New lis pendens filings in Tallahassee fell 40% in November when compared to November 2011, and foreclosure sales fell by 42%. While it is great to see the decline, the numbers are still far, far higher than the market can consume. The continuation of mass foreclosure filings means that there are still a lot of distressed properties moving towards the Tallahassee real estate market.
Currently, the foreclosure sale to Lis Pendens filings ratio has dropped from an all time high 14 months ago to 50%, as we can see with the blue line in the foreclosure graph below.
Numbers can be powerfully persuasive, as we can see from the most recent Pending Home Sales Index from the National Association of REALTORS® (NAR).
This monthly report brings to mind a phrase often attributed to Mark Twain, who said:
There are three kinds of lies: lies, damned lies, and statistics.
This month's report from the NAR is very bright and cheery, and it points to an amazing run of year over year gains.
But when we put the NAR numbers to a graph, it is hard to discover the cause for their exuberance.
US Pending Home Sales
If you read the ...
Tallahassee's first gated community, Lafayette Oaks, has always been a popular neighborhood in Northeast Tallahassee.
Lafayette Oaks was selected as the 2012 Neighborhood of the Year for unincorporated Leon County by the Leon County Council of Neighborhood Associations (CONA).
Currently, there are 4 homes for sale in Lafayette Oaks, priced from $225K to $375K.
Lafayette Oaks is named for the great Marquis de Lafayette because its location is part of the 23,000 acre land grant that was gifted to General Lafayette for his service to the US during the Revolutionary War. If only...
Are you being told you need a price reduction to sell your home?
It has been my experience that this is often the first solution recommended to home sellers after a home has sat on the market without receiving an offer.
But is a price reduction really necessary?
The short answer is "maybe," but there is a simple list of questions to first consider before you agree to a price reduction in order to sell your house.
Don't Use A Price Reduction To Replace Daily Marketing
During the process of selling a home, it is possible that a price reduction might be needed to expose your home...
Yesterday's blog post identified a serious problem regarding demand in the housing market, so I thought I would follow-up with a silver-lining report which reveals Tallahassee home sales have risen 20% since the bottom of the housing market.
This is far from a housing market recovery, but rising 20% from the bottom is certainly a step in the right direction.
In the real estate graph above, we observe that Tallahassee home sales have risen 8% since this time last year, and a full 20% since August 2009 when we recorded a market bottom for the number of homes sold in Tallahassee each day.
It has been six long years since the market began to unravel and we are still awaiting a housing recovery that many around the Country say is occurring.
Sure, there are some positive things happening in the Tallahassee real estate market, but I'm very suspicious about the way this housing recovery appears to be forming.
You see, there is a statistic that nobody is reporting, and I even suspect most real estate professionals do not even know it exists.
Housing Recovery Starts With Supply And Demand
A housing recovery must begin with a balancing between the ...
There always seems to be somebody pushing the "now is the time to buy" (buy a home) agenda, so we like to analyze market conditions on a regular basis in order to refute or confirm that claim.
This "Black Friday Blog Post" will show you two real estate graphs that contain more than 20 years of collected data on house sales in Tallahassee, and then you can be the judge of whether or not now is the best time to purchase a real estate investment.
Recently, long-time reader "Steve" commented on our recent post showing ...
Happy Thanksgiving Tallahassee!
All of the team here at Joe Manausa Real Estate wishes you a warm and wonderful holiday.
Our office will be closed today and will reopen tomorrow for those of you who need to buy a home and move before the end of the year.
Have A Happy Thanksgiving Tallahassee
We will be here to help you Friday and this weekend. You can always just drop us a note if you would like somebody standing by to assist you as well.