Trends to Look For In Tallahassee Real Estate
Looking for a property in Tallahassee? The real estate trends in Tallahassee continue to be competitive according to experts. The beautiful capital city and the seventh largest in the state of Florida is a hub for education, science, agriculture and trade. Its unique wildlife and greenery adds to its charm.
Affordable homes in Tallahassee
The major attractive feature for homes in Tallahassee is the affordability. Homes remain more affordable in this region as compared to elsewhere in the nation. The vibrant and dynamic housing market in Florida and particularly Tallahassee is probably to do with the low rates.
In many areas, the demand has outgrown the supply particularly in the price range of above $500,000. Homes priced below $350,000 are in supply and being lapped up quickly by buyers. High demand is seen in surrounding areas including Jefferson and Havana according to real estate experts.
According to Trulia, the median sale price for homes in Tallahassee is $185,500 in 2017 with $117 being the per square foot price. The median sales price data is based on 898 homes that were sold from May to August of 2017. Compared to last year, there has been an increase of 6% in per square foot price, according to Trulia estimates.
In February of 2017, about 192 homes were sold for a price range between $150,000 to $199, 999 which represented 21% of the market.
The National Association of Realtors (NAR) predicts that the real estate market will grow by 4.3% in 2017-18 period while the national average is expected to be 3.6%. Both homeowners and builders are likely to benefit from the booming real estate growth.
The hot spots for buyers in Tallahassee
According to realtors, the hottest areas in Tallahassee are on the northeast, off the Thomasville Road Corridor. Northern Tallahassee is also seeing increased demand from buyers.
The demand is for newer constructions according to experts. The first phase of Welaunee which is under construction currently is slated to bring in a fresh influx of new homes. Experts believe the development termed Canopy will be the “SouthWood” of Tallahassee’s northeast in the next seven or eight years. The massive 505-acre community will include a 65,000-square-foot rehab facility, retail centers, and senior center. The master planned community will house 900 homes and assisted living facilities. Developers call it the future of Tallahassee’s real estate growth.
The Canopy community is expected to have a local economic impact to the tune of $1 billion by 2025 according to industry experts.
Value of homes in Tallahassee
According to Zillow, the home values in Tallahassee will go up by 3.2% in the next year. The rates in 2016 were 4.6% more than what they had been in 2016.
The appreciation of homes in Tallahassee that were purchased one year ago in 2016 are now said to amount to $9,780, with the national average being $14,963.In comparison a $30,980 appreciation has been seen for homes that were bought three years ago in Tallahassee, while $40000 was the national average.
Consulting professional property management experts is the ideal way to get the best deal on homes in Tallahassee.
To learn more about Tallahassee Property Management Pros services click here.
5 Ways to Rent Your Home for the Most Money Each Month
5 Ways to Rent Your Home for the Most Money Each Month
As a landlord, you can always optimize the rental income you earn from your property. When you adopt certain clever strategies, you can turn the rental income into a steady monthly income stream.
Here are five ways to rent your home for most money each month.
If you have two to three bedrooms and at least two baths, you can let the property out for multiple tenants. You could consider asking if your tenant wants to share the space with any of his friends or co-workers. It might be an attractive proposition for the tenant as sharing the home can reduce the rent. If you have only an extra bath, you can let that out as well separately. If you have two bedrooms and two baths that you can let out for $ 100 per week to multiple tenants, it can add up to $ 2000 a month.
Most tenants would be happy to get Wi-Fi, washing machine, housekeeping and so on done for some extra cost. If you are willing to put in some extra hours into housekeeping, you could make a neat sum every month. An additional $500 a month translates to $6000 in a year just by adding a few extra services.
Rent out storage spaces:
There are websites that let you rent out your storage spaces including attics, basement or closets. Upload pictures of the space and set a rental.
Rent out backyard or parking space:
If you have a spacious backyard or a swimming pool, you can consider letting it out for weekend campers. Even if you charge less than hotels, it can still be a money spinner. Spruce up the backyard with some landscaping, barbeque, and shower if you can. Although the initial investment can be high, you would be able to reap rewards month on month with the weekend renting out. Or better still, you can let your tenant use the backyard or swimming pool to hold events or parties at an extra charge.
If there is enough extra space available in the property, consider letting it out for parking space as well. If you live in busy areas where people struggle to find parking space, you can make the most of the opportunity.
Take in guests:
If you have spacious rooms, you can consider letting them out via Airbnb and HomeAway. Airbnb is a hugely popular way of making more money with rental properties. Just upload pictures and decide a price for each of them. According to statistics shown by Airbnb, at least nine days in a month are taken up by guests. You can set different rates for each room based on the size and other facilities. If you have a great master bedroom, you can price it for as much as $120 to $130 per night. You can throw in continental breakfast and make a total neat sum of $6000 in a year.
Travel websites like Airbnb could charge up to 3% as service charge whenever a booking is made by guests. But since you can control the rental you charge, you would be able to cover the service charge as well.
Why You Need to Start Doing Digital Inspections
The age of paper and pens are long gone. Smart business owners are moving to digital inspections to streamline operations and increase sales.
Here are some of the reasons why digital inspections are the need of the hour.
• Customers prefer service providers who are digitally connected instead of cumbersome paperwork that is difficult to keep track of. Digital signatures and receipts are now preferred increasingly by businesses and customers to save time and resources.
• Digital inspections do away with illegible handwritten notes that can be confusing.
• Communication is improved with photos, videos, and images. An actual picture of a property or a vehicle repair gives the customers real time information that is relevant to them.
• Digital inspections make it easy and convenient to store digital records of transactions and retrieve them as needed.