Tallahassee Real Estate BlogRecently posted or modified blog posts by tag - Tallahassee Home For Saleshttps://www.manausa.com/blog/Copyright Manausa.com2020-07-02T10:18:27-07:00tag:manausa.com,2012-09-20:4105A Crystal Ball For Tallahassee High End Homes<img src="https://assets.site-static.com/userfiles/663/image/a-crystal-ball-for-tallahassee-high-end-homes.png" width="880" height="597" />
If you are keeping an eye on the market for Tallahassee high end homes, you'll be happy to know that there is no sign of weakening for the most expensive homes in town.
Though there still exists a glut of <a title="MLS listings of Tallahassee high end homes" href="https://www.manausa.com/communities/" target="_blank">high end homes for sale in the Tallahassee MLS</a>, sales have actually grown fractionally over the same period from last year.
In fact, 2013 has seen more Tallahassee high end homes sold than any year since 2008.
Tallahassee High End Homes Market
If you read our recent blog post titled <a title="A Comprehensive Review Of Tallahassee Real Estate Supply And Demand" href="https://www.manausa.com/blog/comprehensive-tallahassee-real-estate-supply-and-demand/" target="_blank">A Comprehensive Review Of Tallahassee Real Estate Supply And Demand</a> then you know there is more than 35 months supply of homes priced over $750,000.
The real estate graph below shows Tallahassee high end homes sold every year from January through April, and 2013 reports in at #5 in a twelve year span.
<a title="Tallahassee High End Homes" href="https://www.manausa.com/uploads/imagefiles/Tallahassee-High-End-Homes.png"><img class=" img_box_center" title="Tallahassee High End Homes" alt="Tallahassee High End Homes" src="https://www.manausa.com/uploads/imagefiles/Tallahassee-High-End-Homes.png" width="504" height="372" /></a>
The stacked bar graph records the total number of homes sold each year, broken down by price range.
Most of the "high end homes" that are selling are priced from $400,000 to $600,000 (blue bars), and most markets would not even call these luxury home prices. But in Tallahassee, you get a lot of home and location on that budget.
Top 5% Of The Tallahassee Real Estate Market
The reason that we track from $400,000 and higher for our report on Tallahassee high end homes is because this range typically reflects the top 5% of the housing market.
<a href="https://www.manausa.com/uploads/imagefiles/Tallahassee-High-End-Homes-Market.png"><img class=" img_box_center" alt="Tallahassee High End Homes Market" src="https://www.manausa.com/uploads/imagefiles/Tallahassee-High-End-Homes-Market.png" width="450" height="307" /></a>
In the graph above, we see that homes priced above $400,000 only represented 1% of the market in 2002, when the market was not yet into the expansion cycle that lead to the housing bubble. But as the market went crazy, Tallahassee built and developed a lot of high end homes. At the peak, more than 8% of the market was buying these luxury homes, and we now have to step back and ask ourselves some important questions.
How The Luxury Homes Market Grew So Fast
Since 2002, the number of Tallahassee high end homes being built and sold skyrocketed. You have to ask yourself where this new demand came from, and can we bring it back? Certainly we expect "normal" demand to return to Tallahassee, but homes priced over $400,000 were far from normal, they were only 1% of the market.
No major change in the population occurred since 2002, and no major positive change occurred in the economy (employment base) during this time. So where were all these luxury home buyers coming from?
I believe they came from new loan products that proved to be a cancer on the housing market.
Low interest only adjustable mortgages allowed mid-level buyers to purchase "twice as much home" for the same monthly payment they were comfortable making. But these loan products had a suspense date, and many of these loans went into default when that date arrived.
Ultimately, the Tallahassee high end homes market was not built upon increased real demand, but rather on artificial demand created by the ability to borrow money easy and cheap.
The "easy" loans are gone, but the cheap ones remain. You can still buy high end homes with very low interest rates, but the loans are fully amortized (meaning borrowers begin paying down the balance right away). What will happen to our luxury home market in Tallahassee when "cheap" goes away?
Selling Tallahassee High End Homes
<a title="A Comprehensive Review Of Tallahassee Real Estate Supply And Demand" href="https://www.manausa.com/blog/comprehensive-tallahassee-real-estate-supply-and-demand/" target="_blank">Supply and demand</a> will drive the market for all homes in Tallahassee, <a title="Future Of Luxury Homes In Tallahassee" href="https://www.manausa.com/blog/luxury-homes-demand/" target="_blank">luxury homes</a> are not immune to this natural relationship.
Currently, supply grossly outweighs demand for Tallahassee high end homes, thus we are looking to the demand side to determine what can be (or will be) done to return the Tallahassee real estate market to balance. For people looking to sell a luxury home in Tallahassee, this is of the utmost importance.
Unfortunately, I see some serious issues for the long term outlook for the top 5% of our market.
The only reason high end home sales in Tallahassee are still robust is because historically low mortgage interest rates make it fairly easy to purchase (more than 70% of our luxury home buyers finance the purchase of the home).
When interest rates begin to rise in the coming years, moving back to the historical norm of 8.4%, the number of people who can afford these homes in Tallahassee is going to be reduced greatly. This means that if you are trying to sell a luxury home in Tallahassee, you better sell it now or prepare to slash your price greatly.
We warned all price ranges of falling values from 2007 through 2012 and advised "sell it fast, sell it now" in order to get top dollar. Some of the lower price ranges are now recovering, but Tallahassee high end homes are not.
If you own a luxury home in Tallahassee, you must heed this advice. The longer you wait, the likelier you are to see a declining pool of prospective homebuyers.
If you own a property in the Tallahassee high end homes market and are thinking about selling, just <a title="Contact Joe Manausa about Tallahassee high end homes" href="https://www.manausa.com/blog/drop-joe-a-note/" target="_blank">drop me a note</a> and we can schedule a time for a comprehensive review of your personal situation and give you the best advice possible.<br /><br />Joe Wrote The Book On How To Sell A Home Today
<a href="https://jmre.ws/a77gy" target="_blank"><img src="https://assets.site-static.com/userFiles/663/image/TBOGB-ebook-cover.png" width="300" height="401" target="_blank" alt="Joe Manausa wrote the book on how to sell a home in the digital age, you can find it here" title="How To Sell Your House In The Digital Age" class="img_box_left" /></a>“Location, location, location’ is no longer a competitive advantage. Digital marketing and going direct to consumer have made all geographical boundaries obsolete. The Business of Getting Business is a must-read modern-day survival guide for any local business to get to the next decade. Local businesses are on death ground.
They can either take a stand and re-invent themselves by embracing the digital frontier and have a chance to survive the overwhelming odds of digital direct-to-consumer capabilities that have erased all local and national business distinctions, or they can choose business as usual and accept certain death.
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Get the book that explains it all, in a manner that is understanding to all, even technology neophytes. It's available on <a href="https://jmre.ws/a77gy" target="_blank" title="Joe's Book On How To Sell A Home">Amazon</a>, a trusted source for consumers.2013-05-09T08:15:00-07:002020-04-20T13:56:55-07:00Joe Manausatag:manausa.com,2012-09-20:3255Killearn Acres Home Sales Report May 2011Home sellers in Killearn Acres are beating the market by a tiny margin, which is one little ray of good news for this very popular Northeast Tallahassee neighborhood. Home prices have fallen 26% since the peak of the market in early 2007, and they are still on the decline like the rest of the <a title="Map based home search tool in Tallahassee" href="https://www.manausa.com/idx/search-form/" target="_blank">homes for sale in Tallahassee</a>.
Currently, there are 29 <a title="Killearn Acres Homes For Sale" href="https://www.manausa.com/killearn-acres/" target="_blank">homes listed for sale in Killearn Acres</a>, and you can expect this off-shoot of Killearn Estates to continue to record home sales at a pace that leads most neighborhoods in Tallahassee. Killearn Acres consistently ranks in the top 10 most active subdivisions in Tallahassee in terms of the number of homes that sell each year, and currently it is the 7th most active neighborhood with 13 home sales in 2011.
<a href="https://www.manausa.com/uploads/imagefiles/Home-Prices-In-Killearn-Acres.gif"><img class=" img_box_center" title="Home Prices In Killearn Acres" src="https://www.manausa.com/uploads/imagefiles/Home-Prices-In-Killearn-Acres.gif" alt="Home Prices In Killearn Acres" width="600" height="433" /></a>
The real estate graph above shows a familiar pattern of dropping unit sales and dropping home prices in Killearn Acres, and the trend continues to head in a downwards direction. If you have to <a title="How To Sell A Home In Killearn Acres In Tallahassee" href="https://www.manausa.com/blog/progressive-marketing-plan-for-your-home/" target="_blank">sell a home in Killearn Acres</a>, as with every other neighborhood in Tallahassee, you must make a decision on whether you plan to keep the home for 5 to 7 more years to wait-out the market, or sell it now. If now, you need to sell as soon as possible to get your highest price.
<a href="https://www.manausa.com/uploads/imagefiles/Home-Values-In-Killearn-Acres.gif"><img class=" img_box_center" title="Home Values In Killearn Acres" src="https://www.manausa.com/uploads/imagefiles/Home-Values-In-Killearn-Acres.gif" alt="Home Values In Killearn Acres" width="600" height="400" /></a>
The home value decline that we see in the graph above represents a 29% drop since the top of the housing market, and the trend continues to fall. Home values now in Killearn Acres have fallen back to levels last seen prior to 2003.
<a name="listings"></a>
Homes For Sale In Killearn Acres
The following map shows all of the <a title="Tallahassee MLS listings of houses for sale in Killearn Acres Tallahassee Florida" href="https://www.manausa.com/killearn-acres/" target="_blank">homes for sale in Killearn Acres</a>. Simply hover over a marker and a picture of the home will appear, as well as limited information on the home. If you want to know more about the home, simply click on the picture and the entire detail page will be revealed.
<a name="sales"></a>
Homes Sold In Killearn Acres
{si-table-id=10}
I hope you were able to learn something from this Killearn Acres Home Sales Report, please <a title="Contact Joe Manausa about Killearn Estates in Tallahassee Florida" href="https://www.manausa.com/blog/drop-joe-a-note/" target="_blank">drop me a note</a> if you have any other questions or concerns that I can help you with.2011-06-10T06:43:00-07:002017-07-01T00:27:34-07:00Joe Manausatag:manausa.com,2012-09-20:2723FHA Loans Becoming Popular Again In Tallahassee<img src="https://assets.site-static.com/userfiles/663/image/FHA_Loans_Becoming_Popular_Again_In_Tallahassee.png" width="600" height="400" />
Do you ever wonder how much lending practices really affected the Tallahassee housing market? We read so many stories about "predatory lending" and abused government loan programs, that I got a little curious and decided to check out the history of mortgage loans in Tallahassee.
I decided to limit my sales information to "<a title="Arms Length Home Sales Definition" href="https://www.manausa.com/blog/tallahassee-neighborhoods-arms-length-sales/" target="_blank">arms length home sales</a>" only, for two basic reasons. First, it would reduce the amount of sales that I would have to screen, and second, it would represent a truer picture of the normal real estate lending practices in Tallahassee.
Different Home Loan Types In Tallahassee
Over the past twenty years, there have been five main sources of funds for home buyers in Tallahassee. Home buyers have completed their purchases with conventional financing, FHA financing, Cash, VA Loan financing, and individual financing. I was a bit surprised to see that FHA has only financed 16% of the closed home purchases since 1991.
<a href="https://www.manausa.com/uploads/imagefiles/Home-Loan-Picture-By-Financing-Type.JPG"><img class=" img_box_center" title="Home Loan Picture By Financing Type" src="https://www.manausa.com/uploads/imagefiles/Home-Loan-Picture-By-Financing-Type.JPG" alt="Home Loan Picture By Financing Type" width="600" height="682" /></a>
FHA Loans Becoming More Popular In Tallahassee
The popularity and usage of FHA loans is growing in Tallahassee. When we look at a graph of Combined Loan To Values in closed arms-length home sales in Tallahassee, the reason begins to become mighty clear.
<a href="https://www.manausa.com/uploads/imagefiles/Best-Loan-To-Value-Graph-For-Mortgage-Loans.JPG"><img class=" img_box_center" title="Best Loan To Value Graph For Mortgage Loans" src="https://www.manausa.com/uploads/imagefiles/Best-Loan-To-Value-Graph-For-Mortgage-Loans.JPG" alt="Best Loan To Value Graph For Mortgage Loans" width="600" height="538" /></a>
This real estate graph shows that the most popular loan (Conventional) has seen the average combined loan to value drop from nearly 88% two years ago, to below 80% today. That 8% difference represents an additional out of pocket cash requirement for home buyers of $13K on the median home in Tallahassee.
FHA Loans Versus Conventional Loans
When we compare the conventional loan product to the FHA loan product, we see that the out of pocket cash requirement seems to be driving the train. As an example, if you wanted to finance a $165K home purchase in Tallahassee, you would need a down payment of $3,500 using FHA financing, but you would need nearly 10 times that much ($33,150) to use a conventional loan product, based upon the averages reported this year.
<a href="https://www.manausa.com/uploads/imagefiles/Mortgage-Rate-Graph-in-Tallahassee.JPG"><img class=" img_box_center" title="Mortgage Rate Graph in Tallahassee" src="https://www.manausa.com/uploads/imagefiles/Mortgage-Rate-Graph-in-Tallahassee.JPG" alt="Mortgage Rate Graph in Tallahassee" width="600" height="525" /></a>
<a href="https://www.manausa.com/uploads/imagefiles/Mortgage-Rate-Graph-in-Tallahassee.JPG"></a>What this graph shows is that the Combined Loan To Value (C-LTV) of each loan program has dropped recently, but conventional loans have dropped below 80% on average, while FHA loans have dropped to just below 98%.
The vertical bars in the graph show how usage of conventional loans has plummeted since 2007, while during the same time frame FHA loans have been on a sharp rise. This means that FHA loans are more popular than ever, while conventional loans have dropped to the same level as 1991.
It appears as if the conventional loan market has moved to a safer level, while the government loan market (FHA) has stayed at a level which offers Tallahassee home buyers a "low money down" opportunity when buying a home. Time will tell if the government loan programs will tighten up even more, following the lead of the conventional market.
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Joe Manausa is a real estate blogger, a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the <a id="kdwe" title="Tallahassee homes and Tallahassee housing" href="https://www.manausa.com/">Tallahassee Real Estate Website</a> or catch his latest writings on the <a id="r94q" title="Florida Real Estate Blog" href="https://www.manausa.com/">Tallahassee Florida Real Estate Blog</a> , or by calling (850) 386-2001.
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2009-10-05T09:28:00-07:002020-07-02T10:18:27-07:00Joe Manausatag:manausa.com,2012-09-20:2369Size Really Matters ... In Home Sales<img src="https://assets.site-static.com/userfiles/663/image/Size_Really_Matters_..._In_Home_Sales.png" width="800" height="577" />
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 <a title="The Best Selling Neighborhoods In Tallahassee" href="https://www.manausa.com/blog/tallahassee-subdivision-home-sales-report/" target="_blank">the hottest selling subdivisions in Tallahassee</a> and just add a new measurement. As a reminder, this was all "arms length" existing home sales for the past twelve months. Foreclosures and short sales, as well as new home sales, were not included in this report.
I created the following ranges in order to break down all Tallahassee home sales into size ranges that could be used to gather some information.
Tallahassee Home Sizes
Description
Heading
Homes that are less than 1,000 square feet
< 1,000 Sqft
Homes sized between 1,000 and 1,500 square feet
1,000 - 1,499 Sqft
Homes sized between 1,500 and 2,000 square feet
1,500 - 1,999 Sqft
Homes sized between 2,000 and 2,500 square feet
2,000 - 2,499 Sqft
Homes sized between 2,500 and 3,000 square feet
2,500 - 2,999 Sqft
Homes that are greater than 3,000 square feet
> 3,000 Sqft
Not surprisingly, there was an overall trend shared by each home size range, but they did not all perform the same. Before moving on, would you care to take a guess at the overall trend, as well as which category is doing the best ... the worst?
Smaller Homes Have Depreciated Faster In Tallahassee
The following real estate graph is a little busy, but it holds a wealth of information on home sales by home size in the Tallahassee real estate market. The vertical bars represent the average price per square foot of each home size, each month, going back one year. The horizontal (and sloping slightly down from left to right) lines are the linear trend of each home size range. This trend shows us the real estate depreciation in Tallahassee, by home size, over the past 12 months.
<a href="https://www.manausa.com/uploads/imagefiles/Tallahassee-Housing-Value-Trends-By-Size.JPG"><img class=" img_box_center" title="Tallahassee Housing Value Trends - By Size" src="https://www.manausa.com/uploads/imagefiles/Tallahassee-Housing-Value-Trends-By-Size.JPG" alt="Tallahassee Housing Value Trends - By Size" width="600" height="563" /></a>
Tallahassee Housing Value Trends - By Size
As you can see, each range of home sizes in Tallahassee has experienced depreciation over the past twelve months. The hardest hit were the smaller homes (< 1,000 Sqft), while the least affected were homes ranging in size from 2,500 to 3,000 square feet. The following table shows a breakdown from the information above:
Description
Results
Homes that are less than 1,000 square feet
-21%
Homes sized between 1,000 and 1,500 square feet
-8%
Homes sized between 1,500 and 2,000 square feet
-8%
Homes sized between 2,000 and 2,500 square feet
-9%
Homes sized between 2,500 and 3,000 square feet
-5%
Homes that are greater than 3,000 square feet
-6%
Tallahassee Home Value Trends Useful
Now that we have determined that larger homes seem to be depreciating slower than smaller homes, one has to wonder why this is so and how do we use this information. First, as to the question of why larger homes are showing less real estate depreciation than their smaller counterparts, a few thoughts come to mind:
Much of the over-building of homes were in the smaller sized units, hoping to lure in investors during the boom market
The glut of smaller homes is creating more pricing pressure than the larger homes are feeling
Typically, larger homes and owned by wealthier people; they might be weathering the financial storm a bit better than others
But how do we use this information? Do we multiply our home size by the current square footage value to determine its value?
Specific Home Value Versus Housing Market Generalizations
This report gives us an overall feel for what has happened with home values in Tallahassee for the past year. I would generally say that if you own a home that falls in the range of 1,500 to 2,000 square feet, then it most likely has dropped in value. A good guess in this drop in value would be about 8% from what it was worth last year at this time.
In order to get a home value, on a specific peace of real estate, a more focused analysis needs to be done on the property. There are often large differences between rules of thumb and specific measurements. Always be wary of anybody quoting you a value on your home if they mention or refer to square footage. The use of square footage is fine in market generalizations, but it is grossly incorrect when determining the market value range of a specific property.
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Joe Manausa is a real estate blogger, a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the <a id="kdwe" title="Tallahassee homes and Tallahassee housing" href="https://www.manausa.com/">Tallahassee Real Estate Website</a> or catch his latest writings on the <a id="r94q" title="Florida Real Estate Blog" href="https://www.manausa.com/">Tallahassee Florida Real Estate Blog</a> , or by calling (850) 386-2001.
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2009-07-23T07:52:00-07:002020-06-18T15:42:24-07:00Joe Manausa