Tuesday at the TBR is fun and informative meeting each week where some of the top Realtors in the market get together to promote their listings and their client needs. The meetings are sponsored by various entities, some from affiliated businesses like banks, law firms or title companies. Each week we also have a moderator, and on 6.8.09 the moderator was Lucretia Thomas of Thomas Acquisition and Property Specialists, Inc.
I lived in southwest Missouri for over 20 years and up that way, they would say Lucretia is a hoot! She is very animated, humorous and does not suffer fools lightly. When she is in charge of the meeting, she runs a tight ship. Lucretia is also one of our most dedicated Realtors in helping to make things happen. Recently, at a bowling fund raiser, Lucretia was in charge of making the silent raffle successful-and she did so with gusto.
After Lucretia, settled the crowd down we heard a sobering talk from Patrick Carrin of Wells Fargo who shared with the crowd while representing the Tallahassee Mortgage Banker's Association about some of the new federal regulations taking effect the end of July. Patrick had all the member of the MBA in attendance to come stand with him while he plead with the Realtors in attendance to allow more time for closing beyond the customary 30 days.
Without going into all the detail regarding some of the new disclosure guidelines, it is important for home seller and buyers to understand some things may come that will require closing to move 4 or 5 days. This is important for planning and for contracts, so that everyone understands that the closing date may be a moving target and there is nothing anyone can do about it. More detail on this in another blog, but suffice it to say, you may not want to target the last day of a month for closing. If closing in August is important to the parties involved, you may want to start with the 20th of the month to insure it happens in August.
Likewise with all those buyers trying to get their home purchased before the $8k tax credit expires, don't wait until late November for closing, you could be seriously disappointed.
Tuesdays at the TBR: important information for the up-to-date-Realtor. Another reason I attend.
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Looking for a Tallahassee Realtor? Are you searching for a seasoned real estate professional that knows homes in Tallahassee and the real estate market and can get the results you desire? Are you in the market to buy or sell a home in the Tallahassee, Florida area? Let me put my knowledge and experience to work for you.
My goal is to help people find the best home for the best price with the most protection and least amount of stress possible. If this sounds like what you want, please allow me the opportunity to earn the right to serve your real estate needs. Call me, Michael Lee today at (850) 339-9346.
Michael Lee
Tallahassee Realtor
Homes in Tallahassee
Piney Z Specialist
Here is the real estate data through the end of May for the market...
Sales continue to lag previous years and you can see how we are down. Sales are occurring, but still substantially below historical rates.
Re-sales, which are non-new construction housing, are continuing the 4 year decline in volume. Pricing does seem to be stabilizing but, the market is still fragile and price sensitive.
There are reports of bottlenecks forming in the local mortgage market as underwriting loans becomes more and more difficult. Loans are receiving a stringent review causing closing times to increase. Historically, closings take approximately 30 days, but Federal disclosure changes which are to begin the end of July are creating extended closing times approaching 45 days. The new requirements are not officially implemented until the end of July, but lenders are incorporating these standards now.
Local news of FSU reportedly preparing to downsize 400 employees has created a bit of a chill in the local economy. FAMU and TCC are expected to have to make reductions in force as well. Obviously, this creates a tense situation where people who would otherwise be motivated to move forward in acquiring new housing to wait until the exact economic damage is revealed.
On the bright side, mortgage rates remain low, the $8k tax credit will push buyers to move before the November 30 expiration and the flow of students will begin to occur in early July. The return of students always bolsters the economy as they come with money from home that will be spent locally.
In summary, to sell a home in this market it must be a high value proposition. Inventory is high and competiion is fierce, pricing has to be on the mark.
For buyers this is a unique market providing greater opportunity than available in many, many years. Working with an experienced Realtor, a buyer will find outstanding value.
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Looking for a Tallahassee Realtor? Are you searching for a seasoned real estate professional that knows homes in Tallahassee and the real estate market and can get the results you desire? Are you in the market to buy or sell a home in the Tallahassee, Florida area? Let me put my knowledge and experience to work for you.
My goal is to help people find the best home for the best price with the most protection and least amount of stress possible. If this sounds like what you want, please allow me the opportunity to earn the right to serve your real estate needs. Call me, Michael Lee today at (850) 339-9346.
Michael Lee
Tallahassee Realtor
Homes in Tallahassee
Piney Z Specialist
www.tallahasseerealestatetoday.com
Every Tuesday, at the Tallahassee Board of Realtor's building there is a marketing meeting. Different Realtors lead the meeting, there are different featured speakers, but most importantly it is a about Realtors sharing with Realtors about their listings and needs of the buyers they are working with.
Recently, Jay Ralstin, (pictured below) Sales Manager of Wells Fargo Mortgage here in Tally applied his best Kung foo to rates in the Tallahassee area.
Well that isn't really true. He did, however, speak to those attending the TBR marketing meeting about what trends we are seeing with mortgages.
This is the kind of industry knowledge one gains by attending the Tuesday marketing meeting- and one of the reasons I attend.
Jay was at the time also representing the Mortgage Bankers Association (MBA) in town. Many members of the MBA attend each week. Sure they are competing for business, but they also understand that working together they present a tremendously professional collegiality that serves to inspire confidence in their individual businesses.
Tuesday at TBR is not just about marketing properties, sharing industry information or networking with other Realtors. The TBR and its membership also learn about the community and how we can be better citizens in our separate businesses.
On this particular week we also heard from David Chayer (below), Chief Executive Officer of our local American Red Cross chapter. He shared with the group all the different services they supply. The number of disasters they deal with monthly was surprisingly high.
The TBR often has the blood mobile outside of the building on Tuesdays to facilitate blood donations. The American Red Cross is a vital organization in our community and one that TBR is proud to support.
So, there is a little taste of what happens every Tuesday at the Tallahassee Board of Realtors. It is easy to see why I find it critical to attend.
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Looking for a Tallahassee Realtor? Are you searching for a seasoned real estate professional that knows homes in Tallahassee and the real estate market and can get the results you desire? Are you in the market to buy or sell a home in the Tallahassee, Florida area? Let me put my knowledge and experience to work for you.
My goal is to help people find the best home for the best price with the most protection and least amount of stress possible. If this sounds like what you want, please allow me the opportunity to earn the right to serve your real estate needs. Call me, Michael Lee today at (850) 339-9346.
Michael Lee
Tallahassee Realtor
Homes in Tallahassee
Piney Z Specialist
www.tallahasseerealestatetoday.com
If you are interested in relocating to Tallahassee, one of my favorite neighborhoods is Piney Z Plantation. Located with strategically easy access to downtown via the Apalachee Parkway, Piney Z is a neighborhood not on everyone's radar when the look at Tallahassee, but it should.
The neighborhood has only 3 entry points, a community pool, lodge, fitness center, city park, lake and eagle habitat. The housing is mixed with one section of duplex town homes, smaller single family residences to larger homes approaching 3,000 square feet. Piney Z is a real community with a spring and fall community yard sale, a 4th of July picnic and an active home owners association.
Piney Z has tremendous value in housing. Since the economic downturn, many of Piney Z's finest residences have sold below $300k, unheard of until recently.
So, if you are looking to purchase a home in Leon County or Tallahasseeproper, be sure to include Piney Z in the neighborhoods you look at. If you would like additional information, give me a call! I want to be your Piney Z pro!
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Looking for a Tallahassee Realtor? Are you searching for a seasoned real estate professional that knows homes in Tallahassee and the real estate market and can get the results you desire? Are you in the market to buy or sell a home in the Tallahassee, Florida area? Let me put my knowledge and experience to work for you.
My goal is to help people find the best home for the best price with the most protection and least amount of stress possible. If this sounds like what you want, please allow me the opportunity to earn the right to serve your real estate needs. Call me, Michael Lee today at (850) 339-9346.
Michael Lee
Tallahassee Realtor
Homes in Tallahassee
Piney Z Specialist
Realtor for Leon and Wakulla County. Subdivision expertise includes Piney Z, Myers Park, Buck Lake, Southwood, Evening Rose and Cortona Hills. Tallahassee and Wakulla County residential and commerci
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