From WCTV.tv
AMELIA ISLAND, Fla. (WCTV) – Buying property in the Capital City may be getting more difficult.
That’s according to a local panel of experts speaking on residential real estate during the Tallahassee Chamber of Commerce Conference.
“There’s high demand, low supply. Prices are going up at the fastest rate I’ve ever seen,” said Joe Manausa, with Joe Manausa Real Estate.
Manausa said that’s because over the last decade there hasn’t been much building going on, creating an imbalance in the supply and demand. And, although it may seem like there is a lot of development happening in Tallahassee, he calls most of what you are seeing “pocket developments” with only a few dozen homes.
He said this lack of supply has changed the way buyers should approach the market.
“When you find a home, you’re going to need to be able to jump on it. You’re going to need to be able to execute a contract. And, you’re going to need to be able to prove you have the financial means to buy it,” he said. “It’s best to get that part of the process done first.”
As for the future of the real estate market in Tallahassee, Manausa said he believes the market is getting worse. He also said he believes there will be a shift towards multi-family homes, and renting instead of buying.
