Sales – Getting Started & Next Steps
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.
However, Tallahassee has at least 2 years of house supply in the shadow inventory, based on the statistics and calculations of Joe Manausa, however, the supply would most likely reach 4 years if the potential houses will be added. Actual sales has determined that relative sup0ple is based on the demand for houses, thus, it is tough to determine the relative supply in 2 to 4 years from now. 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.
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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. 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 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. Even though the homeowners want to sell the houses, they still 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. The explanation why most home buyers are home sellers before because the cost of houses are less expensive to buy and interest rates are at unknown low levels. 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 perhaps their search has found a new local neighborhood with better schools, greater security, or other such factors. However, before they could purchase a new home, they have to sell their existing homes first.