Memorial Day Report On Tallahassee Real Estate
Happy Memorial Day Tallahassee.
For all our readers that are foregoing the beach today in order to buy a home in Tallahassee, we have provided a quick market overview.
While this summary will give you an important understanding of the current price and value trends in Tallahassee, it is by no means a substitute for a highly trained real estate buyer's agent.
Take heed, working with an expert will save you money.
Memorial Day Home Prices
Whether you are looking to buy a condominium, a townhouse, or a single family home, it is important to understand current price trends so you know how to negotiate with the home seller.
Currently, price trends are declining slightly for single family homes and townhouse, while condominium prices appear fairly flat.
You will note that condominium and townhouses are both averaging below $100,00, while single family homes are more than double the cost.
When you lump all three property types together and compare distressed properties with arms length sellers, we see a similar divide.
There is nearly a $100,000 difference between the average home price for an arms length home for sale versus the average distressed home for sale.
Home Values In Tallahassee
When we look at home value trends in Tallahassee, we find a slightly different picture. Condominiums are valued significantly higher (on average) than are townhouses, and they split the difference between townhouses and single family detached homes.
And when we separate the short sales, foreclosures, pre-foreclosures, and bank-owned properties from the arms length homes for sale, we find an interesting trend.
Home values are declining slightly right now for arms-length sellers, but distressed property values are on the rise. I suspect this was to be expected as the market strengthens. Distressed property liquidators enjoyed the rebound started in 2013 and are now holding on for better buyer contracts.
Home Sales Volume Declining
The number of homes selling has been on the decline recently. Home sales rebounded nicely in 2013, and year to date we are ahead of last year, but the current level of buyer activity has declined greatly.
Inventory has risen and will present great opportunities for homebuyers who know what they are doing.
Distressed properties still make up a third of the market, so arms length home sellers are competing with lenders who have a great interest in getting their homes sold, any nearly any cost.
Well informed homebuyers can take advantage of this opportunity in the market, and it won't last forever.
Coupled with low interest rates, now is a great time to find a super deal in the Tallahassee real estate market.
Arm Yourself With The Best
Too many homebuyers get stuck working with an "available" agent, or one who "comes with the house."
Don't make this costly homebuyer mistake. Instead, hire a real estate buyer's agent to make sure you get a great deal. Your agent will be paid by the home seller, so it is crazy not to ensure you have the best, well informed Realtor working for you.
If you would like to meet a great buyer's agent on Memorial Day (or any other day), just drop me a note and we can schedule a time to help you see the best deals in Tallahassee.