Falling Tallahassee Home Values Force Sellers Hand
Tallahassee home values continue to fall, and the window is closing for sellers who hoped to take advantage of the Summer selling season.
Historically, the surge of home sales that occurs prior to the launch of a new school year slows when it is no longer possible to buy a home and move in before the start of the school year. It is just prior to that point that we typically see sellers get their highest Tallahassee home values.
Using a little backwards planning, that magic date this year should occur near the end of June. Most people want to be in at least 1 week prior to the August 20th first day of school, and the average length of time it takes to go from contract to closing is between 40 and 50 days. That means we are only days away from that historical peak.
Tallahassee Home Values Continue To Decline
The real estate graph below shows that real estate depreciation in Tallahassee has not ceased. Average Tallahassee home values are approaching the $90 per square foot level, and everything points to a continuation of the 5+ year trend. If you want to sell a home, you are racing the clock.
Sellers must understand that there are more sellers than buyers in the market, and a rush of foreclosures, short sales, and bank owned properties are moving towards the market. Tallahassee home values are higher now than they will be next year!
Tallahassee Home Values Versus Prices
Often times, we receive reports on the average home price in Tallahassee and make the mistake of believing it has something to do with Tallahassee home values.
Prices are what buyers can spend right now (think low interest rates = higher price), whereas Tallahassee home values show what they can get for their money. Over the long-term, they generally move in the same direction, but they can oppose each other in the short term (as we are seeing now).
If you want to take advantage of the hottest time of year to sell your home (with the top Tallahassee home values), just contact me today for a free real estate strategy session.11 September 2013