Understanding Turnover Rate In Your Neighborhood
One statistic that a good listing agent in Tallahassee should discuss with you when you are considering selling a home is the turnover rate in your neighborhood.
The turnover rate is defined as the number of homes selling each year divided by the total number of homes that exist in the neighborhood.
If your Tallahassee neighborhood has 250 homes, and on average 25 sell each year, you can say that your neighborhood has a turnover rate of 10%. We can also measure how often somebody chooses to sell a home by taking the inverse of this turnover rate. So in the previous example (1/10%), the average length of homeownership would be 10 years.
By tracking the trend of turnover rates in an area, you can find out a lot about the stability of a neighborhood in Tallahassee. You can also find out whether or not you should expect more homes to come on the market (to compete with yours). The following real estate graph is an example of the turnover rate measured in Weems Plantation in Tallahassee, Florida.
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Neighborhood Turnover Rate Example
In the real estate graph above, the blue line shows the trend of the turnover rate in Weems Plantation for the past 8 years. The vertical red bars are the trend of the average price. It appears that when the prices soared in Weems, everybody that could sell their homes, with a turnover rate exceeding 20%.
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When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at (850) 366-8917, or drop us a note and we'll give you the local information needed to ensure a successful, smooth transaction.
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