Summerbrooke Home Values Cool Off in 2014 as the number of sales in Summerbrooke, and all of Tallahassee dips slightly.  For 2014 months January through July, there were 22 home sales, down from 31 sales during the same period in 2013.

Summerbrooke home values also appear to have decreased slightly.  So far in 2014, the average selling price is $334,309.  In 2013, the price was 361,661.  Prices can be skewed by the size and quality of the homes sold, so we can look at the average price per square foot sold to compensate for different size homes.  In 2014 the average price per square foot was $120, down slightly from $122 in 2013.  These factors would tend to indicate that Summerbrooke home values have dipped slightly, or remained flat at best during 2014. 

Summerbrooke Home Values 2014
Home Sales              22
Average Sale Price   $334,309
Median Sale Price     $332,500
$/square foot           $120

Want to know more about home values?  Click here
 

The Florida Association of Realtors reports that higher median home prices, more new listings and a slight rise in inventory in April show that the real estate market continues to improve.  "Florida's strengthening economy and increased jobs outlook are positive signs for continued growth in the state's housing market," said 2014 Florida Realtors President Sherri Meadows.

Another very positive note is the sharp drop in short sale homes. Economists believe this is due to rising prices which give more homeowners equity. Economists expect this trend to continue all around the country.

Tallahassee has lagged other Florida cities in the rise of home prices.  While Florida overall has seen about a 4% increase in home prices; Tallahassee has seen under 1% increase in home prices.     


 

Bull Run Recent Home Sales for the First Quarter 2014.

Bull Run is one of Tallahassee’s newer neighborhoods.  Located along Kerry Forest Parkway, it’s just minutes away from several shopping centers, and great restaurants.  Bull Run recent home sales have remained strong.  Let’s look at the numbers. 

Bull Run Recent Home Sales First Quarter 2014

--Average Sale Price    $285,796  
--Median Sale Price     $289,900
--List/Sold Price Ratio        99%
--Highest Sale Price     $340,450
--Total Home Sales               13

The average sale price of $285,796 was up 7% over 2013.  That’s a great gain!  And the high sale price of $340,450 was much higher than the 303,000 price logged last year.

Of the 13 Bull Run homes that sold, 11 were 4 bedroom homes, which seem to be strongly preferred by buyers in todays market.  None of the homes had pools, which are not very sought after in Tallahassee’s mid-price ranges.  Eight of the Bull Run recent home sales were new construction.  The smallest home sold was a 1,701 square foot home built in 2011 that went for a whopping $161 per square foot!  It was in great shape!

Looking ahead, there are 11 Bull Run homes currently under contract, so buyer demand remains strong.  These sales will close in May and June, so we’ll add these to the second quarter Bull Run recent home sales.  We expect home sale conditions to remain strong! 

Zip code 32312 homes values are the highest for any zip code in Tallahassee largely due to the upscale neighborhoods in the area such as Bobbin Trace, Ox Bottom, Summerbrooke, Highgrove, Golden Eagle and Rosehill to name a few.  How is this area doing compared to last year's home values?

32312 home sale prices have leveled off or fallen slightly compared to the same time last year.  The median sales price of all 32312 sales this year is currently $247,500, whereas last year at this time it was $270,000.  The total volume of sales this year is $31.6 million; last year to date it was $33.0 million.  We'll keep checking in to see how home sales and 32312 home values continue to do throughout 2014.    

As Tallahassee home values increase overall, we thought we'd let you know how the most expensive Tallahassee homes are doing.  So we took a look at the 5 most expensive Tallahassee home sales this year so far.  

Together the total home value of these sales is $4,280,000.  That's up significantly from the total value of $3,803,999 of the 5 most expensive home sales from this time last year.  3 of those sales last year were in the $500,000s, whereas this year all top 5 were above $650,000.

1.  $1,250,000     5660 BRADFORDVILLE RD
2.  $875,000        2803 Rabbit Hill Road
3.  $805,000        2802 Millstone Plantation
4.  $700,000        7079 Ox Bow Road
5.  $650,000        511 Beard Street

One interesting point about these home sales is that 2 of them sold before they were on the multiple listing service, and the remaining 3 went under contract and sold within 3 months.  That indicates a serious demand for Tallahassee upscale and luxury homes, which will result in rising Tallahassee home values. 

Curious about your Tallahassee home value?  Even if it's not a mansion, we'll give you a full Tallahassee home value report!

What determines my home value?
Since every home is unique, determining your home value is unique also.  However, there are several key factors that when taken together, determine your home value.

1.  Location.  You know the old saying, "Location, location, location."  Yep, the location of your home is the biggest factor in determining your home value.  Different cities have different values, and different neighborhoods have different values.  A home in a desirable neighborhood will be worth more than the same home in a less desirable location.

2.  Size.  The amount of space in your home determines your home value.  Most often we hear this concept expressed as the "price-per-square-foot" of a home.  The most important space is the amount of heated/cooled square footage in a home.  

3.  Age.  Unless a home has been considerably renovated and updated, the age will impact its value.  Older homes - with older appliances, plumbing, electric systems, and roofs are more likely to need repairs and cost more to maintain.  The value is less than a newer home where these expenses aren't incurred.  

4.  Features.  Homes with top-end appliances, premium flooring, architectural details and molding, or recreational amenities such as pools and tennis courts will have a higher home value.  Generally, an appraiser or real estate agent can estimate the value of each feature based on past sales data in the neighborhood.

5. Condition.  It obvious homes in good condition that don't need repairs will be more valuable to a buyer, and will have a higher home value.  Roofs, HVAC, and plumbing systems in disrepair will take a heavy toll on value.  

If your curious about your home value, contact us for a free valuation - 850.445.2476        

Home Sales Report:  Nationwide Sales Strongest in Seven YearsThe National Association of Realtor's issued their home sales report for December showing sales numbers that were the highest since 2006.  Median prices also remained strong.

Nationwide for all of 2013, there were 5.09 million sales, which is 9.1 percent higher than 2012.  This was the strongest home sales report since the 2006 boom when sales reached a high of 6.48 million. “Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market,” said Lawrence Yun, NAR chief economist.

Home Sales Report on PricesThe National Association of Realtor's home sales report also addressed prices.  The national median existing-home price for all of 2013 was $197,100, which is 11.5 percent above the 2012 median of $176,800, and was the strongest home price gain since 2005 when the median price rose 12.4 percent. The shrinking share of distressed home sales accounts for some of the price growth.  Ten percent of December sales were foreclosures, and 4 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value in December, while short sales were discounted 13 percent.

The median time on market for all homes was 72 days in December, up sharply from 56 days in November, but slightly below the 73 days on market in December 2012.  Month to month differences in marketing time are bound to show up in home sales reports.  The important information here is that marketing time has consistently been less than in 2012, a sign that demand is stronger.

Regional homes sales reports showed good news in most areas. In the South, existing-home sales increased 3.0 percent to an annual level of 2.03 million in December, and are 4.6 percent above December 2012. The median price in the South was $173,200, up 8.9 percent from a year ago.  Source: National Association of Realtor's

Would you like a home sales report for your neighborhood?  Contact us – 850.445.2476

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.

One common question among Tallahassee home sellers - "When Should I List My Tallahassee Home for Sale?"  The quick answer is "Whenever you want to sell!"  But, this question really gets to another question for home sellers.  When are most buyers out looking at homes and closing on a Tallahassee home for sale?

Tallahassee Home for Sale by Date When should I list my Tallahassee home for sale?
To give you a good idea of when buyers are looking and making offers on homes, we looked at closed sales in Ox Bottom for the years 2010-2013.  Look at the graph.  On average the great number of home sales close in the last 2 weeks of July.  The second largest number of sales occur in the last 2 weeks of May.  This makes sense from the practical point of view - many buyers want to move when school is out in the summer.  Some want to close on their home in early summer so they have all summer to settle in.  Some are moving in early summer, and want to close before school starts.

So, the peak period of Tallahassee home sales close between late May and the end of July.  This means those buyers are writing offers in April, May, and June.  When should I list my Tallahassee home for sale?  You need to have your home on the market by March to get adequate marketing exposure.

Prepare now to list your Tallahassee home for sale.Contact us for a free guide - Increase your Home Value and Sale Price.  850.445.2476

3 Tallahassee Home Sale Mistakes to AvoidNow is the time many Tallahassee home sellers are planning to put their homes on the market.  Don't make these crucial Tallahassee home sale mistakes if you want to sell for top dollar!

1.  Don't -- demand too much money.  Listing your Tallahassee home too high will ensure buyers pass it by.  Faced with many choices, buyers are just itching to filter out some of the homes on their to-see list... price is the #1 filter.  Price too high, and you've made the most critical home sale mistake.

2.  Don't -- skip marketing.  Marketing can be accomplished many ways.  The critical marketing piece is how your home is presented on the internet.  High quality photos, and lots of them, are a huge part of marketing a home.  Wide angle lens shots, supplementary lighting, appropriate staging are very important.  You must also drive traffic to the websites listing your home through mailing, internet marketing and print advertising.

3.  Don't -- leave needed repairs.  Every repair a buyer sees contributes to the impression that a home is not well maintained.  Today's buyers want move-in condition.  There is no more "sweat-equity."  This is a home sale mistake that sellers often make because they get used to little things in their home that don't quite work right.  We all live with these things in our home, but buyers are less forgiving when they are making a home buying decision.

Call us for other home sale hints so you can get top dollar for your home!