Tallahassee Pending Home Sales Slowing January 22, 2010
If you read our report yesterday on long term trends in Tallahassee housing, then you know that we promised to isolate and explore a changing trend that we are seeing in the Tallahassee MLS. Unfortunately, if the trend holds up, then it is not good news at all.
The purple line in yesterday's real estate graph didn't show much, but when we move it to its own scale, we see that the pending home sales trend in Tallahassee has stopped rising, and in fact appears to be falling back down. Will this be something more than a "hiccup" in the trend? Time will tell, and we will be keeping an eye on this.
If you are a home seller and you have been getting some activity on your home, consider lowering your price a little to entice buyers to "grab it first." If you haven't been getting any nibbles, I suspect that you might want to pull your home from the market and wait until the inventory (your competition) is further reduced.
No activity (assuming you are doing a great job marketing your home) means that your price is out of touch with today's real estate values and buyers are not even interested in checking it out. If this is your situation, call your Tallahassee real estate professional and get advice on what you should be doing.