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New Homes From Tallahassee Real Estate Agents

The owner at the Tallahassee Real Estate , Joe Manausa which is also known to be a blogger wrote the market conditions of homes which are for sale in his blog, it also includes the houses in the shadow inventory which was not sold. These would be houses that the owners tried to sell, had no success, and so gave up, at least for the time being.

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. Unless there is a drastic change in market conditions, or broad government intervention in the housing market, his predictions however are probably pretty sound.

Then, there are two factors affecting the shadow inventory; foreclosures (& pre-foreclosures), and homes, condos and townhouses taken off the MLS. According to statistics published by the Federal Reserve Bank of Atlanta the number of houses in foreclosure, and the number of houses over 90 days late in mortgage payments, both rose consistently over the 4 quarters of 2011 for Leon county.

The statistics show that only in Leon county, the foreclosure rose from 2,860 houses, condos & townhomes to 3,220 which is approximately 0.65% The study of the Federal Reserve Bank of Atlanta also shows the 0.34% increase in the 90 days late mortgage payment, from 1,110 to 1,330. Eventually, these homes will join the market and will show an increase trend in the shadow inventory.

The houses that were not sold in 2011, which is approximately half on the houses listed were removed from the market. Many were re-listed, but many were not. All of these houses that were not listed are waiting or the increase of demand in order for them to be listed again. Finding a buyer can also be tough, that’s why even though the homeowners want to sell the houses, they cannot do so because they can’t find a buyer. This oversupply has the effect of lowering overall housing values.

This drop in housing values heavily influences the level of demand of homes for sale in Tallahassee, Fl. While houses are less expensive to buy, and interest rates are at unprecedentedly low levels, the majority of ‘home buyers’ are first ‘home sellers’. 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. Or maybe, they just wanted to transfer to a better neighborhood or a better school. But first they must sell their existing home.
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