Tallahassee Weekly Lis Pendens Filings February 28, 2009
So you're interested in buying a home in Tallahassee and you start to do your research. If you are like 92% of homebuyers in the United States, you start your search on the internet. You most likely find the best place on the internet to view Tallahassee homes for sale and you start your hunt for the perfect Tallahassee home.
After hours of looking at all the pictures of homes for sale in Tallahassee, you come across what appears to be your perfect home. You see a house that is both exciting as well as aggressively priced. In bold headlines it reads:
Wow, too good to be...
Five months in a row we have seen year over year home sales improve in Florida. This is good. This is wonderful. But this has not yet made it uphill to Tallahasseee. Last week we reported in the Tallahassee Real Estate Blog that Tallahassee had just experienced 31 straight months of year-over-year declines in home sales.
Tallahassee has always seemed to lag the rest of Florida in the housing market. In 2006, when other markets were reporting incredible drops in home sales, Tallahassee was still holding on to remnants of the boom market. I remember thinking "our market is more stable because of State employment." Wrong. We just are slower to react to the national market forces that affect home sales.
In case you did not hear the good news, the American Recovery And Reinvestment Act of 2009 (which President Obama signed into law last week) included significant improvements to the temporary First-Time Homebuyer Tax Credit. While many might view this as a great benefit aimed only at the first-time homebuyer, the reality is that it will help stabilize the housing market by bringing more buyers into an inventory-laden problem in need of more demand.
This program is so important that we have created a simple summary page that you can visit for a comprehensive summary of the First-Time Homebuyer Federal Tax Credit. Below is a brief summary of the new program benefits and qualifications.
Many of our most popular blog posts have been started with questions asked by readers. Often times, consumers have a clarity of focus that allows the Tallahassee Real Estate Blog to write on issues that matter most, and I truly appreciate the questions and the feedback that are received here.
I received the following message from reader "RK" yesterday afternoon stating:
Hi Joe,Obviously, RK is a ...
I have a house for sale in Tallahassee, listed with a local realtor since August 2008 and there had been no action whatsoever. I dropped the price twice and have heard nothing. I receive no information how the house is being marketed, if at all. Unfortunately I am locked in for a year contract, ending July. Any suggestion?
As news around the country continues to stream in concerning foreclosures on the rise, the Tallahassee real estate market has stayed "under the radar" with only 6 properties on average being foreclosed upon each month. In order to get a better feel for distressed properties in Tallahassee, we have to look at Lis Pendens filed (the legal action that begins the foreclosure process) and compare that information with the past.
Every month, we update the Tallahassee Foreclosure Review in order to study the changing landscape of distressed properties in Tallahassee....
I received a question from a reader that I felt would make a terrific topic for a blog post. "Joyce M." wrote
We will be looking to buy later this year sometime and don't want to over-pay. Property taxes are not low in Tallahassee. What are the best neighborhoods [safety, value, upscale] for homes $300,000-$325,000 range built after 2000 with gas fireplace, and about 2000-2300 sq ft; thanks.
As you can tell, this is not a simple "quick answer" type of question, and it parallels a question I received recently from a long-time friend who wondered what area of Tallahassee was going to appreciate / depreciate faster over the long run. It has been my experience that many people in the real estate brokerage business will give a quick "off the cuff" response to this question, but I have found that this usually means that the answer will be wrong.
One of the most important trends that we continue to monitor at the Tallahassee Real Estate Web Site is the movement of home inventory levels. Many of our blogs are written on current inventory trends, and many of the cyclical reports that we publish are based on the supply and demand of housing in Tallahassee.
Doing this so often got me wondering exactly how many homes should be on the market. Is our gross over-supply purely a supply-side issue, or is diminishing demand starting to control the picture? I decided to tackle this question for today's blog.
When we look at the supply of homes for sale in Tallahassee, we see nearly 20 months...!--more-->