Tallahassee FL – When we look Tallahassee sales history for the month of April there is a usual upswing in sales and the start of the selling season begins.
What has happen this April 2012 to the selling season in Tallahassee? Instead of having a good start for the season home sales have declined and more homes have entered the market in April.
Tallahassee has seen already in March an increase of home inventory and April follows the trend of more homes entering the market. Supply and Demand regulates prices on the market and Tallahassee has no rosy future ahead as the trend shows.
Active Homes for Sale on the Tallahassee market: 3,653
Foreclosure and short sales still enter the Tallahassee market with heavily discounted prices and keeps prices in general down. To compete in this market many home seller have to adjust there asking prices down ward.
The Tallahassee unemployment rate which looks good at first view has fallen to 9.0% but still is higher as the national average at 8.1%. Not counted into the unemployment rates are the many unemployed who have fallen out of the system and are no longer eligible for benefits but have not entered the work force again.
What does this mean for Tallahassee?
Tallahassee is in a roller coaster ride and need to ride it out. Home prices have still not stabilized and the pressure on housing prices from foreclosure and short sales will continue.
Mortgage rates have fallen to record lows but it seems those low rates have no great influence on Tallahassee home buyer and lenders still have a tide lending standard which doesn’t help the housing market.
One of the good news is that Fannie Mae and Freddie Mac have followed Bank of Americas new time line requirement for short sales which only let us hope that short sale supply will faster exit the market and should help so the market bottoms out.
We hope that this Tallahassee market report gives you a better understanding and useful information in your real estate business in Tallahassee.
Please call as at 850-364-3946 if we can provide you any additional information.