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Chris Chaback - Tallahassee FL (Now Happening - Result of Low Ball Offers)

By
Real Estate Agent with Keller Williams Town & Country Realty

Hi All,

Wow...I learn something new everyday in this world of Real Estate.

It used to be back in the day...(2004-2006), that if a Buyer saw a home in the NE, NW, SE, SW of Tallahassee that they liked, they needed to make an Offer before anyone else did, or risk losing the house to another Buyer, or worse yet, getting involved in a competitive bid process.

This was the case no matter where the house, townhouse, or condo was...Summerbrooke, Ox Bottom, Waverly, Betton, Wolf Creek, Southwood, etc.

Now a new phenomena is occurring since there are so many listings on the market.  The NE of Leon County has has 1006 current Single (SFD) Family Listings.  There are 476 SFD on the NW side, 298 on the SE side (80 or 26% of those are in Southwood), and 208 on the SW side of town.  That is 1988 Single Family Homes for sale in Leon County.

The phenomena that is starting to show for the Buyers in the market has to do with Renters in the market.  We are starting to see Buyers who low ball the offer lose the house to a Renter.  Yes, there are Sellers on the Market who will Sell, Lease Purchase, or Rent their home.  Some are choosing the Renter vs the Buyer.

Yes, the Renter is getting the house.

Umm...what an interesting Real Estate Market....

Let me know if you have any questions or comments.  As always, you can reach me at 850.545.9317 or chris@ringtherivers.com

Until Next Time!

Chris

Comments (4)

Anonymous
Sam

The seller is in Denial, if you want to sell, you have to sell it at the highest bidder's price, which is the market price. From 1950 to 2000, Average homes are selling for 3.5 times average household incomes. Then in 2006, it sells for 5-6 times household income.  Real estate is in a bust, simply put it, not enough buyers at these inflated prices today.

Inventory situation is only getting worse, sales are falling fast in Tallahassee.  In the latest report, The units of home sold dropped 37% from 395 units to 248 units in Tallahassee

http://www.earthtimes.org/articles/show/news_press_release,206472.shtml

We had too much frauds involved in Real Estate to prop up the prices. And nationwide, 1 in 5 mortgages originated in 06 are in seious delinquency.

The best way to describe the real estate in Tallahassee last few years:  The prospect for profit is open-ended, and lacking a measuring stick, the human imagination tends to err in the direction of desire, envisioning boundless profits. Promoters further encourage imaginative excess, and so, in the natural course of things, a boom can easily turn into a bubble.The errors of the up cycle must be sorted out, recognized and auctioned off before we can call it a bottom.

Pain will continue in the real estate market in Tallahassee

Oct 28, 2007 12:47 PM
#1
Anonymous
mojo

I am wondering how much so call home price appreciation is real?

Here's two examples for Leon County Appraisor office

1. 181 LOVE RIDGE CT  ---   Bought in 04/2007 for 226,600    Sold in 07/2007 for $288,300

2. 6007 LOVE RIDGE DR ---- Bought in 11/2005 for 250,000    sold in  04/2006 for $325,000

In example 1, Home price gone up 27% in 3 months and example 2, home price gone up 30% in 5 months.

Question:  Two different prices on an identical home, and only 3-4 month apart, which one is the real price?

Oct 28, 2007 12:51 PM
#2
Gene and Rebekah Rivers
Keller Williams Town & Country Realty - Tallahassee, FL
The Rivers Team, Broker/Owner

Sam,

Thanks for your response.

I don't think any of us realy know what is going to happen...

Keep the comments coming.

Have a great day!

Chris

 

Oct 28, 2007 02:12 PM
Gene and Rebekah Rivers
Keller Williams Town & Country Realty - Tallahassee, FL
The Rivers Team, Broker/Owner

Mojo,

If I am not mistaken, the first sale of 181 Love Ridge had to do with a pending foreclosure.  The price of 226k was well below market at 118/sqft.

The 288k second sale price was above a little above market.  I don't know all the details.

I am not familiar with 6007 Love Ridge...but it does look interesting...from the MLS info and LCPA.  There was a renovation/updating that was done, but I don't know when that was done from the info I have...

It seems to me there were specifics to each property.

That is why we look at the whole picture...

Have a great day!

Chris

Oct 28, 2007 03:29 PM