Distressed Home Sales Have Not Gone Away

Even though the Tallahassee real estate market recovery made a turn for the better two years ago, we are still dealing with a large number of distressed homes for sale that must be sold.

Short sales, foreclosures, pre-foreclosures, REO properties all still exist in abundance, and these distressed properties represent competition to the arms length home sellers who are ready to make a move.

So if you are thinking about selling a home in Tallahassee, make sure the listing agents that you interview are able to walk you though an analysis of the competition that you will face so that you can market your property accordingly.

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Where To Find Tallahassee Foreclosures In 2015

Though we are still days away from releasing our Tallahassee Foreclosure Report, the data that we’ve compiled has allowed us to produce a forecast on where you can expect to find distressed properties this year.

Many new homebuyers like to start by educating themselves on short sales, foreclosures and bank owned properties, and there is no better way to start this process than by looking at new lis pendens filings to identify the next wave of distressed properties that will likely hit the market.

Today’s report identifies the most active areas in Tallahassee for new foreclosure filings and thus where we expect to see the sale of these distressed properties next year.

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Buyers Will Find Fewer Distressed Properties In 2015

If you are planning on buying a home in 2015, you should expect to see fewer distressed properties for sale than the market has offered during the past five years.

As home values complete a second year of appreciation, more and more home sellers now have the equity to resolve the issues that were previously pushing past homeowners towards short sales and foreclosures.

So prepare for a market where the offerings are (for the most part) in better condition than what we’ve seen in the past few years and well-priced home sellers who are able to find multiple buyers for their homes.

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Is This A Reemergence Of The Shadow Inventory In Real Estate

Long-time readers of the Tallahassee real estate blog were introduced to the concept of the shadow inventory of homes more than five years ago.

A reader had asked me to explain what it was and whether or not Tallahassee was dealing with more than its fair share of homes that fit the description of “needing to be sold” yet not listed for sale in the Tallahassee MLS.

We explained that the real estate shadow inventory includes homeowners who are facing foreclosure, banks or lenders who have foreclosed on homes and now own them, homeowners waiting for the market to improve, and people who have failed to sell their home recently or in the past.

So five years later, with the Tallahassee real estate market recording a slow, continuous rise in the number of homes selling every day, where do you think the shadow inventory of homes stands?

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What The Recent Foreclosure Report Means For Tallahassee Housing

With the end of another quarter of home sales in Tallahassee, we have just recently updated our reports on lis pendens filings and foreclosure sales.

The trend of foreclosure sales is soaring, an unsurprising result of the past lis pendens filings that have occurred.

But a recent trend reversal on lis pendens filings is a cause for concern regarding the near future of home sales and values in Tallahassee.

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An Update On Short Sales And Foreclosures In Tallahassee

We like to keep a close watch on the inventory of distressed properties for sale in Tallahassee. It serves as an overall bellwether for the state of the Tallahassee real estate market, knowing that we have a lot of short sales and foreclosures that still must clear before our market can return to “normal.”

Overall, we are starting to see a non-seasonal decline in the number of distressed properties that are entering the market. I suspect this is good news, though there is likely some pent-up supply of short sales with upside down homeowners waiting to see what happens with the Mortgage Forgiveness Debt Relief Act.

Rumor has it that this will be extended in October, retroactive to include all of 2014 and continuing through all of 2015. Regardless, the numbers are looking better right now.

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Is There A Conspiracy To Control Distressed Property?

It appears that the surge of distressed property that entered the market in August of last year will be replicated in 2014, as the short-term trend of short sale and foreclosure listings is moving higher.

A conspiracy theorist might conclude that the large lenders holding the most distressed property inventory have withheld the bulk of their REO assets during the peak summer months in order to help real estate values recover, but I suspect they aren’t that organized.

Take a look at the again-changing landscape for homebuyers and sellers alike, as more than 1 in every 5 new listings in the Tallahassee MLS is being marketed as “distressed.”

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Which Tallahassee Subdivisions Should Expect The Most Foreclosures

In case you missed the announcement this weekend, we just released our foreclosure reports for the month of June.

During the process of compiling all of the lis pendens filings for the report, I felt it would be a good time to create a graph showing the Tallahassee subdivisions where we should expect to find the most foreclosures in the coming year.

While many of the “usual suspects” are listed, there were a few surprises as well.

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What’s For Sale In Tallahassee

If you have been thinking about buying a home for more than just the past few months then it is likely you have noticed a big change in what’s for sale in Tallahassee.

The inventory has been evolving from one glutted with short sales, foreclosures, and bank owned properties to a market filled with fewer homes and a declining inventory of distressed properties.

In other words, the Tallahassee real estate market is making its way back to “normal.”

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Distressed Home Sales Remain Steady

There is an interesting conflict developing for distressed home sales in Tallahassee. We are seeing roughly 30% of the homes selling each month come from short sales, foreclosures and bank owned properties, yet there are very few distressed listings entering the market.

That means buyers are flocking to a smaller pool of these below market properties, and we will soon see some changes occurring in what is closing.

Perhaps the big dip in buyer activity this summer can be blamed on the fewer offerings from short sale sellers.

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