We have finally received news from the Federal Housing Finance Agency (FHFA) on what their plans are for reducing “preventable foreclosures” in the coming year. James Lockhart, the FHFA Director issued the statement yesterday with a preamble that stated “I do not like interfering with your Veterans Day, but as you all know there is a battle going on in the housing market.” As the regulator of Fannie Mae, Freddie Mac and the Federal Home Loan Banks (FHLBanks), the Federal Housing Finance Agency (FHFA) role in this action is to provide a streamlined program with uniform eligibility requirements and a consistent, efficient process approved by key industry participants. This program resulted from a unified effort among the Enterprises, Hope Now and its twenty-seven servicer partners, the ... 11/13/2008

  There are so many attractively priced homes to buy in the Tallahassee real estate market, so how do you decide which one is the best buy? There are so many infomercials and advertisements claiming that you can buy a home for mere pennies on the dollar that many potential home buyers are confused about what they should do. The goal of this short article is to help you develop a mindset that will allow you to buy the home of your dreams without paying too much for the home. Please note that this goal is two-fold: Buy the home of your dreams Do not over-pay for the home Most people think that they can avoid over-paying for the home by writing a low-ball offer, but in most cases this creates an adversarial relationship with the homeowner and does not result in the acquisition of the dream... 11/13/2008

  Well, we’ve seen another month come and go in the Tallahassee real estate market. I have recorded all of the sales in the MLS for the past twelve months and compared them with the active listings in order to produce the monthly Tallahassee Housing Inventory Report. One of the handiest reports available for Tallahassee homeowners, the inventory report shows the amount of homes available by area and price range in Leon County, Florida. Homeowners that are considering placing their homes on the market for sale can find out exactly how many homes they are competing against. Northeast Tallahassee Has Strongest Housing Market While the entire region covered by the Tallahassee Board of REALTORS Multiple Listing Service (MLS) is suffering through its worst real estate market that I have seen ... 11/13/2008

    Every month, the Florida Association of REALTORs releases its monthly Florida Real Estate Report to all of its members. The report is compiled by gathering information from all of the Multiple Listing Services in the State of Florida. This is the best report for looking at the different areas of Florida through the same metrics, but it is not as accurate for Tallahassee as what we produce here in our Tallahassee Real Estate Market Report. I have included a summary of the Florida Real Estate Report for October below, but if you would like to review the actual report, you can download the FAR Florida Real Estate Report for October 2008. Florida Real Estate Report For October 2008 The Florida Association of REALTORs has released its monthly real estate report which show continued slowi... 11/13/2008

  The entire financial world appears to be a scary place right now. Many people are starting to “smell opportunity” and yet are a bit too fearful to act on their instincts. The reason that I mention this is to get you to consider doing some homework and creating a decision matrix so that you can start to take advantage of the opportunities when you are ready. One of the smartest things to do in times of uncertainty is to look at what some successful investors are doing. Do some research into the current buying and selling activities of Donald Trump and Warren Buffett. What are they doing? Are they buying real estate? If so, why? This type of research does not cost you any money and it involves taking no risk. Be informed. When is the last time you worked on the Real Estate Stack to anal... 11/13/2008

  I was asked recently by a reader, via email, what my thoughts were on reverse mortgages. My initial response was that I did not have much experience with them and that I would need to know more information before I could give a valid response. So I’ve done a little reading. It turns out that the reverse mortgage industry is undergoing quite a few changes these days. The purpose of this article is to clarify the benefits of a reverse mortgage, and contrast it with other options that are currently available to homeowners. Reverse Mortgages Are For People Aged 62 And Older The typical real estate mortgage is such that a homeowner borrows money and pledges the home as collateral to the lender in the form of a mortgage document. In this situation, the borrower pays a monthly payment to the... 11/13/2008

Details Photo Gallery View Rooms 32308-Tallahassee (Eastgate) MLS #190330 FOR SALE$150,000 Century 21 First Realty Joe Manausa - Tallahassee Real EstateEmail Joe Manausa - Work: 850-386-2001Cell: 850-523-6178Fax: 850-383-6400 More Photos(10) 1 Quick Links Virtual Tour Request More Info Email Listing More Photos(10) Details Address: 2706 Raintree Circle Type: Residential Style: 2 Story Suite: No Living Area: 1,580 square feet Year Built: 1973 More Details Description Close in location, popular Eastgate Subdivision. Split level home with 3 bedrooms 2 baths up, family/rec room, laundry room, 1 car plus garage down. Large deck overlooks chain link fence backyard. Needs some TLC. Priced well at $150,000 for this location. Selling "AS IS" with the 10 day right to inspect. Addendums in Assoc ... 11/12/2008

Details Photo Gallery View Rooms 32310-Tallahassee (Hutchinson Heights) MLS #190374 FOR SALE$69,900 Century 21 First Realty Joe Manausa - Tallahassee Real EstateEmail Joe Manausa - Work: 850-386-2001Cell: 850-523-6178Fax: 850-383-6400 More Photos(2) 1 Quick Links Virtual Tour Request More Info Email Listing More Photos(2) Details Address: 2011 Hillsborough St Type: Residential Style: Single Story Suite: No Living Area: 1,125 square feet Year Built: 0 More Details Description SHORT SALE! All offers pending lien holder's approval. Investors! Concrete Block Duplex. 11% cap rate. Located in an up and coming area! Vey Affordable!More Description Brokered and Advertised by Century 21 First Realty LID 2095942 Information is deemed to be correct but not guaranteed. check out the Tallahassee Re... 11/12/2008

Details Photo Gallery View Rooms 32308-Tallahassee (Brandt Hills) MLS #190366 FOR SALE$140,000 Century 21 First Realty Joe Manausa - Tallahassee Real EstateEmail Joe Manausa - Work: 850-386-2001Cell: 850-523-6178Fax: 850-383-6400 More Photos(10) 1 Quick Links Virtual Tour Request More Info Email Listing More Photos(10) Details Address: 1221 Talbot Ave Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 2 Suite: No Living Area: 1,419 square feet Year Built: 1965 More Details Description SHORT SALE! All offers pending lien holder's approval. Located in fantastic location- this home features hardwood floors, in ground pool, a large kitchen and storage area. Home needs repairs. More Description Brokered and Advertised by Century 21 First Realty LID 2095898 Information is deemed to... 11/12/2008

Details Photo Gallery View Rooms 32303-Tallahassee (Oakwood) FOR SALE$119,900 Century 21 First Realty Joe Manausa - Tallahassee Real EstateEmail Joe Manausa - Work: 850-386-2001Cell: 850-523-6178Fax: 850-383-6400 More Photos(9) 1 Quick Links Virtual Tour Request More Info Email Listing More Photos(9) Details Address: 3129 Allison Marie Ct Type: Residential Style: 2 Story Bedrooms: 3 Bathrooms: 3 Suite: No Living Area: 1,146 square feet Year Built: 2005 More Details Description Great for young professionals, first time homebuyers and investors. Full appliance package - fully sodded yard with sprinkler system. Window blinds included! Wired for security system!More Description Brokered and Advertised by Century 21 First Realty LID 2095872 Information is deemed to be correct but not guaran... 11/12/2008

As I have often written in the past, the inventory of homes for sale will be the first clue as to where the market is heading. For this reason, we track a myriad of trends in the Tallahassee housing market, but keep a keen eye on the short-term trends in home inventories. The Tallahassee Real Estate Blog is dedicated to providing accurate market insight on a daily basis. The thirty day Inventory Trend shows us that we are losing more than three homes per day, on average, over the past thirty days in Tallahassee. From the real estate graph on the following page, we can see that the short-term trend for home inventory in Tallahassee has been dropping since the beginning of June. The long term trend (one year or more) is not available yet, as we only began our measurement and recording of ... 11/09/2008

  If you have heard about 1031 Tax Deferred Exchanges but did not know how you might be able to implement one as a solution to your current real estate problem, then I hope I can stimulate a little thinking for you. A properly structured 1031 exchange is the sale or transfer of property for other “like” property in a way that allows the transferee the ability to defer capital gains taxes. As a simple way of thinking about it, a property owner will trade Property A for Property B and all the existing tax basis for A will be transferred to B. During the exchange, any reduction in mortgage, any cash received, or any other benefit gained is considered “Boot” and is taxable as capital gains. A 1031 Exchange Does Not Have To Involve A “Trade” The first misconception that that most people perc... 11/09/2008

  I have been receiving the same question from a lot of people lately …. “What do I do with my upside down home?” Having purchased a home when the market was booming in 2004 through 2006, many homeowners find themselves “Upside Down,” meaning they owe more money on the home than they can net from its sale. So I decided to commit a blog post to this very hot and important topic. While many people write blogs on short sales, foreclosures, loan modifications and forbearance, I have yet to come across a model that will allow people in this situation to execute an analysis with the sole function of determining their best solution to an unfavorable situation. What Options Does A Homeowner Have We have given the same advice to homeowners in the Tallahassee real estate market for the past 17 ye... 11/09/2008

  Today’s blog is short on words but long on pictures, filled with numerous Tallahassee Home Supply Graphs that demonstrate different time trends in the Tallahassee real estate market. The supply of homes for sale in Tallahassee has been dropping steadily since June. As I have been saying for over a year now, the first step in the market turn-around will be inventory reduction. While this is not enough to get us to the turn, it’s a mandatory “step 1″ in the process. We can accept that we have achieved this step once the One-year trend demonstrates inventory reduction. Unfortunately, my inventory measurement began this year, so it will take several more months until this can be confirmed or refuted. Tallahassee Home Supply Trends The following real estate graphs show home inventory flow ... 11/09/2008

  The Tallahassee Real Estate Blog has focused heavily on facts and trend analysis rather than purely experience and opinion due to the extreme nature of the current trends in the real estate market. It seems that extreme market cycles create an environment for impulsive optimism or excessive pessimism. In 1996, Alan Greenspan (Chairman of the Federal Reserve) used the term “irrational exuberance” to explain the crazy optimism that he perceived in the market. I suspect the  phrase could also apply to extreme pessimism as well. It is my goal to provide a conservative evaluation of the facts and figures that the market presents without the emotional radicalism that we typically see in mainstream reporting. Home Sellers Need To Know These 4 Housing Trends If you have been reading this blog... 11/09/2008

  I have to do this every so often, it’s just in my nature. Of course, I’m talking about jumping up on my soapbox to get the word out about the Florida Prepaid College Plan. This program could very easily, almost single handedly, rejuvenate a sluggish real estate market in Tallahassee as well as in the State of Florida. Disclaimer: As often is the case, the guy on the soapbox is often the least qualified to rant about the specific topic. I suspect this might be true in my case as well. If I am factually wrong here, please set me straight in the comments section below. You can also refer back to my other blog on the Florida Prepaid College Plan. If you read the newspapers, you will have noticed that the school system in the State of Florida seems to be struggling for money. There are iss... 11/09/2008

And I could feel changes comin’ on People started singin’ different songs Searching for a place where they belong I could feel changes comin’ on I can feel changes comin’ on Alabama - Mountain Music There are some changes “comin’ on” to the Tallahassee Real Estate Blog in the next few weeks as well. Real Estate Blog Update It has been roughly 10 months since we launched the Tallahassee Real Estate Blog and I think we’ve covered a lot of ground in that relatively short time. Much of our original intent is still driving this blog, as we strive to publish current real estate market information chart and graph Tallahassee real estate market data provide analysis and opinion on Tallahassee housing trends But we’ve grown and expanded upon our original plan An Updated Format For Real Estate U... 11/09/2008

Anybody who has ever found themselves trying to sell a home invariably struggles with the question “What price should I set on my home?” While normally this is an important decision for a homeowner to make, today it is one of the most critical decisions that must be made in order to sell a home. The Tallahassee real estate market appears to be similar to most real estate markets around the country. There is a gross excess of inventory of homes and buyer activity continues to drop. This means that the effective home inventories are rising (months of supply of homes). Supply And Demand Dictate Home Values We must never forget that real estate is a commodity and as such, reacts in the real estate market just as any other commodity behaves in its own market. When supply outraces demand, val... 11/09/2008

In case you are new to the Tallahassee Real Estate Blog, this is a reminder that the September real estate reports have been posted on The Market Bulletin. The month of September saw a continuation of the slower sales for homes in Tallahassee. Unit sales were very low for September in the Tallahassee real estate market. September is the month where all the “before school starts” buyers have just finished closing on their homes, so we normally see the market fall off from the summer pace. Tallahassee Real Estate Market Reports For each real estate market graph below, click on the link below it for a larger picture and a brief explanation of what the graph is revealing. Tallahassee Avg. Prices   Average Home Prices   Single Family Detached   Condo / Townhouses   Home Sales By Type   Talla... 11/09/2008

Details Photo Gallery View Rooms 32303-Tallahassee (Havenbrook) MLS #190163 FOR SALE$128,900 Century 21 First Realty Joe Manausa - Tallahassee Real EstateEmail Joe Manausa - Work: 850-386-2001Cell: 850-523-6178Fax: 850-383-6400 More Photos(12) ScaledImage Quick Links Virtual Tour Request More Info Email Listing More Photos(12) Details Address: 2350 Havenbrook Court Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 2 Suite: No Living Area: 1,296 square feet Year Built: 2001 More Details Description Students & investors! Great price on immaculate 3/2 townhome in well-maintained NW community near schools & shopping. Unusually large, open living area with lots of windows that make it light and bright. Wood-burning fireplace in LR for cold wintery days, heat pump for more efficie... 11/04/2008