Tallahassee has a healthy economy and real estate market, says Dr. Ted C. Jones, Senior Vice President-Chief Economist for Stewart Title Guaranty Company.

Tallahassee’s unemployment rate is only 2.6% compared to the national average of 4.6%. We can also expect our population to grow to 453,000 by the year 2020, which would be a predicted increase of 41% since the year 2000. There is currently a 6.9 months supply of single family homes and town homes, and an 8.4 months supply of condos. The baseline number for a normal market would be a 9 months supply. There would be a buyers market if the supply were over 12 months, and a sellers market if the supply slips under 6 months. Dr. Jones suggests that fixed rate loans should be the loan choice for many, since rates are low and locking in that rate for 30 years would be preferable to an adjustable rate mortgage.

Dr. Jones notes that 79% of all home buyers start the search for a home online and 29% of all buyers find their home online. Most buyers then use a REALTOR® to help them through the complicated real estate maze once they have identified the home they want to purchase. A great place to start your online search for your new home and REALTOR® is through the Tallahassee Board of REALTORS® website,
www.TBRnet.org. There you can find homes not only listed locally, but all over Florida, as well as local REALTORS® and providers of affiliate services.

Remember that now is a great time to buy, when there is an adequate supply of homes and interest rates are near historical lows.

Written By: By David Zein-Eldin, President, Stewart Title of Tallahassee, Inc.