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Tallahassee Real Estate Blog

Tallahassee Monthly Lis Pendens Filings May 2010

New lis pendens filings in Tallahassee rose 6% in May when compared to May 2009, and foreclosure sales were up too. This indicates that banks are more willing to proceed on mortgage foreclosures than they have been in the past. Currently, the foreclosure sale to Lis Pendens filings ratio is at an all time high of 30%.

Foreclosures And Lis Pendens Picture

In the real estate graph above, the green bars represent the annual trend (12 months of information each) of lis pendens filings, the red bars represent the annual trend of foreclosure sales, while the blue line represents the growing trend of banks moving forward to foreclosure sales. Currently, we see that roughly 30% of lis pendens...

Tallahassee Foreclosure Filings May 31, 2010

Tallahassee Foreclosures Filings May 31, 2010

Subdivision/Location Address Sqft Age Date Tax Value
AUTUMN WOODS 5788 CYPRESS CIR 910 1979 5/31/2010 $90,492
CHARLESTON SQUARE TOWNHOMES 2521 NUGGET LN 1,188 1992 5/31/2010 $97,743
CHEMONIE CROSSING 7275 WINTERCREEK LN 4,041 2002 5/31/2010 $588,536

Housing Market Overview May 31, 2010

When conducting a simple housing market overview, we like to look at the "big 4" trend lines to determine what is happening in the Tallahassee real estate market. Of course, by the "big 4," we mean daily new sales, daily new pendings, daily new failures, and daily new listings.

In the real estate graph above, the blue line shows that the one-year trend on new listings has flattened out around 15, which is still significantly lower than the 21 new listings per day the market was seeing at the end of 2008.

The daily new failures trend (red line) continues to drop...

Remembering Memorial Day In Tallahassee

Happy Memorial Day Tallahassee!

Memorial Day Picture TallahasseeMemorial Day is our Nation's holiday which was created for those of us fortunate enough to be around to enjoy the benefits of the sacrifices made by those who have fallen in service to this great nation. Today reminds us that we should never forget that freedom isn't free and that many men and women have given their lives to preserve our way of life.

Turn on any tv anywhere, open up any newspaper or magazine, or log in to any web site and you will find non-Americans and Americans who wish to threaten those very freedoms. Today, as we celebrate...

How Hard Is It To Sell A Home?

Are you having any success in selling a home in Tallahassee? I get this question from prospective home sellers in Tallahassee, as well as from REALTORS from all over the internet. I think it is one of the more important issues defining our housing market nationwide.

Most real estate professionals define a "good housing market" as one where when somebody wants to move, they can sell their home. Simple. Concise. Understandable. There is a market for homes and somebody will want to purchase mine if my family needs to move. Unfortunately, that has not been the case for the past few years. In fact, it has gotten bad enough that we actually track some key housing statistics so that we can continually monitor and be ready...

Real Estate Depreciation Excites Buyers

I have received a lot of feedback from my recent blog about how buyers are getting excited about the great deals on homes in Summerbrooke. While everybody knows that real estate depreciation continues and that values have dropped over 25% since the peak of the market, sometimes it takes specific examples for the scope of the adjustment to really hit home.

One reader was going through the list of home sales in Summerbrooke and found a foreclosure sale that really stood out.

Hi Joe, Just a couple of minutes was all it took for me to see that 933 Summerbrooke sold for 565k in...


Over the last few months, I have shown a number of short sale properties to buyers.  Because receiving the government tax credit required a contract by April 30th, most of my customers elected to only consider arms length transactions without a bank being involved. 

In one instance, a customer made an offer a short sale property 93% of the list price and requested all closing costs.  I had advised against this due to their time frame.  They waited 70 days without a response from the bank and finally were forced to shop for another property to avoid losing the...

Tallahassee REALTORS Less Productive

With the real estate market still sluggish, it should come as no great surprise to see that the average production levels of Tallahassee REALTORS is dropping. As part of our total scrutiny of the Tallahassee real estate market, we have combined some long-term measurements to see how productive the average REALTOR in Tallahassee is performing.

So, before we get into the "nitty gritty" of the measurements, ponder this question to yourself real quickly:

How many homes does the average Tallahassee REALTOR sell in a year?

Was your first thought "less than two!" If so, you are spot on.

Tallahassee REALTOR Productivity


Existing Home Sales Report Is Positive

Every month on the 25th, the National Association of REALTORS® releases the Existing Home Sales Report which includes single family detached homes, condominiums, townhouses and co-ops. Of all the real estate reports that the NAR produces, this one best identifies the strength and direction of the national housing market.

The April Existing Home Sales Report was positive, showing a 7.6% increase over April of the previous year. Lawrence Yun, NAR chief economist, said the gain was widely anticipated.

“The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be...

Home Buyers Getting Active In Summerbrooke

Picture of Summerbrooke Home in Tallahassee, FloridaAll over the Tallahassee real estate market, home buyers are finding some excellent deals as prices have dropped roughly 25% since the peak of the market several years ago. Summerbrooke is a great example of a northeast Tallahassee neighborhood that is seeing a rebound in buyer activity due to some exceptional values that are now on the market.

When we look at the real estate graph below, the blue vertical bars measure the average monthly number of sales that occurred each month, while the red line measures the average home value trend in Summerbrooke. As we predicted...

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