What You Can Get For $250,000 In Tallahassee (Real Estate)
Every so often, I speak with a real estate professional who lives outside of the Tallahassee real estate market, and invariably the conversation will turn to "what you can get" in one area versus the other. I find it fascinating that some people will spend more money to rent or own 800 square feet in some large cities than we spend on a 2,500 square foot home in Tallahassee.
So using this a a central thought for today, let's explore what you can get for $250K in Tallahassee, how the market looks, and what you should be thinking about if you are buying a home.
Buying A Home In Tallahassee
This is just a small part of the service we provide to every one of our buyers, and of course we focus on their specific needs and wants.
If you are thinking about buying a home, take the time to interview and hire a real estate buyer's agent. It will save you money and will help you see other aspects of the home buying process that will enable you to find a better home for your needs.
If you are just starting the home buying process, I recommend you subscribe to our free e-series "Home Buying For Smart People." It will give you all the information that you are looking for prior to buying.
If you were in the process of buying a $250,000, you should understand the following three issues (at a very minimum) before you take the plunge:
- What You Can Get
- How The Market Looks
- What You Should Be Thinking About
What You Can Get For $250,000
The key to understanding (generally) what you should expect in your price range comes from spending a little time with a local, completely stocked and currently updated property search tool. The national tools are rarely current and they typically contain many homes that have already left the market.
I have included the ten most recently listed homes for sale priced from $250,000 to $260,000, using our map based property search tool. As you will see later in the post, there are roughly 450 homes that might serve your needs in Tallahassee.
How The Market Looks
The market is favorable for a buyer right now, as the relative supply of homes measures at a level indicating a buyer's market.
The table above shows the relative supply of homes (months of supply of homes calculated using the current rate of demand) at the $250K price point is a buyer's market everywhere. Anything over 6.0 months of supply favors the buyer, and you can see some areas in Tallahassee are hugely lop-sided for the buyer.
But you should also understand the trend (are things getting better or worse for somebody looking to buy a $250,000 home?).
The table above shows how inventory has changed, by area and price range, over the past year. Numbers in red mean the relative supply of homes have fallen (this is good for sellers), while areas in black means that supplies have risen (not good for sellers).
Overall, supply is on the rise, but some of this is due to the normal seasonal growth in the Summer in Tallahassee. Ultimately, I would say that market conditions favor the buyer and buyers should take ample time to ensure they make the proper decision. There are plenty of good homes out there.
What You Should Be Thinking About
If you are wanting to move to a $250,000 house in Tallahassee, you should be planning on getting a great deal and financing it with near-historically low interest rates. While you are all but assured to be in a great position in this buyer's market, there are still ways to make sure you get the absolute most for your money.
Make sure you don't waste any money on the ancillary costs when buying a home, and make sure you work with your own agent, not the agent that "comes with the house." If you would like to know more about starting a smart home buying process, at any price range, just drop me a note and we'll schedule a time for a free, no commitment interview to assess your needs and wants.