Tallahassee Lis Pendens Filings November, 2008
Yesterday the Federal Reserve announced a $500 billion commitment to purchase mortgage back securities (MBS) and a $100 billion commitment to purchase debt of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. This infusion of capital into the mortgage market caused the average 30-year mortgage rates to drop to the lowest rates in years.
I have seen estimates that 30-year mortgage rates will be at 5.5% today and BestInfo, Inc., a Dover, Vermont-based mortgage data company, predicted today's rate would be 4.875%.
To fully appreciate what...!--more-->
Just a 3 minute quick post today from a proud father. My daughter won her school's sixth grade "Tropicana Public Speaking Contest" yesterday with a speech comparing her role on a boys football team with that of President-Elect Obama being the first African-American President. Her point was that we should not let labels define who we are, rather we should aspire to our inner goals regardless of how others see us.
Since 1969, Tropicana has sponsored the "Tropicana Public Speaking Contest" which has seen nearly 2 Million contestants compete in the program. The speaking contest is designed to give 4th, 5th, and 6th grade students experience in the preparation and delivery of a speech, and I can tell you it has been very good for Sami.!-->!--more-->
Every so often I like to provide a market update for Golden Eagle Plantation in Tallahassee, Florida. In my previous Golden Eagle Housing Report, I reported that unit sales had dropped and that prices had dropped from their recent highs.
In this report, unfortunately, the news will parallel that of the previous reports. while unit sales are about the same, prices have continued to drop.
The bad news...!--more-->
Where are homes selling in Tallahassee? This is a question many of our homeowners are asking us as they consider putting their homes on the market. With buyer activity in the market slowing down to a 20+ year record low, many people feel as if their Tallahassee subdivision is the only one where homes are slow to sell. But that is not the case.
Here is a simple report showing the number of homes sold by Tallahassee subdivision over the past twelve months (November 1, 2007 through October 31, 2008). This is the complete list as reported to the Leon County Tax Assessor's...
Joe Manausa Real Estate held its weekly sales meeting yesterday at our office and we were visited by Karen Gillispie, a residential lending specialist, from Premier Bank in Tallahassee. The purpose of her visit was to update the staff on the various products and loan programs for first time hombuyers.
It is interesting to note that in these times of financial hardship for everyone that there seems to be an abundance of financial assistance programs out there for eligible homebuyers purchasing new or existing homes in Florida. I will address a few today, but I recommend that you actually talk to a specialist like Karen if you want to get the...
The entire economy continues to restrict and families are looking at every way to save money or reduce their daily expenses. One area that many Tallahassee homeowners are reviewing are their Leon County Property Tax Assessments. Some of the valuations in the tax records do not accurately reflect what is occurring in the Tallahassee real estate market and I think for some homeowners it makes sense to dispute the assessment that they received.
I received the following message from a past client and thought I would look into Condo prices in Tallahassee...!--more-->
If you are curious about what is happening and what is going to happen to home values in the Tallahassee real estate market, I suggest you start your study with a close look at the inventory of homes for sale in Tallahassee (and its surrounding counties). A study of home inventories (and more importantly the movement of inventory) will clue us in quickly as the the current and near future state of the real estate market in Tallahassee.
What do you do when you are checking out a real estate company to work with? Do you pull out the local newspaper and check in the advertisements for homes for sale? Do you ask your friends and family members for a referral to the best real estate company in Tallahassee? Do you go online and google "Tallahassee real estate company?" I hope this brief little article will give you food for thought on the best methods for choosing a real estate professional to assist you in buying a home and selling a home.
Now that the real estate market has departed from the traditionally hot summer season, I am anxiously observing the 4 Tallahassee MLS trends that should give us an indication of market strength. No matter what the media is saying about the real estate market, all we need to do is observe inventory movement to know where we are ultimately heading at any given time.
I think it would be prudent for anyone interested in the Tallahassee real estate market to follow these four trends very closely from now until we declare the market bottom, as I am quite certain they will reveal...