Good real estate market, or bad? Yes.

More homes are selling in this good real estate market

Good real estate market, or bad?  Yes.One of the common complaints we hear as real estate agents from would-be home sellers is that Tallahassee home sales are not good.  This is not a good real estate market, they say.  So, is this a good real estate market, or bad?  The answer is yes.

Depending on how you define “good real estate market”, defines how you view the market.  It goes like this:


It’ a Bad Real Estate Market if

• You bought your home in 2007 and are $30,000 underwater
• You live in a newer neighborhood like Dry Creek Run where homes have dropped 75% in home value since they were built in 2006.
• You live on a street with several foreclosed homes that have been vacant for 2 or more years.

It’s a Good Real Estate market if

• You live in one of the many Tallahassee neighborhoods where home values have risen 5% in the past year.
• You bought a home at the 2011 market bottom, and have made $10,000 in equity since then.
• You bought your home in the 1980s and are sitting on $100,000 of home equity.
• You see homes on your street sell in 60 days or less.

The truth is Tallahassee home prices, as an indicator of Tallahassee home values, have risen by 4 to 5% over the past year.  2013 home values are at about the same level as home values in June 2004 as measured by Freddie Mac’s Home Value Index.  Did you hear anyone in 2004 say “My home value stinks”?  I didn’t hear that either.  Yet home sellers complain about it today because they are comparing values to the bubble prices of 2006 and 2007.  So, yes, it is a good and bad market, depending on your circumstances.  One day, though, it will be a good market again… for everyone.

How fast has your neighborhood home values been rising?  Call us 850.445.2476.

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