https://activerain.com/blogs/donpick Provide the Tallahassee Florida real estate community and public with analysis of current real estate market trends. Informative ideas for selling and buying homes, townhomes, condos and lots & land. en-us https://activerain.com/blogsview/1532037/is-now-the-time-to-buy-a-home- I have been a Realtor since 1980 and over a long period in my real estate career this was an easy question to answer.  During the late 1980's and 90's, you could expect an average of about a 3% increase in your home value per year depending on the location, condition, year built , etc.  Beginning in 2003, this all changed with an artificial rise in residential prices; not values.  Based on the sales prices of homes today, the real value of your home now is more closely aligned with home prices in 2002. "I WISH I HADDA......"  Or another way of putting it "Hind sight is 20-20".   In the late 90s and prior to the recent drop of real estate values, I often heard people say I wish I'd bought some beach property back in the 1980's and 90's.  Given the realities of today's economy, we know that the prices of beach properties have gone down.   But, looking back, we can all wish we would have taken advantage of opportunities in purchasing real estate.  The secret is knowing when to buy.  No one really knows what tomorrow has in store for us.  However, like a weatherman making predictions based on their indicators and experience, we can likewise make some educated projections. Our Tallahassee Metro Area (TMA - 5 surrounding counties)  median sales prices have done much better than the rest of the State of Florida averages.  In our area, we are staying close to the National averages.  Just a little refresher; the "median price" is half way between the lowest and the highest price.  The "average price" is just that, the average.  In 2009 the TMA average "resale homes" sold price was $198,719 and the median was $174,700.   Our median sales price has been about the same as the National median at $175,000 for the past eight months and the State-wide has been below $150,000.  In January there was the usual dip in the number of sales as in previous years with an upturn expected in March.  While this dip was 16% less than in 2009, our median sales price was 12% higher, which was the highest increase in the State of Florida. In December 2008 in Leon County there were 4 single family homes with 1400 to 1600 square feet, 2 car garage and no pool that sold for an average price of $172,000.  In July 2009 there were 27 like homes that sold for an average price of $179,000 and in December, 2009, 14 homes sold for an average price of $186,000........that is an 8% increase in 1 year!  This is a VERY POSITIVE sign for our Tallahassee real estate market.  KEEP IN MIND that this is not an across the board increase.  For 2008 in Leon County (not the TMA) there were 1850 single family homes that sold with an average sales price of $242,600 and a median sales price of $203,500.  In 2009, 1802 single family homes sold at an average price of $216,800 (10.6% decrease) and a median price of $185,000 (9% decrease).  So why the huge difference between the overall single family home decrease and the 8% increase in the model of a home described above?  In 2009, 57% of all the homes sold in Leon County sold for an average price of no more than $200,000.  A 3 bedroom, 2 full bath home with a 2 car garage, under $200,000 is the most popular home model. As to why the Tallahassee area has faired much better than most parts of the State, I think of two primary reasons.  One is our job base with the Capitol, FSU, FAMU, TCC and numerous other institutions' of education beyond high school.  Second is that Tallahassee, although a great place to live with a wealth of attractions to enjoy, is not considered a major tourist destination with a high demand of resort type real estate such as Naples and Destin where the bottom fell out, leaving a huge inventory of homes clogging the market. So........is it time for you to buy a home?  The Tallahassee home market is relatively stable with homes priced below (approximately) $300,000.  Homes in this price range are, as a rule priced fairly.  Mortgage interest rates are at record lows.  However, are the rates going to stay this low for long?  With several indicators pointing to market stabilization, it's very possible that interest rates will begin to rise.  If not soon, the only way they will go is up, eventually. So if you are waiting for the prices to come down......you just may be losing out, not only with a possible higher mortgage payment with a higher home price, or even a lower home price with a higher interest rate; but,  the joy of owning your own Home. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Sun, 07 Mar 2010 01:53:35 -0800 https://activerain.com/blogsview/1532037/is-now-the-time-to-buy-a-home- https://activerain.com/blogsview/1115559/busy-busy-busy I'm busy and other Realtors I have contacted this weekend have been busy.  Buyers from out of town have been contacting me; parents are looking to buy a condo for their kids for college.   Some buyers that have been waiting for the "right" time may realize it is passing, or has passed them by.  There are plenty of great buys and sellers are ready to do what they need to do.  It appears that mortgage interest rates are climbing a little each week......."What goes Up will go Down and what goes Down will go Up".....look at gas prices too.  College parents know they have to get their kids a place to live for early August and families needing to get settled before the local K to 12 schools open in August, as well.  Maybe all the current "busy" is also being stimulated by the procrastinators that suddenly realize that their time is short for that "buy of a life-time". Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc., 850-591-4725, donpick@aol.com    www.tallahassee-area-homes.com Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Mon, 15 Jun 2009 01:01:24 -0700 https://activerain.com/blogsview/1115559/busy-busy-busy https://activerain.com/blogsview/1106902/home-sales-increase We had the usual increase in real estate home sales in May in Tallahassee (Leon County), though fewer than May last year.  There were 153 single family homes sold compared with last year‘s195.  122 homes sold in April; so, our sales in May was a 25% increase.  In May the average single family home in Leon County sold for $224,099, and the average listed price was $237,835.  Therefore the average home sold for 94% of the asking price.  The median sales price for May was $179,000.  The median sales price is what most published homes sales reports use for comparisons.  That is the reason why some buyers coming to Tallahassee find our prices are higher than what they have read about.  The average days on the market was 131 days based on the last listed price.  If a listing is removed from the market and re-entered as a new listing, the days on the market starts ticking anew; therefore, the actual days a home is on the market is likely to be higher.   There are currently 201 homes under contract that are contingent upon likely either inspections or financing.  Additionally there are 137 that are (pending) about to close. The number of currently listed single family homes on the market for sale in Leon County is 1,733.  You don't have to be a mathematical wizard to recognize at the rate homes are selling, it will take a considerable time to bring that number down.  Sellers, working with their Realtor, need to do everything possible to improve the attractiveness of their home in the market place to attract buyers.  Primarily, pricing it to current market conditions. IT MUST BE THE BEST BUY.  It is expected that in the next several months we will see further increases in the number of homes sold before the normal seasonal slow-down begins in September. I frequently have been asked recently if we have bottomed.... "I think those properties that are on the market for under $400,000 are about at the bottom if they are priced were they should be in this market. For a buyer planning to purchase a home to live in, if he does not buy very soon, I think he will be "missing the boat".  Interest rates are very low and there are great dollar incentives for the first time home buyers.  Interest rates seem to be headed up and there is a deadline on the availability of the incentives. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Mon, 08 Jun 2009 07:59:20 -0700 https://activerain.com/blogsview/1106902/home-sales-increase https://activerain.com/blogsview/1093509/april-sales-report The Florida Association of Realtors has just released the April Single-Family Resale Sales report.  The Tallahassee Metro Area (TMA includes Leon, Wakulla, Franklin, Jefferson, and Gadsden counties) reported a decrease of 28% of number or sales compared to April 2008.  While this may sound bad, the January and February decreases were close to 40% and last April had a 29% decrease compared to 2007.  The worse number of sales decrease in the State was Gainesville Metro Area with a 40% decrease.  On the other hand, TMA had the best Median Sales Price comparison in the entire State with a decrease of 4% followed by Gainesville and Pensacola's 9% decrease.  Our median sales price in April was $182,000 and the State's average price was $138,500.  The Tallahassee Metro Area median sales price is higher than that of the National average of $170,200 and a lot higher than the State's over-all average.  Our values are continuing to hold better than most parts of the State. Looking at Leon County in April 2009 the number of sales of 104 single family resale homes was 23% less than last April, the average sales price of $231,256 was 5.6% less and our median sales price of $185,750 was 6.6% less than for April 2008. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc., 850-591-4725, donpick@aol.com    www.tallahassee-area-homes.com Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Thu, 28 May 2009 10:02:52 -0700 https://activerain.com/blogsview/1093509/april-sales-report https://activerain.com/blogsview/1088371/-now-is-the-time-to-buy- Have you ever met a sales person that told you otherwise?  No matter what the item is....a car, house, appliance, TV, etc......"if you don't buy today you will regret it later."  Yep, I am a salesman as well; but, I am a believer in informing the customer and letting them make the decision that best fits their personal situation.  Yes, even those that purchased a home at the peak of the market it was the right time for many of them for their personal needs. I have been sort of laying low in recent months in encouraging prospective buyers wanting to buy a home to do so; but, unsure if it was the right time.  Everyone would like to "buy low and sell high" and we know that does not always work.  Have the home prices bottomed-out, are interest rates going to get any lower and most important how secure is my job/business.  There is a saying that I think fits the current real estate market:  "Some People Make Things Happen, Some Watch Things Happen, while Others Sit around and Wonder What Happened".  So which one are you going to be? There are three things I saw in today's (Sunday) Tallahassee Democrat newspaper that might help you make your decision as to is it the right time.  On the front page was the news that pink slips have been sent out to State workers as a result of cut backs due to necessary legislative action.  In the Business section there is a chart showing that the consumer confidence index rose for the third straight month.  In the Real Estate Weekly the Consumer Mortgage Information page showed that interest rates remain below 5%.  Keep in mind when you see or read about interest rates, always look to see how many "points" are associated with the given rate. THE LIKELYHOOD is that interest rates will not get any lower and there have been signs of them creeping up.  The home prices right now are about where they should be with a typical normal 3% annual rate.  If home prices still go down a little and interest rates go up you are no better off.....it all balances out.  The last report of the percentage of jobless was down slightly.  It is becoming more frequent to see companies reporting a profit in the business section.  National economists are predicting a turn-around in the economy before the end of the year. For many of you, particular those that can benefit from "Stimulus" incentives, that have been waiting for the right time......"Now Is The Time". Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc., 850-591-4725, donpick@aol.com    www.tallahassee-area-homes.com Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Sun, 24 May 2009 03:14:09 -0700 https://activerain.com/blogsview/1088371/-now-is-the-time-to-buy- https://activerain.com/blogsview/1050166/march-real-estate-sales Our March sales of single family resale homes were down -22% compared with March 2008, which was the worse in the State.  So what!  They were down -37% in February and -31% in January.  In March 2008 the sales were down -29% compared with the previous year.  So, in reality, -22% looks pretty good and our March sales were up 60% from February.  Our Median Sales Price in March of this year compared with last March WAS THE BEST IN THE STATE!   Our median sales price was down -3% compared to the overall States -30%.  That is good news which the news media frequently overlook.  The fact of the matter is that in a lot of areas in the State, houses are being dumped........Ft Myers- Cape Coral sales increased 192% in March and their median price was down -58%.  We have the most stable real estate market in the State.  Our number of existing single family homes on the market is decreasing.  We are steady on our normal track for this time of year......with fewer sales.  While many local sellers feel that they are taking a great loss to get their home sold, they really do not realize how good they have it compared to much of the rest of the State.  Local buyers need to understand their purchase of a home here is a lot safer investment and those buyers purchasing homes where they are being dumped in other parts of the State.  Have you ever made a purchase of a discounted item that shortly thereafter it was further reduced?  It is all about VALUE. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Sat, 25 Apr 2009 08:37:23 -0700 https://activerain.com/blogsview/1050166/march-real-estate-sales https://activerain.com/blogsview/1050161/real-estate-seminar Coldwell Banker Hartung and Noblin, Inc. has already successfully provided two well attended, free to the public, real estate educational seminars in 2009. Their third Seminar, titled "Housing Stimulus:  Short Sales, Foreclosures, $8000 Tax Credit?"  will be held Tuesday, April 28, 2009, at the Tallahassee Board of Realtors, 1029 Thomasville Rd.   This Seminar features respected Tallahassee real estate attorney, Susan Thompson, of Smith, Thompson, Shaw, & Manausa, as key speaker.  Also appearing on the program will be well-known CPA, Rick Carroll, with  Carroll and Company, addressing tax issues.   Q&A session will follow, so prepare your questions! You don't want to miss this one!  We invite you to put this event on your calendar and plan to attend.   Seating is limited, so please register early by calling 850-386-6160 or go to the Coldwell Banker Hartung and Noblin web site.  We look forward to seeing you there. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Sat, 25 Apr 2009 08:34:16 -0700 https://activerain.com/blogsview/1050161/real-estate-seminar https://activerain.com/blogsview/936100/real-estate-investors We are all aware there were a lot of real estate investors that made a lot of money buying and reselling, and frequently before construction was completed.  Those were the ones that were really knowledgeable of the market; or maybe, just plain lucky.  Then there were those that just got caught-up in the frenzy, didn't know when to get out, when the getting was good and got stuck with a lot of liability.  There are a lot of them particularly in the State of Florida.  When it gets to a point where they cannot, or elect not to continue to pour more money into a seemingly investment gone badly they look for a way out.  If they already have a loan on the property and cannot sell it, they consider just letting the bank/lender foreclose.  Then the lender gets property they do not want.  If the Investor contracted on a property to be built with a deposit, they may consider just walking away from the deal and breaking their contract likely forfeiting their deposit.  And the developer gets the property back that they do not want. Compared to the Stock Investor, the Real Estate Investor seems to have it pretty good.  In both cases of purchasing and getting a loan or contracting with a deposit, the Real Estate Investor has paid out a small fraction of the total cost of the property and can get out with only the loss of a fraction of the total property purchase/contracted price.  In purchasing stock you pay the total cost up front and it is yours no matter whether it goes up or down in value.  And like the Real Estate Investor you buy it with either the knowledge or belief that it will go up in value and make you a good profit.  But you cannot just give it back to your stock broker or get him to pay you back all or part of your loss should the value go down.  On the other hand if the value went up you would not share your profit with your stock broker or the Real Estate Investor with his Realtor. The Real Estate Investor that puts down a deposit on a contract for a property to be completed in the future is much like the Stock Investor that invests in the Futures Market.  Here the investor has a margin account with the brokerage firm.  He buys a number of shares of stock paying only a fraction of the cost of the total value, again like real estate with the knowledge or belief that the value will go up.  Unlike a real estate investment......there is no walking away if the value goes down only losing the fractional value.  Your margin account is insured by ALL YOUR ASSETS. Whether it be a real estate or stock investment there is no assurance that the investment will be profitable.  In both.....IT IS A GAMBLE. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc., 850-591-4725, donpick@aol.com    www.tallahassee-area-homes.com Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Mon, 16 Feb 2009 02:06:32 -0800 https://activerain.com/blogsview/936100/real-estate-investors https://activerain.com/blogsview/888641/home-mortgage-money-plentiful The news you read and see on television about the housing market and getting a mortgage to purchase a home is NATIONAL NEWS.  Yes we have large supply of homes available to purchase in the Tallahassee area and we also have lenders that HAVE PLENTY OF MONEY to loan for a home purchase to those that qualify.  The days of the "easy money" from a lender are yesterday's poor business practice. The general economic turmoil of our country has created a lot of misinformation and resulting confusion regarding the real estate market and our very healthy lenders in the Tallahassee area.   Coldwell Banker Hartung and Noblin will be giving educational seminars in 2009 to alleviate some of that confusion and share factual information applicable to our local real estate market.  The first in the series will be about home mortgages and all about obtaining financing for a home purchase or refinancing your current home.  Thursday January 22 is the date for the first seminar entitled "Mortgage Money and Lots of It".  You can easily register by call 850-386-6160 or online at the Coldwell Banker Hartung and Noblin web site.   You need to register since seating is limited and refreshments will be provided. The seminar will be held at the Tallahassee Board of Realtors at 1029 Thomasville Road from 6 to 7:30.  There will be panel of loan experts from BB&T, Ingle Mortgage, Capital City Bank, Peoples First and Premier Bank. The seminars are planned as educational for you and ARE NOT SELLING oriented.  Neither your registration nor your attendance will be used as a prospect to contact. There will be opportunity for Q&A during the session, so come prepared with all your questions! Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Mon, 19 Jan 2009 00:37:58 -0800 https://activerain.com/blogsview/888641/home-mortgage-money-plentiful https://activerain.com/blogsview/773403/five-year-home-sales-review The following is a five year review of the Tallahassee Metro Area single family detached homes, both new and resale, beginning with the third quarter of 2003.  Up to this quarter our real estate market in the Tallahassee area was very stable. The average median appreciation was between 2% to 7%, the supply of homes and number of sales holding a parallel amount and a usual time on the market of about sixty days.  Everything stayed in good balance through the end of the third quarter of 2005 except for the median appreciation which ended 2003 with 10% and rose to 18% in 2005.  Greed had entered the real estate market place in the 2003 through 2005 period with investors aplenty.  Stocks had lost their luster beginning in about 2000 with the fall of the dot coms and real estate had always been a very good investment.  So everyone joined in the buying frenzy to move up to a bigger home, buying a vacation home, rental properties and just speculating by buying and putting property back on the market at a higher price or just contracting and "flipping" for a quick profit.  The wise investor got out of the real estate market in 2005.  The ones that did not, you know the rest of that story.  Since the end of the third quarter of 2005 the number of homes for sale has doubled while the number of sells has dropped more than half.  The median appreciation dropped to 8% in 2006, 2% in 2007 and so far in 2008 it has dropped about - 7%.  The supply of available homes has increased about five fold which is over a years supply.  While the number of homes on the market has leveled out since the end of the second quarter of 2007, the number of homes sold has continued to drop during this period.  Additionally, there are more homes coming on the market every day and fewer buyers.  It is a great buyers market with plenty to select from, great interest rates and plenty of home mortgage money. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Tue, 04 Nov 2008 00:42:18 -0800 https://activerain.com/blogsview/773403/five-year-home-sales-review https://activerain.com/blogsview/773398/florida-sales-report-for-september I just received the Florida Sales Report for existing single family homes for the month of September.  This is the first month in over a year that our number of sales of resale homes have exceeded the previous year's report.  While it was only a 3% increase, it certainly is a good sign; however, we have a long way to go.  Another encouraging sign was the Orlando Metro Area with a 51% increase over September 2007.  This was expressed in the article in Realytimes that expressed the Orlando area real estate market was really hot.  Hopefully this trend will move this way.  The National and State-wide number of sales has been in a relatively steady decline for over a year and September was no exception.   The Tallahassee Metro Area has a seasonal fluctuation and declined as well.  I liken our real estate market to an ocean wave that starts building in January, peaks in the June-July period and then drops to an ebb for the remainder of the year.  From what I see so far in the October period, sales will likely remain about the same as September.  It really is a ripe time for the buyers.  The asking prices are down considerably, the interest rates are low with lenders with plenty of money for home mortgages and there is a huge selection of inventory from which to choose.  Sellers need to make sure they have their homes priced right to sell and in move-in condition.   For Example, in the NE Leon County area, when priced right homes sold for 96% of the most recent listed price in the past two months.  In the NE, as of 29 October for the month, there are 898 homes available, 41 with Contingent contracts, 30 Pending to be closed and 41 Closed.  This gives us about a 18 month supply for the NE. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Tue, 04 Nov 2008 00:39:42 -0800 https://activerain.com/blogsview/773398/florida-sales-report-for-september https://activerain.com/blogsview/747676/homes-are-selling- Not as many as we would like; but, the fact remains there are homes being purchased by BUYERS that are looking to purchase.  They have a smorgasbord of 1,974 homes currently on the market for sale in Leon County.  Now if you are a SELLER, with the help of your Realtor, you need to take heed to the advice appraiser Greg Lane has given in my earlier blog entry.  Single Family home sales in Leon County thus far in October are just a little less than the same period in September.  There have been 58 homes that have closed so far compared to 67 closed during the same period last month.  In the same period in October 2007 there were 83 homes that closed.   Currently there are 93 homes that have contracts Pending to close and 107 with Contingent contracts. If you are a BUYER, a recent quote by Warren Buffett in an article in the New Youk Times is just as apropos to you buying a home as his buying of stock. "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful."  And we are all aware there was plenty of greed in the real estate market of recent years by all evolved.  And now the buyers can benefit from others folly.  There are plenty of homes available at bargain prices.  A good example is the currently advertised 10 day sell that Coldwell Banker has been conducting as well as many others advertised in real estate publications and online advertising.  Another major consideration that Buyers need to be aware of is that mortgage lenders have plenty of money to provide you with very low rate home mortgage loans in the 6% range.  Another quote of Buffett's can relate to the mortgage rates as well.  "So if you wait for the robins, spring will be over."  These low interest rates may not last in the months ahead as related in an article in RealtyTimes and in past history of rates have increased following general elections. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Sun, 19 Oct 2008 04:46:38 -0700 https://activerain.com/blogsview/747676/homes-are-selling- https://activerain.com/blogsview/747669/appraisers-advice-to-selling- Greg  Lane, Appraiser with Timberlane Appraisal has provided the following advice to those trying to get their homes sold in this difficult market. During the real estate boom years, it was much easier to market and sell a home without any professional assistance.  Once you found a buyer, you could put the necessary pieces of the closing package together, find a helpful title company, pray the buyer was working with a local lender, and close the transaction.   However, in today's market, you will never put a fingerprint on the closing table if you home is not priced right to begin with.   In fact, studies have proven, and my professional appraisal experience supports, the fact that homes which are initially priced too high will eventually sell for less due to an excessive marketing period.   The first 30 days represent the crucial time period in the listing of the house.   My Realtor friends use the donut analogy, it is best eaten when the sign says HOT, and every hour after that moment, that donut looks less and less appealing.  Local Realtors use the terms "stale" or "dog" listing to refer to a property which has been listed too long.  My wife uses the analogy of the two (or ten) times when I left clothes in the washer too long, they soured.  Buyers start to ask, "what is wrong with the home" when it has been exposed to the market for an excessive amount of time without a contract.  Don't let your home become one of these listings, use the current market and other sellers' 2006 pipe dreams to your advantage.   You ask, "how can I use what some describe as a "declining market" to sell my house".   First, get a Realtor, trying to sell without an agent in this market is like going into battle without ammunition.  Second, forget the old school notion of pricing the home higher so you can "come down" in price that does not work in the current market.   Finally, use the 5/10 formula to your advantage to keep your listings from getting lost in the crowd.   This is easy math, no fancy algebraic equations, no word problems.   Simply take the list price of your nearest competing homes, those as close to the quality, condition, lot size, etc. of your home and subtract 5%.   Listing your house for 5% less than your closest competitors will generally create activity.   If you want even more activity, potentially a quick sale, subtract 10% from your nearest competitor's list prices and get ready to pack.   This may seem over simplified, and it certainly does not work in every case, but it is very effective in neighborhoods of homogeneous homes.  These days, most of the contracts that come across my fax are those homes which were priced 5% below the competition; they were picked up on the radar of incoming buyers.   Make sure your home is listed (flying) below the crowd (clouds), so you get picked up on the radar of today's informed buyers. Ask yourself, do you really want to sell, because pricing up the clouds will cost you and your Realtor wasted time and money, it is not worth it. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Sun, 19 Oct 2008 04:42:08 -0700 https://activerain.com/blogsview/747669/appraisers-advice-to-selling- https://activerain.com/blogsview/709834/august-florida-sales-report The Florida Association of Realtors Media Center has released the August Statewide Sales Report for August.  It shows the Tallahassee Metro Area August sales of 156 single family homes was a 42% drop of last August sales; however, this is part of our normal annual cycle of sales.  Last year's big drop of 37% was in September.  So far it appears that sales in September will remain about the same as August.  Our Median Sales Price dropped to $186,700 where it was in March and April of this year and this does not seem to be very significant as of this date.  In September; however, it appears that the Median Price will continue its slide downward.   On the bright side is the continued very gradual drop in Active homes for sale; which again is a usual trend for this time of year. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Thu, 25 Sep 2008 22:42:03 -0700 https://activerain.com/blogsview/709834/august-florida-sales-report https://activerain.com/blogsview/698092/august-real-estate-update On the bright side of reviewing the Tallahassee Metro Area's real estate activities was the continued slight decline in the number of residential properties on the market for sale for the past few months.  The Tallahassee Metro Area is made up of five counties.  There are currently over 4200 residential (single family, condo & townhouse) properties for sale. There were 257 residential properties that closed in August which is about 6% of what was on the market.  In Leon County, alone, there were 151 single family detached homes sold.  There are currently 2106 active single family listings with 118 with Contingent contracts and there are 125 additional listings with Pending contracts.  In Leon the average DOM (days on the market) is 144 days.   Sellers may need to be asking their Realtor what they can do to try to attract a buyer so they can be part of this very small successful group of sellers each month.  What are they doing that you are not?  This past twelve months closed sales were down about one-third compared to the previous twelve month period.  While property Location and Condition play a very important part in attracting buyers, the number one factor in today's market is PRICE.  Your listed price needs to be lower than other comparable properties currently for sale and those that have previously closed in the past three months.   That is, if you are truly interested in getting the property SOLD!  Many sellers are still wasting their time with their over priced and "not ready for the market" homes, with little chance of attracting a buyer. Below are the appreciation values back to 1994 for Leon County.  You might find this can give you a "ball-park" current value.  There are other factors that come into play in determining a good Listing price that your Realtor can be of help.   Another consideration is having your property appraised. Annual Single Family Appreciation for Leon County 1994    6% 1995    .2% 1996    10% 1997    2% 1998    2% 1999    3% 2000    7% 2001    8% 2002    6% 2003    15% 2004    8% 2005    19% 2006    8% 2007    -04% 2008   -5% through August Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Thu, 18 Sep 2008 10:59:39 -0700 https://activerain.com/blogsview/698092/august-real-estate-update https://activerain.com/blogsview/697927/home-mortgage-benefit-from-fay I recently received an email from Dana Cummins, mortgage loan officer, with BB&T that relates some great home mortgage opportunities for residents of Leon and Wakulla Counties.  She states due to Tropical Storm Fay, the following counties in Florida have been declared disaster areas:  Brevard, Duval, Hendry, Lee, Leon, Okeechobee, Seminole, St. Lucie, Volusia and Wakulla.  This means that until August 23, 2010 you do not need to be a first time home buyer to qualify for a bond loan or down payment assistance.  Also, previous owners will not be required to take the 6 hour face to face homebuyer education course.  Buyers still must meet income guidelines.  There are 3 sources of down payment assistance:  (1) $10,000 second lien which is deferred, (2) $5000 second lien that is repayable over a 10 year term, and (3) a 3% grant (free money). There is also a community Heroes option if you are employed by law enforcement or fire department, hospital, nursing home or long term rehab care, military veteran or active duty personnel.  The interest rate is slightly lower for this option.   Maximum Sales Price and Income limits vary by county.  You may want to call Dana for more details for qualifying for one of the money saving loans. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Thu, 18 Sep 2008 09:03:27 -0700 https://activerain.com/blogsview/697927/home-mortgage-benefit-from-fay https://activerain.com/blogsview/676863/lake-jackson-property-values With all the water that Fay brought, you would think Lake Jackson would have greatly benefited not only from the rain that fell into the lake; but the primary contributor, natural run off from the surrounding terrain.  According to the article in Monday's Democrat, the lake's level only increased about four feet.  With reported rainfall of eleven plus feet recorded, what happened to all the water?  Some want to blame the holding ponds; however, the county's stormwater management coordinator I think rightly rejects that theory and says it percolates into the groundwater; which may make its way into the lake.  So what does all of this have to do with the property values for those that have waterfront homes on Lake Jackson?  A WHOLE LOT!   I am sure you could ask any Realtor, Appraiser and the Leon County Property Appraiser and they would all agree.  You can't convince a prospective buyer that property that previously had a wonderful lake on the property will ever have it again.  Especially if they have read how suggestion after suggestion as to a possible fix has received the "cold shoulder" from the "powers that be."  Those same "powers" warm-up to those property owners having a problem with their homes flooding recently and in the past such as Lafyette Oaks.  These owners likely will or have had the value of their homes affected.  The "powers" take action with this flooding problem with the construction of retention (holding) ponds.  Some have greatly alleviated the flooding problem to the benefit of those affected property owners as has Lafvette Oaks.  So why is it that these individuals with flooding problems (many in locations that never should have been permitted by government agencies to be built on in the first place) be assisted at great public expense and NOT ASSIST THE LAKE FRONT PROPERTY OWNERS?  Especially since two of the suggestions of fixing the lake problem, namely of filling the sinkhole or building a berm around it, would be rather inexpensive.  The fact of the matter is that some of the waterfront property owners have expressed that they would contribute to the cost.  Personally I don't agree that the cycle of draining is a natural thing that ought to be left to nature. That same reasoning is not used in unnaturally digging holding ponds that alter the natural flow of water across the terrain. I grew up in a small agricultural town in South Florida, Pahokee, on the eastern shore of Lake Okeechobee.  The lake was wonderful back in the days of the 1940s and 50s.  The water clear, with a ting of brown from natural tannic acid and very abundant of fish and other wildlife.  The lake was a destination for many fresh water fishermen from all over the United States.  Doesn't that sound familiar to those of us that have lived in Tallahassee for many years with our own Lake Jackson?  All those nationally sponsored bass tournaments - which are no more. With all the water that Fay brought, you would think Lake Jackson would have greatly benefited not only from the rain that fell into the lake; but the primary contributor, natural run off from the surrounding terrain.  According to the article in Monday's Democrat, the lake's level only increased about four feet.  With reported rainfall of eleven plus feet recorded, what happened to all the water?  Some want to blame the holding ponds; however, the county's stormwater management coordinator I think rightly rejects that theory and says it percolates into the groundwater; which may make its way into the lake.  So what does all of this have to do with the property values for those that have waterfront homes on Lake Jackson?  A WHOLE LOT!   I am sure you could ask any Realtor, Appraiser and the Leon County Property Appraiser and they would all agree.  You can't convince a prospective buyer that property that previously had a wonderful lake on the property will ever have it again.  Especially if they have read how suggestion after suggestion as to a possible fix has received the "cold shoulder" from the "powers that be."  Those same "powers" warm-up to those property owners having a problem with their homes flooding recently and in the past such as Lafyette Oaks.  These owners likely will or have had the value of their homes affected.  The "powers" take action with this flooding problem with the construction of retention (holding) ponds.  Some have greatly alleviated the flooding problem to the benefit of those affected property owners as has Lafvette Oaks.  So why is it that these individuals with flooding problems (many in locations that never should have been permitted by government agencies to be built on in the first place) be assisted at great public expense and NOT ASSIST THE LAKE FRONT PROPERTY OWNERS?  Especially since two of the suggestions of fixing the lake problem, namely of filling the sinkhole or building a berm around it, would be rather inexpensive.  The fact of the matter is that some of the waterfront property owners have expressed that they would contribute to the cost.  Personally I don't agree that the cycle of draining is a natural thing that ought to be left to nature. That same reasoning is not used in unnaturally digging holding ponds that alter the natural flow of water across the terrain. I grew up in a small agricultural town in South Florida, Pahokee, on the eastern shore of Lake Okeechobee.  The lake was wonderful back in the days of the 1940s and 50s.  The water clear, with a ting of brown from natural tannic acid and very abundant of fish and other wildlife.  The lake was a destination for many fresh water fishermen from all over the United States.  Doesn't that sound familiar to those of us that have lived in Tallahassee for many years with our own Lake Jackson?  All those nationally sponsored bass tournaments - which are no more.  The U.S. Corps of Engineers and the Central & South Florida Flood Control District heard the loud voices of the rich agricultural interest and others with special interest, started building a huge network of canals and pumping stations.  This was done to rid the Glades of all that water that was a problem for agriculture and later residential development to the east.  They even "straightened" the Kissimmee River to speed the flow.   Now, government is spending billions of dollars to try to reverse the harm done.  It is time for our local and State government agencies to take action to restore Lake Jackson to where it once was as a real gem.   Maybe our County commissioner that campaigned for election that he was going to make Lake Jackson restoration one of his points of focus, will finally rise to the occasion of his promise to us, the voters that helped elect him. The U.S. Corps of Engineers and the Central & South Florida Flood Control District heard the loud voices of the rich agricultural interest and others with special interest, started building a huge network of canals and pumping stations.  This was done to rid the Glades of all that water that was a problem for agriculture and later residential development to the east.  They even "straightened" the Kissimmee River to speed the flow.  Now, government is spending billions of dollars to try to reverse the harm done.  It is time for our local and State government agencies to take action to restore Lake Jackson to where it once was as a real gem.   Maybe our County commissioner that campaigned for election that he was going to make Lake Jackson restoration one of his points of focus, will finally rise to the occasion of his promise to us, the voters that helped elect him. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Fri, 05 Sep 2008 14:21:53 -0700 https://activerain.com/blogsview/676863/lake-jackson-property-values https://activerain.com/blogsview/670697/positive-housing-sales-trends This article published in Realty Times Positive Trends in Housing Studies by Kenneth R. Harney gives some very positive signs in the national housing market. It relates that home sales in July were mostly up in all areas except for the South.  And as I related in an earlier report, July resale homes in Florida were slightly more than July last year.   Hopefully this national swing will come our way.  But, be mindful the Tallahassee area real estate market typically, sort of, goes to sleep from September until the first of the New Year.  So, if you have a home that must get sold soon, you need to be sure it is priced lower than any other is the area that is currently on the market and any that has recently sold and  must be in showroom condition. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Tue, 02 Sep 2008 03:10:06 -0700 https://activerain.com/blogsview/670697/positive-housing-sales-trends https://activerain.com/blogsview/666827/tallahassee-metro-area-july-update The Florida Statewide report of existing (resale single family) home sales for July gives you a good insight of what is happening in the entire State.  This report is published every month about the 25th and reports the previous month's data.  It is very encouraging to see a good number of Metro Areas through out the State are showing an increase of sales for July 2008 compared to last year.  The Tallahassee Metro Area showed a minus 13% when compare with last years number of sales; which, is also the Statewide average.  Of note: the Tallahassee Metro Area (TMA) includes Leon, Gadsden, Wakulla, Jefferson and Franklin Counties.  The report also shows the Median Sales Prices where our TMA continues to show we have the most stable market in the entire State.  In July it was $205,900 compared to last years $210,200.  A look at our TMA sales number of resale homes shows a range of 150 last September to 169 for the remainder of 2007 and a drop to 120 in January with a very good climb to 218 in July, which is the usual trend for these months.  An expected signification decrease can be expected for August based on current reports, as of this date, and continue for the remainder of the year, which is a norm. Our number of active single family homes, both new construction and resale, continues to be in the 3,000 to 3,400 range.  There has been an average of 233 homes, resale and new, sold per month for the past 12 months.  The average sales price was $235,728 which was 96% of the last listed price for an average of 107 days on the market.  If a listing is cancelled by the Realtor and reentered as a new listing, for marketing purposes with maybe a price reduction, that date starts the number of days on the market all a new and the resulting reported days on the market for that property is not accurate.  You do not have to be a mathematician to see we have a huge supply of homes to sale and with our current economy will likely take a few years to level out the market.  For sellers that REALLY want to sell you need to take note.  Our real estate market has certainly changed and the old response of the 3 most important things in real estate, (location, location, location) has changed to location, condition and price. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Sat, 30 Aug 2008 03:07:16 -0700 https://activerain.com/blogsview/666827/tallahassee-metro-area-july-update https://activerain.com/blogsview/650453/is-that-home-really-green It seems that all the developers and builders are declaring their products are GREEN.  Going Green is a very popular buzz word right now.  Read is very interesting article by Richard Thompson  describing the many aspects of green construction. Thompson owns Regenesis, a management consulting company that specializes in condominium and homeowner associations.  It really would be a great checklist to use in examining some developments to see how "green" they really are. Jane Bixler Conn, Realtor with the  Capitol Green Building Group stated that only a certified home can be called Green.  The only certifications currently available are the Florida Green Building Coalition (FGBC) and LEED, with NAHB finalizing their requirements. Also, only a development that had gone through the certification process can be called Green.  There are less than a dozen in Florida.  One can certify a newly completed home.  One can not certify a subdivision after completion. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Wed, 20 Aug 2008 01:45:41 -0700 https://activerain.com/blogsview/650453/is-that-home-really-green https://activerain.com/blogsview/647090/tallahassee-florida-summer-real-estate-market-report REASONS  FOR CURRENT MARKET Everyone knows the lending industry's very risky mortgage loans are to blame for this terrible real estate market we are having...........right?  Yes, some lenders did make some very risky loans that have contributed considerably to the situation.  Our poor real estate market is the result of far more than those bad loans.  It is the total economic situation worldwide.  Countries like China, India and Brazil are experiencing a greatly improving economy and now are competing with us for petroleum, food, steel, cement and other commodities.  The supply and demand principle steps in and the price of it all goes up and the additional cost of the necessities takes away moneys that were available in recent years to go toward the cost of purchasing and paying for a home and maybe a second residence.   This may well be the case with some homeowners making payments on their current home.  Everyone is going to have to learn to live with LESS.  Smaller homes and more efficient transportation for sure.  While we are seeing some strides made in improving our mortgage lending industry, the bigger economic problems are not going away and  likely will get worse.  We all need to learn to cope and LOOK FORWARD as to how best to improve  our real estate industry and our personal self and not LOOK DOWN as to where we are or BEHIND as to where we were. CURRENT MARKET CONDITIONS Yes, our real estate market will improve as it did following the late seventies and early eighties downturns.  But when, and what will it be like when it is "improved?"  While no one can really tell you when and what it will be like, I have some ideas.  For one thing, if anyone thinks the selling price of residential properties is going to bounce back to much higher selling prices than we have today, any time soon .......you are wishful thinking.  The median price of a resale home in Leon County was in the $225,000 range from two years ago until the first of this year when it dropped to just above the $200,000 range and since then has averaged $205,000.  The average price was in the $250,000 range during the same period, likewise dropped after the first of the year to $225,000 and has had some bounce for an average of $241,629 for the past six months.   While the selling prices have dropped somewhat, they seems to be holding.   We will begin our annual slow period of the year in September and likely will experience a little more drop.  In the first of the year there likely will be an increase of buyers purchasing for their residential home needs.   However, the secondary housing market likely will remain flat.  While a number of sources have indicated a pick-up in the market in 2009, I doubt very seriously we will see a significant selling price increase.  We just have too large of an inventory that will hold back much change in the selling price.  We currently have 1,885 single family homes listed for sale in Leon County.  Since the first of this year 1,026 listings in MLS sold, 147 a month and in the past 12 months 1,729 sold, 144 a month.  Therefore, less than 8% of the homes listed for sale will sell each month. ADVISE TO SELLERS The first thing sellers need to determine is  just how bad you want to sell.  In other words just how motivated are you.  Are you willing to do what you have to do for your home to be in that 8%  that attract a buyer?  I see a lot of properties on the current market that the sellers are really kidding themselves if they think a buyer will be interested in making an offer when there are so many other properties that have been priced right and in move-in condition.  The primary factors beyond location, which there is nothing you can do about, is price and condition.  The price needs to be in line with other comparables recently sold and/or less than the asking price of current competing properties.  The property needs to be in top condition with all notable repairs done and be attractive to a buyer.  That may include "staging", which is a fancy word for getting rid of a lot of your clutter, maybe some painting and giving the living area a model home look.  Your Realtor may assist you with this or help you find a prosessional.  Hopefully, you selected a Realtor to assist you based on their track record and knowledge of marketing real estate and not one that's listing it at a price and terms that sounds good to you.  Many top and very wise Realtors are walking away from listing opportunities that they know are not likely to sell any time soon at the price and expectations of the seller.   The seller that selects an agent that will take the listing at whatever price and terms that sounds good can expect a long relationship without a prospective buyer.  VERY important in attracting a buyer is to make sure there is EASY accessibility to the property; otherwise, if they don't see it, there can be no opportunity for interest.  Many sellers put-up "road blocks" that prevent the property from being shown.  Recommend you go over a printed MLS property listing with your Realtor to get rid of as many of these "road blocks" as possible; and, check to make sure the directions to your home are understandable.   And, there is just so much more help that your Realtor can assist you with in marketing your home. BUYERS TAKE NOTE There is great opportunity for buyers in the current "Buyers Market".  First, the mortgage fixed interest rates are still in the 6-7% range and recent mortgage lending policies and regulations changes can insure you a "safe" loan.  It has been said in the past that the interest rates usually go up after a general election.........whether it will be true or not.....we shall see.  But, do you want to risk that it is not going to happen?  And, there are lots of properties from which to choose.  Your Realtor should be able to provide you with the necessary market statistical data to assist you in the purchasing process in making an offer, once you have made your choice.  Remember though, Tallahassee is NOT considered a "declining market" as is most of the other parts of Florida.  Most sellers are not desperate; however, most realize they may have to make some concessions. Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com    Search the entire Tallahassee Area Real Estate Market. Don Pickett (Coldwell Banker Hartung & Noblin, Inc) Mon, 18 Aug 2008 03:18:28 -0700 https://activerain.com/blogsview/647090/tallahassee-florida-summer-real-estate-market-report