Tallahassee Real Estate Report For May 2013
After many years of continual bad news, it seems that just about every recent Tallahassee real estate report is filled to the brim with good news.
While is easy to see that any good news is reason to smile, it is important to keep a vigilant eye on what is being reported and to identify the market segments that are truly improving.
This Tallahassee real estate report will show the four areas of Tallahassee and identify the ONE that is making all the fuss (good news :))
Northeast Tallahassee Real Estate Report
NE Tallahassee is definitely seeing a rise in average home values. The following real estate graph shows that the recovery seems to be well underway in the most popular quadrant of the Tallahassee real estate market.
Northwest Tallahassee Real Estate Report
Unfortunately for NW Tallahassee, average home values are still on the decline. The one-year trend has now dropped down to $74 per square foot as the average value here, and that is well below what the cost of replacement would be. Investors with long-range, high ROI goals should be streaming into the NW quadrant.
Southeast Tallahassee Real Estate Report
Southeast Tallahassee appears to have average home values bouncing along at a bottom, with values hovering around the $94 per square foot level since this time last year. With all the new construction going on, I will be curious to see what happens to existing home values should new construction slow down like the rest of the Tallahassee housing market.
Southwest Tallahassee Real Estate Report
Southwest Tallahassee has been hit very hard, and the punches keep on coming. This part of town was the most "over built" during the boom of the housing market, and I suspect home values will stay very low for several more years (until we see supply and demand return to a more normal balance).
Tallahassee Real Estate Report And Your Situation
By breaking down the Tallahassee real estate market into four quadrants, it should be clear that "market averages" are not specific enough to provide the guidance that you need when buying a home or when you want to put a home on the market.
Even these quadrant reports do not provide enough information for a homeowner contemplating a sale, as we also see fluctuations in the balance of supply and demand down to the Tallahassee neighborhood level.
For this reason, take the time to pick the right real estate company to guide you when selling a home. The importance of your initial asking price is so critical that the market analysis performed on your home is worth its weight in gold.
If you would like to know more about selling your home and how a specific Tallahassee real estate report will guide you on your pricing, just drop me a note and we can schedule a time to discuss your specific situation and needs.