Some Buyers Not Prepared For Short Sale Process - 08/31/11 08:32 AM
If you are in the market to buy a home in Tallahassee, you must make a decision early-on whether or not you plan on pursuing a short sale. As many have found out before you, buying a short sale can be a very frustrating process.
In a traditional (normal) home purchase, the buyer makes an offer, the seller either accepts or counters the offer, and then the buyer must do the same. Eventually, if an agreement is reached, the buyer commences a due-diligence process and then proceeds to closing. This is the way things have been done for a very long … (10 comments)

Betton Hills Shows Strength In A Weak Housing Market - 08/30/11 09:08 AM
Home sales in Betton Hills appear to be stabilizing in a housing market that is still declining in both the number of homes being sold every day as well as in depreciating home values. Located south of the I-10 and Thomasville Road exchange, this popular Northeast Tallahassee neighborhood offers in-town convenience with the wonderful “old Tallahassee” feel. It is not surprising that such a well established neighborhood is able to defy current market trends, as many Betton Hills homeowners have lived in their homes for quite some time.
Map Of Betton Hills Home Sales (All Betton Neighborhoods) The map above lists … (0 comments)

The Ultimate Piney Z Home Sales Report With Map - 08/29/11 07:48 AM
Home sales in Piney Z have been on a steady decline since 2003, and 2011 looks to be no different. There have only been 17 closed home sales through mid August, and with a slowing housing market, it is unlikely that 2011 will surpass the 31 homes sold in 2010.
The good news for Piney Z is that home price and home value declines are beating the market, but the bad news is that it is due to home owners "holding on" trying to find higher prices. This is a concern unless homeowners in Piney Z have a stronger staying power … (0 comments)

Google Fusion Rocks Your Real Estate Reports - 08/26/11 09:17 AM
Home sales in Killearn Estates have slowed again this year, with unit sales down 56% from this popular Tallahassee neighborhood's best year in 2003. The average home price has dropped 20% since the peak of the housing market in 2006, and home values are down 23% based upon a year versus year comparison.
Killearn Estates is one of the hottest neighborhoods in the Tallahassee real estate market, second only to Southwood in terms of the number of home sales that occur each year. Currently, there are 77 homes for sale in Killearn Estates, which is just under one year's supply. Today … (2 comments)

New Report Studies Values Now Versus Peak Of Housing Market - 08/25/11 10:14 AM
More than 1,230 subdivisions in Leon County have posted a home sale in the Tallahassee MLS since January 2002, and today we are going to thoroughly examine the change in home prices and home values in the most active Tallahassee subdivisions.
When we post our Tallahassee neighborhood real estate reports, we calculate price and value changes by comparing the averages from the current year against the averages for each prior year. But today, I have been motivated by Bill Cobb, the top appraiser in Baton Rouge, Louisiana to get a little more focused on Tallahassee subdivisions, comparing recent averages to ones … (0 comments)

Flooding To Be Solved For Timber Lake In Tallahassee - 08/24/11 08:13 AM
The Timber Lake neighborhood was in the news yesterday, as Leon County commissioners approved a million dollar expenditure for flood relief. This additional money joins a federal grant of $2.4M for its flood-relief project.
So what have home values in Timber Lake been doing over the past 10 years? Like the rest of the Tallahassee real estate market, this popular Southeast Tallahassee neighborhood has seen depreciation. But home values and prices have fallen further in Timber Lake than in many other parts of town. Some of this has to be attributed to the flooding problems, and distressed property sales have contributed … (2 comments)

Killearn Lakes Popularity Does Not Stop Real Estate Depreciation - 08/23/11 07:59 AM
Killearn Lakes Plantation is a very popular Northeast Tallahassee neighborhood and is usually among the top 5 most active in home sales. Currently, there are 69 homes for sale in Killearn Lakes Plantation, priced from a low of $85,000 to as high as $600,000. Thus far in 2011, there have been 56 homes sold, which means that homes are selling faster than last year, but far slower than most recent years.
When we publish these short Tallahassee neighborhood home sales reports, we graph the trend of sold home prices and sold home values. Most real estate reports focus on average prices, … (0 comments)

Leon County School Board Provides Great Leadership - 08/22/11 10:20 AM
These are tough times for everybody, and tough times call for strong leaders. Fortunately for those of us who live in Leon County, we have a great school board. Led by Jackie Pons, Leon County School Board Superintendant, I can tell you as a parent we are in good hands.
Of course, I am a little biased. I was coached in little league baseball by Jack Pons, Jackie's father, and Joey Pons was on the team too. I learned a lot from his father and it appears that Jackie has a lot of the same great attributes.
If you want to … (2 comments)

Leon County School Bus Schedules - 08/22/11 09:57 AM
The Leon County School Bus Schedule is one of the many informative elements of this year's Tallahassee Democrat School Zone 2011 Report. This 56 page report can be viewed online and is a must-read if you have children that go to public schools in Tallahassee.
The School Bus Schedule is shown here for Killearn Lakes Elementary, but you can find the entire Leon County School bus schedule in the Democrat's special report.
It is obvious that the Tallahassee Democrat went all-out this year, so don't miss the special report about Leon County Schools.

… (0 comments)

Back To School - School Calendar - 08/22/11 09:42 AM
Michelle and I were very happy to start a new school year this morning, as our three kids were "up and at 'em" at a nice and early hour. Summer is over, the kids are back in school!
In case you haven't seen the wonderful report published by the Tallahassee Democrat, this is the link for the back to school special. It contains absolutely everything a parent could want to know about schools in Tallahassee, as well as the school calendar.

 
… (2 comments)

Strong Neighborhoods Must Lead The Real Estate Recovery In Tallahassee - 08/22/11 09:21 AM
There are some strong neighborhoods in Tallahassee that must lead the way to the Tallahassee real estate recovery. In doing my research for this morning's post on the Tallahassee Foreclosure Ratio, I discovered that more than a third of Tallahassee neighborhoods have not had a foreclosure filed since before January 2008.
I was surprised to say the least, and this is very good news for the Tallahassee housing market. Strong neighborhoods must lead the charge for the real estate recovery in Tallahassee.

The graph above shows the top-selling neighborhoods in Tallahassee that have not had a foreclose filing since I … (2 comments)

Foreclosure Ratio Reaches 38% - 08/22/11 07:48 AM
We have been monitoring distressed properties in Tallahassee for quite some time, but today we have added a new wrinkle to see how each neighborhood is faring compared to the market. In order to compare one Tallahassee neighborhood against another, we have created a new statistic called the "Foreclosure Ratio" which is simply the measurement of the total number of lis pendens filed in a neighborhood, divided by the total number of home sales for the same period of time.
For the purpose of our evaluation, Tallahassee lis pendens filings and home sales were used for the period of January 1, … (5 comments)

Unit Sales Increase Begins Real Estate Recovery - 08/20/11 06:59 PM
We are always looking for some good news in Golden Eagle Plantation, and we find evidence of the start of a real estate recovery in Golden Eagle as unit sales are poised to have the strongest year for at least the last three years.
We know that an increase in year over year sales is something that is required to start the next phase of a real estate recovery, and though Tallahassee has not yet entered that phase, some of our neighborhood have. Today's real estate graph of home sales in Golden Eagle Plantation demonstrates that this popular NE Tallahassee neighborhood … (2 comments)

Inventory Levels Too High In Tallahassee Housing Market - 08/20/11 08:26 AM
Watch For Trend Changes If you want to know the beginning of the next phase of the housing market recovery, just keep an eye on the relative home supply. You can always track supply levels at The Market Bulletin.

The next phase you say….? Absolutely. I believe that the transition from a buyers’ market to a sellers’ market will follow this pattern:

Inventory changes from growth to reduction.
Home Values Fall At Accelerating Rate
Year over year sales increase?
Inventory levels reach 6 months of supply (balanced market). Home Values Stop Falling/Start Rising. Glut Of Homes … (2 comments)

New Home Sales Still Slowing In Tallahassee - 08/20/11 08:13 AM
New home construction in Tallahassee continues to see falling numbers, as single family home permits and sales have posted yet another new 20-year low.
New construction has been declining faster than existing home sales, as we can see in the home sales graph.

In the graph above, the red bars show the number of new home sales each year, while the green bars measure the number of existing home sales each year. The resulting red line measures the percentage of new home sales versus the total.
Since 1991, new home sales have on average, represented about 22% of the home … (0 comments)

What Caused The 50% Decline In Condo And Townhouse Prices? - 08/20/11 08:00 AM
Tallahassee condominium and townhouse prices have finally joined single family detached homes with a dramatic drop in their average prices, according to the newest information recorded at the Leon County Property Appraisers office.

The sales of condominiums in downtown Tallahassee, which are relatively new to the Tallahassee market, were bolstering the average sales price of condos and townhouses for the past several years.
Even though we were measuring depreciation at very similar numbers as single family detached homes, the actual average price was remaining stable as expensive condos downtown were keeping the average up.
But downtown sales have stopped and … (4 comments)

Relative Home Supply Unchanged Since August Of Last Year - 08/20/11 07:47 AM
The relative supply of homes is exactly the same today as it was at this time last year, even though the real supply of homes continues to decline. The falling supply of homes has unfortunately been matched by falling demand, creating a situation where the months of supply continues to be above 12 months.

The problem in the market has many fronts, but the largest problem is not what many have been writing about in the large US newspapers.
Most are blaming a tightened money supply and tougher lending standards, but that is only adding fuel to the fire of … (2 comments)

Choose Tallahassee - Aiding Our Real Estate Recovery - 08/19/11 07:12 AM
There was a nice article in the Tallahassee Democrat Online yesterday, written by Elizabeth M. Mack, that announced a new initiative called "Choose Tallahassee" designed to lure more baby boomers to the Tallahassee area. Simply put, this is the very kind of thing that is needed to begin the real estate recovery in Tallahassee.
I have stated often that population growth is the key to fixing the housing market, and Choose Tallahassee could do wonders for that purpose. Every time you bring one more person to live in the Tallahassee area, you not only consume another housing unit, but you … (18 comments)

Home Sales In Bull Run Face Double Whammy - 08/18/11 08:26 AM
 
Bull Run home prices continue to fall, and today's Tallahassee housing report shows some double-trouble in this popular Northeast Tallahassee neighborhood. Just like the rest of the Tallahassee housing market, home prices and values are declining in Bull Run, but a large amount of the Bull Run home sales are new construction.
 
This means that people who want to sell an existing home in Bull Run are competing against new construction with falling prices.
 
Bull Run Home Prices  
The average sales price for a Bull Run home this year has been $290,000, which is about 28% lower … (2 comments)

REALTORS Should Support The Patriot Foundation - 08/17/11 08:24 AM
A recent client and good friend reminded me about my past yesterday, of my days serving in the US Army. He reached out and asked me to spread the word about the Patriot Foundation, an organization that was formed to help support the families of our wounded and fallen soldiers.
The Patriot Foundation is an organization whose mission is to provide merit based scholarship funding for children of killed and wounded soldiers and to provide funding for child care for the families of disabled soldiers whose spouses need to obtain additional job training and development.
2 Different Ways To Support The … (8 comments)

Another Market Bottom Reached In Tallahassee Real Estate - 08/16/11 06:14 AM
It is no fun to have to report that Tallahassee has reached a new housing market bottom (again). The new housing market bottom was reached in July, and our measured evidence suggests that we have further declines to look forward to in the coming months.
Slow Home Sales Lead To New Housing Market Bottom Our first realestate graph shows the number of home sales recorded in Leon County each month, and the current one-year trend has reached a new low as of the end of July. This new housingmarket bottom shows signs that we have not actually hit the bottom … (2 comments)

A 6 Step Plan To Solve The Housing Crisis Immediately - 08/15/11 07:06 AM
In case you have not heard, the Obama Administration is looking for some help with solving the housing crisis. They have put out a formal request through the Federal Housing Finance Agency (FHFA), in consultation with the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development, by issuing a Request for Information (RFI).
I think what they really need is a leader with the title "Obama Housing Czar" who will come in and put solutions in place to get the Federal Government out of the home ownership business. The road to hell might be paved with … (0 comments)

Less Than 1 In 2 Homes For Sale Are Selling - 08/14/11 06:58 PM
One statistic that we have been maintaining at The Market Bulletin is a measurement that we refer to as the “Sales Success Rate.”  Recently, the one-year trend has dropped from a two-year high, after returning from a low of 30% reached in June of 2009.
By dividing the total number of closed sales by the total number of new listings, over a specific time period, we can show a trend that gives a hint at how many homes (as a percentage of the total) are actually selling.
Conversely, we can measure the home sales failure rate as the total number of … (2 comments)

The Best Tip You Will Receive For Your Blog This Year - 08/13/11 07:41 PM
The headline might seem sensational, but once you see this tip, you will realize that it will help you broaden your blogging horizons far more than any other idea that you will receive this year. Or least that has been the case for me.
So, what is this "hot tip?" Well, it's about a website that promotes things that people will do for you for a measley $5 (get those thoughts out of your head :).
The site is called Fiverr, and it is a buy and sell site where you can read tons of ads of things people will do … (8 comments)

Video FAQ: What Are Real Estate Closing Costs - 08/13/11 07:07 PM
One of the most often asked questions that we receive at the Tallahassee real estate blog is "what are real estate closing costs?" Variations include "who pays for what?, how much are real estate closing costs?", etc.
Rather than write a long-winded post, I have prepared a video that is part of our Real Estate FAQ site that explains real estate closing costs and what both home sellers and home buyers should be prepared to pay. Look closely for the video, for some reason it is invisible ... :)
What Are Real Estate Closing Costs If you have any other questions … (0 comments)

Pending Home Sales Report Unveils Housing Market Future - 08/13/11 06:10 PM
The pending home sales graph below shows the 365 day trend analysis of new contracts submitted to the Tallahassee MLS. By measuring new contracts, we get a feel for what is coming over the next few months. If you saw the most recent post on closed home sales, then this report will give you an idea of how it will shake out over the next two months.
Unfortunately, the trend is on the decline. Remember, when we look at a 365 day trend, it shows the real market activity with seasonality removed (each point on the graph represents one entire year), … (2 comments)

Is A New Market Bottom Looming Ahead? - 08/13/11 05:00 PM
The number of home selling in Tallahassee is very close to reaching the same as market bottom level that was found in August 2009. The real estate graph below shows the 365 day trend of closed home sales in the Tallahassee MLS is approaching just 6 per day.

We use the 365 trend in order to remove all effects of the seasonal changes that happen at different times of the year. Therefore, any change in the graph above represents a true change in the movement of the Tallahassee housing market.
The message is clear if you have to sell a … (6 comments)

The Devil Is In The Details In Southwood Home Sales Report - 08/12/11 11:54 AM
As home values continue to decline, we would expect to start seeing the number of home sales start to rise. Unfortunately, we are not yet seeing that with Southwood home sales, nor most of the rest of the Tallahassee real estate market. Currently, both unit sales and homevalues are still on the decline for much of Tallahassee.
 
Southwood in Tallahassee is one of the rare neighborhoods where new home sales make up a good percentage of the real estate activity. The Tallahassee MLS is currently showing about 1 in every 3 Southwood home sales are new construction, therefore we are … (0 comments)

Don't Be Confused By Home Values Versus Average Home Prices - 08/11/11 09:49 AM
Most US housing reports confuse the difference between real estate values and real estate average price movements. Today we observe the Betton neighborhoods which have seen average home prices rise, even as home values decline.
Average home prices and real estate values might correlate over the long haul, but the reality is that the average price of homes sold show how much consumers are paying, whereas values address the change (real estate appreciation or depreciation) of the homes in any given market. The easiest way to “see” this is with a few real estate graphs produced from homes sold in a … (2 comments)

Why Real Estate Service Matters During Your Move - 08/10/11 10:03 AM
My family has spent the last few days moving and of course we had great real estate service from our REALTOR in Tallahassee . After living in the same location for 8 years, the amount of “stuff” we had amassed blew me away. Apparently a family of 5 gathers more belongings than a traveling circus on a worldwide tour.
The move wore me out, but it allowed me to walk in the shoes of our customers who rely on our real estate service to help them during a very chaotic time in their lives. I was able to evaluate the many … (8 comments)

Active, Not Passive When Selling A Home - 08/09/11 08:46 AM
 
So much has changed about selling a home since the internet began transforming the real estate business over the past several years. While I could literally spend hours explaining the benefits of all the attention a home can receive on the internet, that is not the purpose of today's blog. No, today I want to explain the one fundamental change that has occurred in the marketing processes for those who are selling a home.
 
In the past, selling a home was very front-loaded. When a home was hitting the market, a ton of work was done to ensure that … (4 comments)

Using Video To Change The Look And Usability Of A Blog - 08/08/11 10:07 AM
The Tallahassee Real Estate Blog has a new look this morning. I finally got around to publishing a series of Real Estate Frequently Asked Questions videos on our site and I am hoping to grow them as I receive more questions from our readers.
 
Though the library is not very large yet, I am hoping it becomes a favorite destination for the many blog visitors that we receive. Just last month, The Tallahassee Real Estate Blog recorded 975,000 page views on our site, and hope to hit a million page views per month before the end of the year.
 
… (4 comments)

Home Buying For Smart People - Now On Facebook - 08/05/11 08:16 PM
Well, I finally got off my duff and created a Facebook Fan page. It promotes my new e-series "Home Buying For Smart People" and I hope I can get the word out through the Active Rain Community.
I really have to say "Thank You" to Anita Clark, as her blog this morning is what put this in my head to accomplish tonight. You can view her Facebook Friday Post Here.
So consider this my shout-out to everybody with a Facebook account, please go visit my new fan page and give it a "like." If you are so inclined :), I would … (6 comments)

Tallahassee Home Inventory: Same As Last Year But With A Shift - 08/05/11 08:36 AM
As I was updating this month’s home inventory report showing the relative supply of homes for sale in Tallahassee, I was somewhat amazed to see that the currently housing supply was exactly the same as it was for August of 2010.
 
As the report shows, we currently have 12.5 months of supply of homes for sale in Tallahassee (relative supply), even though the real supply continues to decline.
 
Upon seeing the results of this report, I began to wonder if there were any major shifts in where this supply of homes for sale in Tallahassee was located, or if … (2 comments)

Give Your Opinion On CenturyLink Prism - 08/04/11 08:06 AM
Today I’m conducting a poll of our readers (if you receive the Tallahassee Real Estate Blog by email, please click-through the title to view this one post online) to see what the consensus opinion is on CenturyLink Prism. It’s a new service offered by our local phone company that combines television with telephone and internet and claims to be the best bundling of these services offered.
 
Currently, I get my high-speed internet access from CenturyLink, but I get my television service through DishTV. I’m thinking it might be cost effective and better service to go with CenturyLink Prism, but I … (0 comments)

The Clash Has The Answer For Home Sellers - 08/03/11 09:53 PM
If you are trying to sell a home and have not succeeded, then you are like much of the rest of the frustrated Tallahassee homeowners. It is expected that as many as 70% of the homes on the market today, as well as those that will enter the market over the next year or so, will fail to sell. It should be obvious to anybody paying attention that home values are dropping and that competition for home sales is rising.
Darling you gotta let me know, should I stay or should I go? If you say that you are mine, I'll … (4 comments)

Home Ownership On The Decline According To US Census Bureau - 08/03/11 06:46 AM
According to the US Census Bureau, the home ownership rate is on the decline in the US, and their most recent report showed that the current rate of 65.9% is the lowest recorded since 1998. The fact that the home ownership rate is dropping should come as no surprise, as nearly 70% of Americans owned their homes at the height of the US housing boom. The US Census Bureau news released “RESIDENTIAL VACANCIES AND HOMEOWNERSHIP IN THE SECOND QUARTER 2011” just last week stating:
 
The homeownership rate of 65.9 percent was 1.0 percentage points (+/-0.4%) lower than the second quarter … (12 comments)

Tampa Reports Slight Rise In Relative Home Supply - 08/02/11 07:22 PM
The Greater Tampa real estate market saw a minor reversal in the relative supply of homes for the month of June 2011. Relative supply is measured in terms of months of supply when measured against the current rate of demand.
 
The following real estate supply and demand graph shows that the Tampa MLS currently has just under 8 months of supply, which is still a buyer’s market. Most real estate professionals identify a balanced market (a market at equilibrium) when the relative supply of homes for sale falls between 5 and 6 months.
 
Tampa Real Estate Supply And Demand … (0 comments)

Only 42% Of Home Sellers Found Success Over The Past 365 Days - 08/02/11 06:53 PM
It is time again to review a statistic that we have been maintaining at the Tallahassee Real Estate Blog for quite some time, and it is the measurement that we refer to as the “Home Sales Success Rate.” It is simply a measurement of the homes that leave the market either as successful home sales, or as failures due to a lack of a sale. Recently, the one-year trend has been bumping along after dropping from a two-year high reached around this time last year.
 
Home Sales Success Rate Stable At 42%  

 
By dividing the total number … (0 comments)

Non Arms Length Home Sales Slowing In Tallahassee - 08/02/11 07:00 AM
The percentage of home sales that are “arms length” are on the rise recently, even as the total number of home sales continues to lag near the bottom of the housing market in Tallahassee. We define arms length sales as ones where the buyer and the seller are meeting on equal footing (or simply not a distressed home sale).
 
When looking for the real estate recovery in Tallahassee, we have to consider that it will begin with home sellers being able to sell their homes with normal market conditions, and a decline in the number of distressed property sales is … (4 comments)

Will Declining Supply Mean Rising Home Prices? - 08/01/11 09:59 AM
The real estate supply levels continue a five year trend of declines, yet the relative supply of homes continues to grow due to falling demand. We have recently reported that the major reason for falling demand is that half of our home buyers must first sell a home, and many of these sellers are either upside down in their homes or competing against a large supply of distressed properties that are priced far lower than sellers are willing to compete with.
 
Announcement: Today is my Mother’s birthday, so if you happen to see Mary Lou Manausa, please remind her about … (0 comments)

 
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Joe Manausa - Tallahassee Real Estate

Tallahassee, FL

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Century 21 Manausa and Associates

Address: 1140 Capital Circle SE #12A, Tallahassee, FL, 32301

Office Phone: (850) 386-2001

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