Get Rid of The Housing Market Crisis Once and for All - 12/30/11 11:14 AM
If you have ever used an old fashioned hand water pump, then you remember how much work it can take to get the water flowing. Sometimes you might crank up and down on that old cast iron arm for several minutes and not even get the first drop of water. When one of these pumps had not been recently used, you would "prime the pump" by filling it with water to get it going.
The hand water pump has been around for a long time and is very reliable once the water is flowing. Much more effort is required to get … (32 comments)
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Why A REALTOR's "Years On The Job" Means So Little To Somebody Who Needs To Sell A Home - 12/29/11 10:12 AM
As somebody who tries to analyze, measure, and track every recorded aspect of the Tallahassee real estate market, I am often curious about the impact of the changes we are seeing in the real estate brokerage industry. With the help of the Tallahassee Board of REALTORS® Multiple Listing Service, today I want to take a look at real estate agent productivity and compare it with the amount of years they have been with the Board (experience).
Tallahassee REALTOR® Experience Anybody who has tried to sell a home lately knows just how tough the housing market is right now. There have been … (20 comments)
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New Report Warns Of Slowing Home Sales In Q1 2012 - 12/28/11 09:16 AM
If you study new contracts in the Tallahassee MLS every day, and plot their performance over time, you often are able to produce short-term forecasts for home sales that are relatively accurate. With that in mind, the pending home sales report (new contracts) is projecting a slower 1st Quarter for 2012 than we saw in 2011.
The following real estate graph measures long and short term trends for pending home sales in the Tallahassee housing market. The short term trend analysis usually gives us a glimpse at what the long-term trend will be doing in the next few weeks and months.
… (2 comments)
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What The Pawn Stars Can Teach You About Selling A Home - 12/27/11 11:02 AM
As I was waiting for my family to gather to put a movie on last night, I was surfing and came across a show on the History Channel called Pawn Stars. In a day and age when there is a TV show about everything, it came as no big surprise to find a series based upon the daily antics that occur in a Las Vegas pawn shop.
As I watched the episode, it quickly became apparent that every other customer said the same thing. In fact, it is something that I hear all the time in real estate and the Pawn … (6 comments)
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Update On Betton Neighborhood Home Sales - 12/26/11 01:07 PM
Home sales in the Betton neighborhoods continue to climb, which is remarkable considering the housing market in Tallahassee is still declining in both the number of homes being sold every day as well as in depreciating home values. This popular Northeast Tallahassee neighborhood currently has 23 homes listed for sale in the Tallahassee MLS, which represents just over 8 months of supply at the current rate of demand.
Map Of Betton Home Sales (All Betton Neighborhoods) The map above lists all of the home sales in the Betton Neighborhoods through December 23rd of 2011. If you click on a red dot, … (0 comments)
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Is Paying Cash For Real Estate Purchases A Growing Trend? - 12/23/11 10:08 AM
With all the problems that we read about obtaining financing for real estate these days, it has raised some discussion about just paying cash for real estate. Tallahassee has never been a town filled with people with a lot of excess cash, so I really don't see a new trend towards cash buyers starting any time soon.
Of course, if home prices continue to fall as we expect, there will be more cash-laden investors who come to claim real estate investments in Tallahassee.
Yesterday, I received some feedback and conversation about the article on Foreclosures that I wrote from Sarasota real … (9 comments)
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Foreclosure Rate On The Rise (AGAIN) - 12/22/11 04:25 PM
If you are somebody who tracks Tallahassee foreclosure activity as a way to forecast the future of distressed property sales, then you most likely know that new Tallahassee lis pendens filings are on the rise again. This means that more distressed properties are on the way to join the glut of homes for sale in Tallahassee.
We have been anxiously awaiting the November Foreclosure Report (as we have for the most recent months since the supposed end of the “robo-signing” scandal earlier this year) knowing that the new lis pendens reports will all but forecast the supply side of the 2012 … (5 comments)
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Is There A Ray Of Hope For Home Builders In 2012? - 12/21/11 10:26 AM
If you read our Real Estate Forecast for 2012 last week, you might have noticed that it did not specifically address expectations for new home construction in Tallahassee in the coming year.
Home builders in Tallahassee have been struggling through some very tough years since the collapse of the housing market, and I see few reasons why next year should provide any kind of relief. Supply levels are still too high, though they are lower than they have been since 2008.
The first half of 2012 is going to provide critical feedback to the new home construction industry in Tallahassee. Will … (4 comments)
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96 Things You Should Know About Home Sales In The Gardens Of Killearn - 12/20/11 08:49 AM
The Gardens of Killearn is a very popular Northeast Tallahassee neighborhood located in the southeastern corner of the large Killearn Estates subdivision. Homes in the Gardens for the most part were built in the 1990s, and most homes are more than 2,000 square feet of heated and cooled space with three or four bedrooms.
Just as we are seeing across the rest of the Tallahassee real estate market, home values are still falling in the Gardens of Killearn. And also like many other Tallahassee neighborhoods, the average recent home sales price has begun to stabilize. So how do prices stabilize while … (0 comments)
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Envision The Short Sale Paradigm To End Your Real Estate Problem - 12/19/11 09:29 AM
Everybody knows the basics of getting a home sold. Of course, everybody used to know that the Earth was flat and that the Universe rotated all around us. There have been many other examples in history where rock-solid beliefs were changed, and now I suggest you consider the short sale paradigm as a way to end your current real estate dilemma.
The image on the right was used by Thomas Kuhn when he coined the term "paradigm" as a way to illustrate the concept of how our perception of something can change when we look at it with different information. For … (8 comments)
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Discover What The Gold Rush Of 1849 Can Teach Us About Short Sales In 2012 - 12/16/11 11:54 AM
One in every six homes sold this year has been a short sale in Tallahassee. One in every three homes sold this year has been in some sort of distressed situation (short sale, foreclosure, pre-foreclosure, REO, etc.). As we roll into 2012, the landscape for people who want to sell a home is crowded with people and institutions that must sell homes. This is the type of environment that leads to falling home values.
We have had hundreds of people recently download our FREE 86-page e-Book "Should I Short Sale My Home," as more people come to realize it is a … (4 comments)
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Can We Really Trust The National Association Of REALTORS When They Revise Their Home Sales Figures? - 12/15/11 09:24 AM
Late Tuesday after, CNBC reported that the National Association Of Realtors released a statement acknowledging that their home sales reports have been OVER-COUNTED since January of 2007. That means everybody who relies on REALTOR reports for the US housing markets now knows that things are worse than they previously thought. Who would have thought such a thing could occur? [insert dripping sarcasm tone]
All the sales and inventory data that have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought -NAR spokesman Walter Malony
Basically, the NAR does not cull all of the home sales … (14 comments)
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The Zen Of Online Social Media - 12/14/11 09:03 AM
Online social media are "all the rage" on the internet, and many of us can admit that we spend far too much time perusing Facebook or another site to justify their overall benefits. But today I want to share a story about how the social networks are changing my business, and perhaps so many other businesses as well.
I have been using LinkedIn for several years now, and have connected with more than 1,200 friends and business contacts. While the purpose of today's blog post is not to discuss how Linkedin works, I just want to say that it is amazing … (2 comments)
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The Shocking Truth about Deficiency Judgments From Foreclosures - 12/13/11 10:08 AM
There is a real danger lurking around homeowners all over the country, and this malicious entity often leads to mortgage foreclosure and deficiency judgments. Is it a new bank? A new government program hiding behind the facade of a homeowner assistance program? Perhaps even a loan modification organization that caters to homeowners in distress ...
No, the real danger to homeowners who need to sell a home is apathy. It occurs after a homeowner has been attempting to sell a home at a price higher than the market will bear but before they are able to close on a short sale … (0 comments)
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2012 Housing Market Forecast - 12/12/11 07:59 AM
Every year around this time, I put together a real estate forecast and try to explain my expectations for the coming year. I am proud to say that I have been fairly accurate in my projections, and often times hit the nail on the head while many others in the Tallahassee housing market were calling for something entirely different.
Long-time readers of the Tallahassee Real Estate Blog will recall that my real estate forecast for 2011 called for falling home values and the potential for "worst year ever" for the total number of closed home sales. Currently, home values have fallen … (6 comments)
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Customer Service Champions Celebrate 2011 - 12/09/11 07:45 AM
Last night we celebrated. CENTURY 21 First Realty enjoyed it's 2011 year-end holiday party at Andrews 228 in downtown Tallahassee with dinner, drinks, and memories of a wonderful year in a difficult housing market.
One of the highlights of the evening involved a game we played called "Name The Agents" and the game board is shown at the right. This was blown-up to a poster size image, and party-goers had to correctly identify each of the CENTURY 21 agents simply by the silhouette and the clue given for each one.
The clue was merely the amount of time, in years and … (4 comments)
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November Real Estate Trends Report - 12/08/11 09:09 AM
Most of the real estate reports that we compile here come from data pulled from the Tallahassee MLS, but occasionally we go "all out" and get all the information on home sales in Tallahassee from the Leon County Property Tax Appraiser. I believe it is important to do this from time to time to ensure that our MLS information is accurately portraying real estate sales trends in Tallahassee.
Real Estate Sales Trends Through November In this first real estate graph, we simply plot home sales information from both the property tax appraiser and the Tallahassee MLS in order to see how … (4 comments)
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Best Tip For Getting Your Real Estate License - 12/07/11 09:52 AM
When people who are considering a career in real estate ask me about getting licensed, one of the first bits of advice they seek is "What real estate school should I attend?" This is almost always followed with a question about the choice between taking a live class versus taking the instruction over the internet.
When I first went to a real estate school to gain the knowledge to earn my Florida Real Estate License, there was no internet and no such thing as computerized exams. Everything was still very much a paper world, and the instruction that I received at … (4 comments)
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Hyper Local Neighborhood Reports Separate Fact From Fiction - 12/06/11 08:59 AM
Homeowners in the Ox Bottom neighborhoods are seeing a lower and slower housing market when compared to many of the other NE Tallahassee neighborhoods. This collection of traditionally very popular subdivisions has seen home sales slow faster than the rest of Tallahassee, and home values have dropped at a faster rate as well. Currently, there are 26 homes for sale in Ox Bottom, which includes the Deerwood At Ox Bottom Manor, Ox Bottom, Ox Bottom Gardens, Ox Bottom Manor, and Ox Bottom Reserve.
Home Sales In Ox Bottom Neighborhoods Home sales in the Ox Bottom Neighborhoods have picked-up slightly over last … (4 comments)
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Don't Be Fooled By Seasonal Changes In Real Estate Supply - 12/05/11 08:26 AM
This morning's weekly special real estate report shows a continued drop in both the real and relative supply of homes for sale in Tallahassee. This falling supply is good news for the entire market, in that the supply side appears to be working towards finding a balance to our historically low level of demand.
Just Released: The December Housing Report has been published and is available for download by clicking on the image to the right. This one page report shows supply and demand for homes in Tallahassee, by price range and area.
To provide some context for just how low … (2 comments)
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Tallahassee High End Homes Are In 27 Neighborhoods - 12/02/11 09:43 AM
When buyers want to shop for luxury homes in Tallahassee, they get a wonderful array of quality that cannot be found in other real estate markets at comparable prices. For example, a luxury home in LA would cost several million dollars, whereas the same luxury home in Tallahassee can be found at prices starting at $400,000. Lets face it, there are not too many high end home buyers in Tallahassee, so they get a terrific assortment of homes to consider.
So let's say that you are a high end home buyer and want to know where to shop in Tallahassee. Perhaps … (0 comments)
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New Purchase Agreements Show Housing Market Declining - 12/01/11 09:21 AM
According to the National Association of REALTORS®, pending home sales rose 18% from September to October and rose 3% over October 2010. As we have mentioned in previous posts, a home sale is classified as "pending" when a purchase agreement has been signed but the transaction has not yet closed, and typically the sale closes within one or two months of signing. The Pending Home Sales Index thus allows our readers to anticipate the market movement over the next few months.
In the South, pending home sales rose 8.6% from September to October and rose 9.7% above October 2010. In Tallahassee, pending … (0 comments)
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