Weekly Special | August 5, 2018

One Third Of Inventory Already Under Contract

If you are currently in the market to buy a home, have you researched the competition for your targeted area and price range?

This is one of the first things we do to help homebuyers, so that they know whether or not they are purchasing in a buyer’s market, a seller’s market, or a balanced one.

Overall, Tallahassee is in a strong seller’s market.

When we plot the number of active listings by price range and segment them by those under contract versus homes still available, we see that roughly one in every three homes on the market is already under contract.

To put this into perspective, a balanced market would likely have about one in five of the active listings already under contract, thus buyers would have more homes to preview before deciding upon one to buy.

Know Your Position The key is to use this information to your advantage in the market. Can you see that buyers are enjoying significant strength for homes priced $550K to $600K (overall), but if they want a home $500K to $550K, more than a third are already gone! You wouldn’t employ the same negotiation strategy with the these two price points, right?

Tallahassee continues to experience high demand and falling home inventory levels, so don’t be surprised when you see many areas and most price ranges appreciate at levels NEVER before seen in Tallahassee.

The original one-page Weekly Special PDF is still available.