The Pending Home Sales graph is featured in each Tallahassee Real Estate Newsletter, so this is just a brief update because we are very soon going to be witnessing a new market bottom.
The fact is we are almost back to the very bottom of the housing market established in July of 2009. Remember, this graph above shows the one-year trend of pending home sales, so all seasonality is removed (the after-summer slowdown is not what is occurring above).
There were 407 Lis Pendens filed in Tallahassee, Florida during the third quarter of 2010 (down 20% for same quarter last year) and they are listed below, sorted by Tallahassee Subdivision
Tallahassee Foreclosures Third Quarter 2010
New lis pendens filings in Tallahassee dropped 11% in September when compared to September 2009, but foreclosures went up a whopping 61%. This indicates that banks are more willing to proceed on mortgage foreclosures than they have been in the past, but it also might be a signal that distressed properties and mortgage defaults might be finally starting to slow. Currently, the foreclosure sale to Lis Pendens filings ratio is at an all time high of 43%, as we can see with the blue line in the foreclosure graph below.
How do you place a value on your home? Is it difficult to determine housing values in the tumultuous real estate market in which we are battling right now? Is there a science or method that works the best?
Anybody who knows me has heard me often say "I am long-term bullish on home values." Of course, anybody who reads what I write will tell you that...
Credit challenged home buyers could have seen yesterday's blog titled Home Sellers Expand Their Market With Creative Financing and might have had either a positive or negative reaction to what it was addressing. From a positive perspective, they should realize that there has never been a greater need for home buyers in than we have now in the Tallahassee real estate market, thus they have a great opportunity. Reading some negativity into the article however makes one realize that working with creative financing techniques right now is much more difficult than it has been in the past twenty years.
Home sellers who offer creative financing options expand the list of potential buyers for their homes. Generally speaking, most home sellers and real estate agents are not accustomed to using "other than traditional" financing techniques, so I figured today would be a great day to follow-up yesterday's widely read blog on Distress Home Sales by covering the use of these special methods for selling homes.
Yesterday we were able to show how many homes that sold in the past were distressed sales, so today we wanted to parallel that and show how many homes sold in the past through creative financing techniques. Unfortunately, there is no real data source for that, but I can graph the percentage...
We have been observing distress home sales and reporting their growth for quite some time here at the Tallahassee Real Estate Blog, so I guess it was only time that we brought them to you with a real estate graph.
Roughly 1 in every 3 home sales recorded in the Tallahassee MLS was categorized as a distress home sale, which includes bank owned homes (REO), homes in foreclosure, relocation houses, homes with short sale potential, and homes where the owner would offer lease purchase or some sort purchase money mortgage. Though not all of these are necessarily true distress situations, most of them are and just about all of them will sell under the same conditions and owner decision making processes.
Are you interviewing real estate agents for the job of selling your home? If you are like most new home sellers, you invite an agent or two into your home and you have them "pitch" to you the reasons why you should hire them to sell your home. They come right to your home so that you don't even have to visit the real estate office in which they work.
And therein lies your biggest mistake. It is expected that ...