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 owners tries to sell these houses in the shadow inventory before, however, they did not succeed, hence, they just gave up on it.
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. 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. 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.
Study: My Understanding of Options
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% 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.
Looking On The Bright Side of Sales
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. 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. While houses are less expensive to buy, and interest rates are at unprecedentedly low levels, the majority of ‘home buyers’ are first ‘home sellers’. Home purchases are for those people who want to have a new home and a new lifestyle with their family. Or perhaps their search has found a new local neighborhood with better schools, greater security, or other such factors. But first they must sell their existing home.