Don Pickett

I'm busy and other Realtors I have contacted this weekend have been busy. Buyers from out of town have been contacting me; parents are looking to buy a condo for their kids for college. Some buyers that have been waiting for the "right" time may realize it is passing, or has passed them by. There are plenty of great buys and sellers are ready to do what they need to do. It appears that mortgage interest rates are climbing a little each week......."What goes Up will go Down and what goes Down will go Up".....look at gas prices too. College parents know they have to get their kids a place to live for early August and families needing to get settled before the local K to 12 schools open in August, as well. Maybe all the current "busy" is also being stimulated by the procrastinators that suddenly realize that their time is short for that "buy of a life-time".

Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc., 850-591-4725, donpick@aol.com www.tallahassee-area-homes.com

We had the usual increase in real estate home sales in May in Tallahassee (Leon County), though fewer than May last year. There were 153 single family homes sold compared with last year‘s195. 122 homes sold in April; so, our sales in May was a 25% increase. In May the average single family home in Leon County sold for $224,099, and the average listed price was $237,835. Therefore the average home sold for 94% of the asking price. The median sales price for May was $179,000. The median sales price is what most published homes sales reports use for comparisons. That is the reason why some buyers coming to Tallahassee find our prices are higher than what they have read about. The average days on the market was 131 days based on the last listed price. If a listing is removed from the market and re-entered as a new listing, the days on the market starts ticking anew; therefore, the actual days a home is on the market is likely to be higher. There are currently 201 homes under contract that are contingent upon likely either inspections or financing. Additionally there are 137 that are (pending) about to close. The number of currently listed single family homes on the market for sale in Leon County is 1,733. You don't have to be a mathematical wizard to recognize at the rate homes are selling, it will take a considerable time to bring that number down. Sellers, working with their Realtor, need to do everything possible to improve the attractiveness of their home in the market place to attract buyers. Primarily, pricing it to current market conditions. IT MUST BE THE BEST BUY. It is expected that in the next several months we will see further increases in the number of homes sold before the normal seasonal slow-down begins in September.

I frequently have been asked recently if we have bottomed.... "I think those properties that are on the market for under $400,000 are about at the bottom if they are priced were they should be in this market. For a buyer planning to purchase a home to live in, if he does not buy very soon, I think he will be "missing the boat". Interest rates are very low and there are great dollar incentives for the first time home buyers. Interest rates seem to be headed up and there is a deadline on the availability of the incentives.

The Florida Association of Realtors has just released the April Single-Family Resale Sales report. The Tallahassee Metro Area (TMA includes Leon, Wakulla, Franklin, Jefferson, and Gadsden counties) reported a decrease of 28% of number or sales compared to April 2008. While this may sound bad, the January and February decreases were close to 40% and last April had a 29% decrease compared to 2007. The worse number of sales decrease in the State was Gainesville Metro Area with a 40% decrease. On the other hand, TMA had the best Median Sales Price comparison in the entire State with a decrease of 4% followed by Gainesville and Pensacola's 9% decrease. Our median sales price in April was $182,000 and the State's average price was $138,500. The Tallahassee Metro Area median sales price is higher than that of the National average of $170,200 and a lot higher than the State's over-all average. Our values are continuing to hold better than most parts of the State.

Looking at Leon County in April 2009 the number of sales of 104 single family resale homes was 23% less than last April, the average sales price of $231,256 was 5.6% less and our median sales price of $185,750 was 6.6% less than for April 2008.

Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc., 850-591-4725, donpick@aol.com www.tallahassee-area-homes.com

Have you ever met a sales person that told you otherwise? No matter what the item is....a car, house, appliance, TV, etc......"if you don't buy today you will regret it later." Yep, I am a salesman as well; but, I am a believer in informing the customer and letting them make the decision that best fits their personal situation. Yes, even those that purchased a home at the peak of the market it was the right time for many of them for their personal needs.

I have been sort of laying low in recent months in encouraging prospective buyers wanting to buy a home to do so; but, unsure if it was the right time. Everyone would like to "buy low and sell high" and we know that does not always work. Have the home prices bottomed-out, are interest rates going to get any lower and most important how secure is my job/business. There is a saying that I think fits the current real estate market: "Some People Make Things Happen, Some Watch Things Happen, while Others Sit around and Wonder What Happened". So which one are you going to be?

There are three things I saw in today's (Sunday) Tallahassee Democrat newspaper that might help you make your decision as to is it the right time. On the front page was the news that pink slips have been sent out to State workers as a result of cut backs due to necessary legislative action. In the Business section there is a chart showing that the consumer confidence index rose for the third straight month. In the Real Estate Weekly the Consumer Mortgage Information page showed that interest rates remain below 5%. Keep in mind when you see or read about interest rates, always look to see how many "points" are associated with the given rate.

THE LIKELYHOOD is that interest rates will not get any lower and there have been signs of them creeping up. The home prices right now are about where they should be with a typical normal 3% annual rate. If home prices still go down a little and interest rates go up you are no better off.....it all balances out. The last report of the percentage of jobless was down slightly. It is becoming more frequent to see companies reporting a profit in the business section. National economists are predicting a turn-around in the economy before the end of the year.

For many of you, particular those that can benefit from "Stimulus" incentives, that have been waiting for the right time......"Now Is The Time".

Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc., 850-591-4725, donpick@aol.com www.tallahassee-area-homes.com

Our March sales of single family resale homes were down -22% compared with March 2008, which was the worse in the State. So what! They were down -37% in February and -31% in January. In March 2008 the sales were down -29% compared with the previous year. So, in reality, -22% looks pretty good and our March sales were up 60% from February. Our Median Sales Price in March of this year compared with last March WAS THE BEST IN THE STATE! Our median sales price was down -3% compared to the overall States -30%. That is good news which the news media frequently overlook. The fact of the matter is that in a lot of areas in the State, houses are being dumped........Ft Myers- Cape Coral sales increased 192% in March and their median price was down -58%. We have the most stable real estate market in the State. Our number of existing single family homes on the market is decreasing. We are steady on our normal track for this time of year......with fewer sales. While many local sellers feel that they are taking a great loss to get their home sold, they really do not realize how good they have it compared to much of the rest of the State. Local buyers need to understand their purchase of a home here is a lot safer investment and those buyers purchasing homes where they are being dumped in other parts of the State. Have you ever made a purchase of a discounted item that shortly thereafter it was further reduced? It is all about VALUE.

Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com Search the entire Tallahassee Area Real Estate Market.