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with the Joe Manausa Team at Xcellence Realty, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: Real Estate Agent Reviews Tallahassee.
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