Foreclosed Properties In Tallahassee
If you are trying to sell a house in Tallahassee, you must understand that your competition is changing rapidly due to the growth of foreclosed properties in Tallahassee.
Even bigger than the supply of these bank-held assets are the short sales which are trying to avoid becoming foreclosed properties in Tallahassee.
We refer to all foreclosures, short sales, REO properties, bank-owned properties, and pre-foreclosures as "distressed properties," and their ranks are becoming larger with every passing year.
I find it important to keep my eye on the development of the distressed properties market, and in fact maintain a current list of all distressed properties for sale in Tallahassee.
While the MLS did not properly measure these prior to 2008, we can still see how rapidly this "niche" has quickly become the dominant force in the Tallahassee real estate market.
Growth Of Foreclosed Properties In Tallahassee
The following real estate graph shows the growth of foreclosed properties in Tallahassee (as well as all distressed properties).
From the graph above, we see that distressed property sales in Tallahassee has grown from 1% in 2008, to 9% in 2009, 25% in 2010, and then to 33% in 2011. Currently, more than one in every three homes sold in Tallahassee is a distressed property sale, and it appears as if that percentage is rising.
Foreclosed Properties In Tallahassee Not For Everybody
The good news if you are not in distress and are trying to sell a home is that foreclosed properties and short sales are not for everyone.
The numbers support that short sales and foreclosed properties sell at a discount to the market, but nothing in life is free.
Buyers of these properties must have time on their side and be willing to lose-out on properties in order to get the right one. Additionally, buyers will not find many distressed homes that are move-in ready, so some renovations and clean-up most likely will be needed prior to occupation.
If you plan on buying a home in the near future, and you think that foreclosed properties in Tallahassee are something you would like to pursue, then drop me a note and we can show you a way to get started to optimize your chances for success!