News For This Month: Houses

Finding a Florida Home

In Joe Manausa’s blog, which is the owner in Tallahassee Real Estate, he wrote the conditions that needs to be followed regarding the homes for sale in Tallahassee, however, he also included about the homes that were not yet sold. The owners tries to sell these houses in the shadow inventory before, however, they did not succeed, hence, they just gave up on it.

Due to the calculation of Joe Manausa, Tallahassee has at least two years of house supple in the shadow inventory, and the supply would most likely reach four years when potential houses will be added. As the relative supply is based on the demand for houses, as determined by actual sales, it is hard to predict accurately the relative supply 2 to 4 years out. However, if the market conditions & the connection of the housing market with the government will change, the prediction of Joe Manausa will most likely come to reality.

Then, there are two factors affecting the shadow inventory; foreclosures (& pre-foreclosures), and homes, condos and townhouses taken off the MLS. The Federal Reserve Bank of Atlanta has conducted a survey where it shows that both the number of houses over 90 days late in mortgage payments and the number of houses in foreclosure has increased over the 4 quarters of 2011.
The Essentials of Houses – The Basics

Foreclosures rose.65%, from approximately 2,860 houses, condos & town homes to 3,220 in Leon county. Over 90 days late rose.34%, from roughly 1,110 to 1,330. These are all homes that will eventually enter the market, and shows a steadily increasing trend in the shadow inventory.
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The houses that were not sold in 2011, which is approximately half on the houses listed were removed from the market. Many of the houses that were removed were re-listed, however, there are also many houses that were not given the chance to be listed again. All of these houses that were not listed are waiting or the increase of demand in order for them to be listed again. The homeowners want to sell, but they cannot find a buyer. The oversupply can also affect the decrease in overall housing value.

The drop in housing value should not be taken for granted because it also affects the level of demand of homes for sale in Tallahassee. Because the houses are cheaper to buy and interest rates are at low levels, it explains why most home buyers are home sellers before. That is most home purchases are made by people who are looking for a new home to better suite their families or lifestyle, either to a larger, or smaller home. Another factor for these home purchases are those people who wanted to transfer to a new neighborhood or a new environment. However, before they could purchase a new home, they have to sell their existing homes first.