Tallahassee Weekly Lis Pendens Filings July 31, 2009
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Leon County distributed a news release a few days ago that could provide for some relief for people in parts of Leon County who have fallen behind on their mortgage payments. It's part of a $1.5M grant from the State of Florida's Impact Fee Proviso Program, which was awarded to Leon County Health and Human Services by the Florida Housing Trust Fund.
I want to thank reader "Ken" who sent me both the news release as well as the the link to the program information. He sent this in when it was "fresh," allowing the readers of the Tallahassee Real Estate Blog who qualify for the program to get to the front of the line for both down payment assistance as well as the foreclosure-prevention assistance money. Thank you Ken!...
Today is a short post, inspired by a recent reader question, that allows us to pursue a "statistic" that many "real estate professionals" quote, but few truly understand. Today's topic is about the relationship between the asking price and the selling price (sales price to list price ratio) of homes that have recently sold.
While we will be utilizing information found in the Tallahassee Board Of REALTORS® Multiple Listing Service (Tallahassee MLS), I suspect my findings would be valid with information from any other MLS in the country. As you will see, our findings will much more subjective than objective.
Tallahassee Real Estate Blog reader "Ashley"...
July 29, 2009 - People have been asking me a lot of questions lately about foreclosures, shorts sales, and the elusive shadow inventory in this falling real estate market. From my conversations with both readers and real estate professionals, as well as my reading of articles and blogs on the internet, it is clear to me that most people do not have a grasp for what is coming in this current housing market crisis.
Perhaps the best way to communicate my concerns about the housing market is with a short analogy. An analogy is useful because it is simple and easy to understand. Once we show the parallel between the analogy and the real estate market, you will then understand what I believe is a huge oversight in our nation's real estate reporting and housing speculation markets. So, without further...
I have seen so many articles and web sites committed to dispensing sage advice about how to sell a home, so I figured I would take the opposite approach and provide the best advice that homeowners have taught me on how NOT to sell a home.
** Warning ** What you are about to read contains extreme sarcasm and might offend those who do not wish to sell their homes. Move forward at your own risk.
The keys to making sure that a home buyer doesn't purchase your home are a complex science, perpetrated through "ikey-mikey" see and do education. So, after pondering back across my twenty years in the real estate industry, here is my list on guaranteeing that you continue to own your home, long beyond the time you feel you should have moved.
We love to get questions and comments from our readers, as they often times lead to the best blog posts on the Tallahassee Real Estate Blog. After reading yesterday's blog regarding the appreciation rates of homes in Tallahassee, sorted by size ranges, we received the following comment from reader "Brad" who wrote:
This is pretty interesting. I wonder if there is a correlation to amount of sales. I guess you would have to calculate the % increase or drop in amount of sales just like you did with price. This might show us which segments the current market thinks are over/under priced.
As a quick review from yesterday's analysis, I created the following ranges in order to break down all Tallahassee...
Somebody recently asked me if any size of home was selling better than the rest. For example, are smaller size homes doing fine in this market, and only the larger ones are recording real estate depreciation? She felt as if homes in her Tallahassee subdivision were being listed for sale, yet none were selling, and she thought that it was perhaps due to the abundance of supply of homes of that size.
So how does one answer this from an analytical posture, as opposed to just winging it based upon what appears to be happening "on the street?" I figured I would use the same database that I had used in order to create yesterday's blog on the hottest selling subdivisions in Tallahassee and just add a new measurement. As a reminder, this was all "arms length" existing...
It seems like every quarter or so I need to do a quick summary of the top selling subdivisions in the Tallahassee real estate market. This is a fairly accurate report, as I download all of the arms-length, existing home sales recorded in Leon County and then spend an hour or two pulling out the ones that slipped through the cracks.
They do a pretty good job at the county, but there are always some new home sales that get recorded as resales, as well as some property-flips and bank sales that get recorded as if they were sold under normal market conditions. The purpose of screening through the data is to show how many homes are selling in each Tallahassee subdivision, and then show a basic "average price" of those arms length home sales.