New lis pendens filings in Tallahassee fell 26% in April when compared to April 2013, while foreclosures rose 26%.
The continuing decline in new lis pendens filings is wonderful, and the increase in foreclosures is not a bad sign, as the large amount of lis pendens filed in the past must clear the market now as foreclosures. Lis pendens filings continue to form a new six year low.
The blue line in the graph below shows that rougly 20 lis pendens are filed for every sale that occurs, while the red line shows 25 foreclosure sales occur for every 100 homes closed. This is still way too much distressed property activity, but the latest market trends are positive.
This is a list of properties that received a lis pendens filing in Tallahassee, for the week+ ending 4/30/2014. Most of the properties on this list will eventually show up in our market as short sales or as a foreclosure sale at the Leon County Court House.
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There is a relatively simple concept home sellers should understand about the how your asking price impacts the sale-ability of your home.
While this has always been true in the past, today's home selling technology makes it possible for us to actually prove it to be true.
So if you have been curious about how long it takes to sell a house, this little demonstration should make it perfectly clear.
Defining "Market Time"
I have written numerous articles demonstrating that "...
The Pending Home Sales Report has just been released by the National Association of REALTORS (NAR), and it does not disappoint.
The Spinmaster In Chief, Lawrence Yun, has used this report for many years to tell us why the market is heading higher. In fact, his disinformation campaign rarely changed a beat, even as the US housing market plunged into the abyss of the real estate market collapse.
Since I have not reviewed a NAR Pending Home Sales Report for nearly two years, I felt today would be a good day to depart from our focus on real estate reporting and spend some time in the fiction aisle of the NAR bookstore.
The headline of the March Pending Home Sales Report is "Pending Home Sales Increase In March."...
Every year or so, we like to use regression to the mean analysis to forecast the future of the Tallahassee real estate market.
In case you have never heard of this concept before, regression to the mean is a mathematical or statistical phrase used to explain the fact that things have a tendency to return to normal over time. Specifically, it refers to the tendency of a random variable that is highly distinct from the norm to return to "normal."
So in real estate, this concept means that no matter how good or how bad the real estate market gets, we know that over time it will "return to normal." So what exactly is normal for the Tallahassee real estate market?
The year over year home sales report compares a month against the same month last year.
It is a more effective way of looking at housing market performance. If Tallahassee saw more homes sold in March than in February, for example, but but fewer than in March of last year, then we might be lulled into thinking that home sales were improving when in fact they were not.
The improvement might simply be because home sales do better in March. They say that knowledge is power, and both buyers and sellers can put some extra money in their pockets if they know how to use this information to their advantage.
Why We Study Year Over Year Home...
House prices in Tallahassee are changing, and the image created by tracking average prices over time conveys a vital lesson in home ownership.
Currently, average home prices in Tallahassee (combining single family detached homes, condominiums, and townhouses) have fallen to $157,688. But the average existing home sales price (not new construction) is $146,716, while new construction is nearly double that at $269,453.
So here's why this information is so important if you are on the fence about buying a home in Tallahassee today.
Average Home Prices In Tallahassee
Take a close look at the real estate graph below, as it shows average...
It's time to take another look at Southwood, the most popular neighborhood in Southeast Tallahassee. In fact, of all the property searches performed on the Tallahassee Real Estate Website, the most often requested community is Southwood.
So far in 2014, there have been 27 homes sold in Southwood with an average sales price of $315,000 and an average value of $141 per square foot. That makes the average home size of just over 2,200 square feet.
Nobody likes to waste money, so I'm never surprised when a home seller wants to know if we are a discount broker and are willing to reduce our fees for them.
The performance bar in our industry is set very low, and the cost for our services is very high, so the allure of a reduced fee broker does not seem strange at all. But there are times in life when cheaper isn't better, it is actually more expensive, and every day there are home sellers who learn this painful truth.
What You Get From A Listing Agent
The listing agent typically is all you get from a real estate company. They are the front-end "pitch" to sign you up, they are the marketing department, the advertising department, the administrative section,...
This is a list of properties that received a lis pendens filing in Tallahassee, for the week ending 4/21/2014. Most of the properties on this list will eventually show up in our market as short sales or as a foreclosure sale at the Leon County Court House.
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