Fewer Distressed Homes For Sale In Tallahassee
Whether you are shopping for foreclosures, short sales, bank owned homes or any other type of distressed home for sale in Tallahassee, your opportunities are declining.
Here are all active listings of properties in distress in Tallahassee.
Distressed Homes For Sale In Tallahassee
Number Of Distressed Homes Declining
When you look at the graph above, it compares the number of distressed homes currently listed for sale against all current listings.
The green area shows the total number of arms-length listings each month (measured on the left vertical axis) while the red area, stacked on top of the green, shows the total number of distressed home listings each month. We then compute the ratio of distressed home listings to the overall market and plot it as a black line and measure it on the right vertical axis.
Amazingly, the market approached 40% back in 2012, and foreclosures and short sales where the most actively sold homes in the Tallahassee real estate market. Fortunately, time has helped reduced the numbers of these homes, and we now observe that 11% of the homes currently listed in the Tallahassee MLS are in a condition of distress.
Real Estate Equity Growth
Fewer distressed properties in Tallahassee is good news, obviously.
And this good news begets good news.
As homeowners get to where they have positive equity in their homes, it allows them to become buyers again. Historically, 40% to 50% of the buyers in the Tallahassee real estate market were also sellers. So this segment of the buyer pool was crushed with the collapse of the housing market when home values declined by more than 35%.
But as equity returns to the market, it brings a greater pool of buyers to the market.
This increased demand puts pressure on inventories which in turn results in new home construction growth and related jobs (see new homes for sale here) as well as rising home values. And of course, higher home values means more homeowners can sell and become buyers, etc.
Rising equity in real estate is the gift that keeps on giving and has been a critical stabilizing force in Tallahassee for a long, long time. It is nice to see it returning again in full force.
How Much Equity Do You Have In Your Home
Most online valuation tools are good enough to give you an idea of the rough value of your home. If you would like an accurate valuation, simply drop me a note and we'll run the numbers on your home and let you know what you could expect to receive were you to sell your home today.
The valuation tool below can give you a rough estimate of your Tallahassee home's value.
To shop all distressed homes for sale in Tallahassee, simply click on this link and you'll see them all mapped out with full information.