Residential Home Price Discovery In Tallahassee
I have been posting the Tallahassee real estate market charts on the Tallahassee real estate web site for the past week. In doing so, I and many readers were observing that the following chart is a bit baffling.
As we can see above, it appears that prices are rising.... yet we know inventory has risen and unit sales have fallen. What we expect to see is some downward movement on prices. I asked readers of this blog (and others) for opinions on why this was happening and really none of us had a good answer.....
Gooch recommended we look at price per square foot. He reasoned that maybe consumers were able to buy more expensive homes due to falling interest rates, but that maybe they were getting more house. So, this next chart is what Gooch requested. It shows residential home sales in Leon County by price per square foot, across different price ranges.
Gooch, prices are indeed falling. While this is not the best news in the world, it certainly makes sense with unit sales being down.
So, how are the current asking prices for Tallahassee homes reflecting this?
As we can see from this, with few exceptions, there are many price ranges that have a majority of their homes over-priced. It appears that homes priced between $150K and $200K are priced very reasonably, while homes in higher price ranges seem to be off the mark quite a bit.
Just remember, in every market, their are unrealistic Sellers who ask more for their home than the market is willing to bear. They make the "average" asking price much higher than it would be if only serious sellers were in the market. Today, you can definitely find the serious sellers out there. They are the ones that have their homes priced well below their competition.
|Please click here to tweet this to your friends!
As a reminder for those who subscribe to the Tallahassee Real Estate Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible. Additionally, if you would like to respond (leave a comment) to this article, you will need to “click through” to the blog site to post your feedback.
Keep checking out the Tallahassee Real Estate Blog every day for updates on real estate in Tallahassee Florida.
|Subscribe in a reader
|Subscribe by email
Please Do Us A Small Favor
We work very hard to produce daily content for our long-time readers and first-time visitors. We provide this information for free, hoping to earn your respect and trust and the right to one-day help you when selling or buying a home. Can we get your help spreading the word about our blog?
If you like the content, would you please like it or share it using the Facebook button at the beginning of the post? This simple action will be greatly appreciated! THANK YOU!
Also like us on Facebook at https://www.facebook.com/joemanausarealestate/
Joe Wrote The Book On How To Sell A Home Today
WARNING: The Internet & digital marketing systems have changed the way sellers need to market a home for sale. It's not about getting a home sold anymore, it's about getting a home sold and netting the most money from the sale.
To do this, a seller needs to hit the digital market hard in a coordinated effort that alerts ready-buyers (all at the same time) to ensure buyers understand they are competing for the right to buy the home.
While it only takes ONE buyer to sell a home, it takes MULTIPLE BUYERS for the seller to bid the property up to its highest value in today's market. You see our full explanation about how to sell a house here, or you can buy the book and really get into the nuts and bolts of selling a home in the digital age.
Get the book that explains it all, in a manner that is understanding to all, even technology neophytes. It's available on Amazon, a trusted source for consumers.
Think all REALTORS are alike?
Read what people are saying about working with Joe Manausa Real Estate! You can see thousands of real customer reviews reported on Google, Facebook and Zillow at this link: CLICK HERE FOR REAL ESTATE AGENT REVIEWS.