housing: 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)
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housing: North Central Florida Still Fighting Real Estate Imbalance - 05/17/11 08:59 AM
The Tallahassee real estate market report has been published at our Market Reports page and it shows a rise in the relative supply of homes for sale in Tallahassee. Today’s blog post will expand the report to include all of the counties covered by the Tallahassee MLS, including Leon County, Wakulla County, Gadsden County, Jefferson County and Franklin County.
Pending Home Sales The first place we’ll start is the trend of pending home sales, which is the monthly average number of new contracts being entered into the Tallahassee MLS. By tracking the trend of new contracts, we will get a feel … (0 comments)
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housing: A Real Study Of Real Estate Depreciation - 04/12/11 08:49 AM
Real estate depreciation in North Florida shows an average fall of 27% since 2006, but home values have dropped by as much as 67% in one North Florida zip code. The relative supply of homes for sale in our region remains near 18 months, and lackadaisical demand is the largest contributor to our problem.
We have been saying for quite some time (years) that the problem with the demand for housing actually is a supply-side problem, where home sellers are upside down in their homes and have no equity should they want to sell a home and move. Our measurement of … (0 comments)
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housing: How To Define A Balanced Real Estate Market - 02/18/11 06:27 AM
Real estate professionals seem to be in a agreement that a balanced real estate market occurs when the relative supply of homes reach a 5 or 6 month level. Currently, there are about 2,300 homes for sale in Tallahassee (MLS real supply) and last year, just under 2,300 homes were sold in the Tallahassee MLS during the year, thus we can measure the “relative supply” of homes to be about 12 months.
Recently, a reader from Montreal, Qc., Canada wrote me with a few questions about the basis of using 5 to 6 months as the measure of a balanced … (10 comments)
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housing: Rainers Vocal About Equity Sharing Solution To Housing Crisis - 01/17/11 09:43 AM
For those of you who missed my last blog post titled Equity Sharing Is A Solution To Housing Crisis, you might want to check it out before reading today’s follow-up article. The blog was featured on Active Rain and we received some good reader response. Not surprisingly, several readers thought the equity sharing plan to solve the housing crisis was not very good.
Most of the comments were sound and were legitimate concerns about undertaking such an enormous task to put an end to the housing crisis. I would like to list them and provide my take on their concerns.
… (2 comments)
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housing: A Sure-Fire Fix For The Housing Market - 04/30/10 09:16 AM
Today marks the end of the Homebuyer Tax Credit for people who still want to take advantage of the stimulus money that the government felt would cure a wounded housing market. Nobody can argue that the stimulus did not stimulate, but it certainly did not fix the heart of the problem. It seems as if we need to get a few “numbers people” involved in this solution.
Housing Market Needs To Stimulate Move Up Home Buyers For the sake of simplicity in this article, we will break potential buyers into two distinct groups. First time homebuyers (they do not currently … (0 comments)
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housing: Does Size Really Matter ... In Home Sales? - 07/23/09 06:59 AM
Somebody recently asked me if any size of home was selling better than the rest. For example, are smaller size homes doing fine in this market, and only the larger ones are recording real estate depreciation? She felt as if homes in her Tallahassee subdivision were being listed for sale, yet none were selling, and she thought that it was perhaps due to the abundance of supply of homes of that size.
So how does one answer this from an analytical posture, as opposed to just winging it based upon what appears to be happening “on the street?” I figured I … (4 comments)
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housing: How To Determine Changes In Real Estate Demand - 07/02/09 02:30 PM
Have you ever seen something that is so extreme that you think to yourself that you are truly witnessing something remarkable? No, I don’t mean have you seen UFOs flying over the back of your home or Big Foot running through the neighborhood, rather I’m talking about certain market conditions that defy all historic norms and trends.
Below is a real estate graph depicting the 365 day trend of daily home sales in Tallahassee going back to 1991. What this means is that each point on the graph represents one full year of sales (divided by 365 days) to generate a … (0 comments)
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housing: The Nation’s Housing Report - 06/24/09 08:50 AM
Every year, the Joint Center for Housing Studies of Harvard University puts together a report on the State of the Nation’s Housing. This year’s report was published a few days ago and I thought I would share some of the key findings of the report.
The executive summary states, very clearly, that the national housing report seems to parallel what we have been seeing here in the Tallahassee real estate market. It’s focus on the challenges of restoring demand for housing begins from the start of the housing report:
In the worst housing construction cycle since the 1940s), depressed demand … (0 comments)
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housing: 25 Ways To Get More Traffic To A Real Estate Blog - 01/25/09 02:11 PM
We have just posted the 25th Edition of the Real Estate Market Reports Blog Carnival. If you have not participated in the carnival, then you are missing out on a great way to drive traffic to your blog. Each week, the Real Estate Market Reports Blog Carnival gathers together localized information from real estate professionals all around the United States (and beyond). Our goal is to create a place with real information posted by real estate bloggers which is much more accurate than the consolidated MLS reports that NAR publishes.
There are hosts of other blog carnivals that you can submit … (8 comments)
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housing: How To Avoid Foreclosure - Video Advice From A Pro - 07/08/08 01:55 PM
re you in a situation that you never thought could happen to you? Are you worried about losing your property through bank foreclosure? If so, Century 21 First Realty in Tallahassee has created resource videos that explain your options and some processes that might be right for you.
If you are facing a possible foreclosure due to late payments on your mortgage, there are some things that you can do to get back in the good graces of the bank(s). You could:
Get current on your payments Work-out a loan modification with the bank(s) Ask the bank for forbearance (put the … (0 comments)
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