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. These would be houses that the owners tried to sell, had no success, and so gave up, at least for the time being.
Based on his calculations, Tallahassee has at least a 2 year relative supply of ‘shadow inventory’ houses, and very likely a supply greater than 4 years, when these additional potential houses are considered. 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. Over the 4 quarters of 2011, the Federal Reserve Bank of Atlanta has conducted a survey where it shows the increase in number of houses over 90 days late in mortgage payments and the number of houses in foreclosure.
Foreclosures rose.65%, from approximately 2,860 houses, condos & town homes to 3,220 in Leon county. However, the 90 days late in mortgage payment increased by 0.34% from approximately 1,110 to 1,330. Soon, there will be an increase trend in the shadow inventory as soon as these houses will enter the market.
Almost half of the houses in 2011 were taken off from the market since they did not sell. Even though there are lots of houses that were re-listed, there are also which were not. These are all potentially waiting for an increase in demand to be put back up for sale. 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. The overall housing value can be lowered because of the oversupply.
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’. Most home purchaser are those who want to change their lifestyle, they most likely want to have a better home with their family. 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.
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