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. The house that were not sold are the houses which the owners tried to sell, however, they did not succeed and they just surrendered in selling these houses.
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.
However, the shadow inventory can be affected by the foreclosures (& pre-foreclosures), and homes, condominiums and townhouses. 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.
News For This Month: Houses
The Statistic of Federal Reserve Bank of Atlanta shows that the foreclosure in Leon county alone increased approximately 0.65% showing 2,860 houses, condos & townhomes to 3,220. Over 90 days late rose.34%, from roughly 1,110 to 1,330. Eventually, these homes will join the market and will show an increase trend in the shadow inventory.
Where To Start with Properties and More
Almost half of the houses in 2011 were taken off from the market since they did not sell. 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. 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. This oversupply has the effect of lowering overall housing values.
However, the level of homes for sale in Tallahassee can be affected by the drop of housing value which is caused by an oversupply. Because the houses are cheaper to buy and interest rates are at low levels, it explains why most home buyers are home sellers before. Most home purchaser are those who want to change their lifestyle, they most likely want to have a better home with their family. Or maybe, they just wanted to transfer to a better neighborhood or a better school. However, before they could purchase a new home, they have to sell their existing homes first.