Bi-weekly update for the Lakeland real estate market! Currently, there are 1967 homes for sale throughout Lakeland – as of 7/30/09. The homes newly listed for sale dropped from two weeks ago to 138 homes in Lakeland with an average sales price of $229,481 or $100.38 per square foot with area Realtors®. But why the drastic increase for the average price for Lakeland homes newly listed? Within the last two weeks, there were 4 Lakeland homes listed for over $1 million, which resulted in an increase of the average sales price for Lakeland Real Estate. The types of homes and average prices being actively marketed according to the Multiple Listing Services (MLS) are as follows:
1 duplex listed for $160,000
7 condos listed with an average sales price of $120,714
8 mobile homes listed with an average sales price of $78,162
3 Townhomes/Villas listed for $111,013
119 single family homes with an average price of $249,500
As I mentioned before about four Lakeland Homes priced over the $1 million threshold. The priciest home that came newly on the market here in Lakeland, Florida is a 1927 historic Lakeland home with an in ground pool overlooking Lake Hollingsworth; featuring 5 bedrooms and 4 – 2 ½ baths with almost 5,000 square feet of living space currently offered for $1,850,000. On the contrary, the cheapest home newly listed is a 3 bedroom 1 ½ bath property listed for only $33,000 – just over $20.00 per square foot – located in Royal Oak Manor Subdivision.
All data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”.
Take a look at the breakdown by zip code:
33801 – 14 with an average sales price of $92,257
33803 – 20 with an average sales price of $396,292
33805 – 10 with an average sales price of $172,919
33809 – 14 with an average sales price of $167,950
33810 – 20 with an average sales price of $152,087
33811 – 15 with an average sales price of $183,516
33812 – 09 with an average sales price of $225,605
33813 – 33 with an average sales price of $310,184
33815 – 03 with an average sales price of $64,966
Bi-weekly update on distressed properties in Lakeland
A total of 490 properties are currently actively being marketed that are facing foreclosure. There were 42 Lakeland homes newly listed in the distressed category with average prices of $131,838 or $74.47 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.
For more information on the location of the properties newly listed in Lakeland, pricing and size of the homes click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.
Would you like to do your own search for properties? Look no further, click on the “Search for Homes” icon or contact me directly at (863) 619-6918.
After hinting at a run lower toward 5 percent earlier this week, Lakeland mortgage rates have reversed course.
It started mid-day Tuesday and the culprit is Basic Economics. Here’s a bit of background to explain why:
Mortgage rates for buying Lakeland real estate, or any other for that matter, are predicated on the price of mortgage-backed bonds (also known as mortgage backed securities). Economics 101 tells us that the price of anything from a bond on Wall Street to a cup of tea in China is based on one thing: The Law of Supply and Demand.
When mortgage bond supplies grow faster than the corresponding demand for them, bond prices tend to fall and when bond prices are down, bond yields move up.
OK, I Get It… But What Does This Mean in Real Life Terms? Glad You Asked!
This week, the U.S. Treasury made its largest weekly auction in history. To the tune of $115 billion in new debt, to be exact. What this means is that before close of business on Friday, $115 billion worth of new mortgage bonds will have been introduced into the market and — so far — demand hasn’t kept pace with the new supply.
Prices for Mortgage Backed Bonds are plunging.
For Lakeland home buyers and mortgage rate shoppers, this news does not bode well, as mortgage-backed debt is less desirable to investors than is treasury debt. Consequently, when treasury debt loses values, mortgage-backed debt tends to lose value right along with it. Not always, but most of the time.
So, beginning with Tuesday afternoon’s auction, mortgage bond related debt supplies have been growing faster than buyer demand.
Bond markets are really getting hammered by an abundance of debt supply, and it’s been a big reason why Lakeland mortgage rates are rising. Oh, and it’s as if I’m channeling Karen Carpenter when I say: “We’ve Only Just Begun!” … As $28 billion is due for auction today!
If demand at the auction is similarly low, watch for mortgage rates to spike again.
As always, if you find a Lakeland mortgage rate that fits your financial situation, you should consider locking it in now. Mortgage rates may come down again, but no one’s crystal ball is working all that well. The news we have at hand is all we can point to… and it’s looking like an upswing in Lakeland mortgage rates or the near future.
When searching for Lakeland real estate, you most likely first type in Lakeland Homes for Sale into your web browser and you see pages after pages of web sites with links for you to click on. But, which one should you click on? It is a challenge because you never know what and who you gonna get.
Buyers continue to tell me it is a challenge finding the right Lakeland Real Estate agent online, either from a distance or here in Lakeland Florida. Some of my clients agreed to share their views with you by engaging them into a video about their experience when buying a home in Lakeland and surrounding cities. Being represented as their Lakeland Buyer’s Agent. Meet some of my clients, which are now friends – hopefully I’m your first choice too when it comes to your Lakeland home buying needs. Give me a call, so I can discuss your Lakeland Home Buying needs made easy.
Want to try your home search – click right below on the graphic and your Lakeland home search starts right here, right now.
For nearly four months now, homes in Lakeland, Florida and the rest of our state have combined with homes in California and Nevada to comprise more than 50 percent of the US homes currently in foreclosure.
As reported by RealtyTrac.com, the states making up the rest of the Top 10 Foreclosure States in America include Arizona, Georgia, Michigan, Texas, Ohio, Illinois and Colorado.
From a more local standpoint, the June 2009 Florida Foreclosure Rate Heat Map, pulled from RealtyTrac, shows the areas where foreclosure activity is at its peak. Polk County falls about midway, with Lee, Collier, Lake, Volusia, and Clay counties suffering higher foreclosure activity.
A closer look at the Polk County, Florida June 2009 Foreclosure Heat Map shows that the Winter Haven and Davenport areas have been hit hardest by foreclosures. This makes sense as the last home building push centered around the Thompson Nursery Road area of Winter Haven as well as in the Davenport area in general.
Government Efforts to Stem Foreclosure Tide Not Keeping Up
June’s reported foreclosure figures are consistent with the data from earlier this year, suggesting that the foreclosure remedy plans put forth by the government and by lenders can barely keep pace with the national default rate.
Looking back at the May 2009 foreclosure numbers, foreclosure-related actions across the country are up about 5 percent.
If there is a silver lining in all of this, it’s that foreclosures are creating tremendous buying opportunities for the right buyers.
Because foreclosed homes tend to sell at a discount versus non-foreclosed homes and because mortgage rates are still relatively low, home sales are remaining steady in a good many markets. All told, distressed homes measured up to about one-third of existing home sales for May.
You can search through the complete June 2009 foreclosure report for yourself, including foreclosure heat maps and other trends on the RealtyTrac website.
That’s right! First time home buyers looking to purchase Lakeland real estate should be aware that the government’s First-Time Home Buyer Tax Credit expires December 1, 2009.
If you’re on the fence about buying your first Lakeland home, and you are planning to use this program, consider yourself officially “on the clock.”
Look at it this way. We can safely anticipate a 60-day window between signing your home purchase sales contract and closing on your Lakeland home. This said, we have only 77 days left to find a home and go under contract for it.
First Time Home Buyer Tax Credit Basics
The First-Time Home Buyer Tax Credit refunds as much as $8,000 to you at Tax Time. There are a few basic stipulations, listed as follows:
- You must not have owned a primary residence in the past 36 months
- Your Lakeland home may not be purchased from a family member
- Your adjusted gross income (AGI) must be below $95,000 for single tax filers and $170,000 for joint tax filers
The tax credit itself is limited to $8,000 or 10% of the purchase price, whichever is less. You can receive portions of this credit on a sliding scale basis, depending on your income. But the limitation figures above apply to many if not most Lakeland real estate first time home buyers.
And remember this: The First Time Home Buyer Tax Credit represents a true tax credit — not a deduction or a loan you have to repay. This means that if you owe Uncle Sam $8,000 come next tax season, and you claim the $8,000 first time home buyer tax credit, you’ll owe the IRS nothing on April 15, 2010. And, that’s a good thing any way you cut it!
Note: You can find a complete list of qualifying criteria on the IRS website.
Sales activity has picked up for Lakeland real estate market with increasing sales since March 2009 recording 169 Lakeland homes sold in June. An increase from 156 homes sold the previous month and more importantly a 14% increase from the previous year.
While the average sales price increased to $145,767 ($75.38 per sq.ft) from the previous month of $124,689 ($71.01 per sq.ft.). Lakeland real estate prices continue to drop for June at 18% from the previous year. Now you probably wondering why the average price increased by almost 17% for Lakeland – this mainly resulted because for the 2nd time this year a property over $1 million was sold. Such a sale will increase the average sales prices in this market when looking at average sales prices.
This is the reason why you need to look at all numbers average sold as well as median sold prices.
While there was also an increase of 4.5% posted from $119,500 the previous month to $125,000 recorded in June 2009, it is more realistic since the highest and the lowest sold property are taken out of the equation. You always want to get both sides of the numbers to get the true picture.
Let’s break it down for you to see the supply and demand for common properties for sale versus the distressed market in the Lakeland real estate market.
Common properties only – Inventory active and pending 1697 homes resulting in 18 month of supply.
Distressed properties – Inventory active and pending 742 homes resulting in a 12 month supply.
Bank-Owned properties continue to influence Lakeland Real Estate
Since the beginning of the year, distressed homes and bank-owned (REO) properties for the Lakeland Real Estate market still playing a major role. Sales activities shows 64 properties sold in June according to Mid-Florida Regional MLS.
26 Distressed Homes Sold – average sold price $132,588 – median sold price $127,500
38 Bank-owned (REO) sold – average sold price $95,229 – median sold price $83,153
Take a look at my spreadsheet below. I’ve separated the report by zip code instead of school zones; it gives you a more accurate report in my opinion. The data and graphs for this report were obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”. The numbers highlighted in pink represents the zip codes where average sold prices have exceeded.
Which zip codes represents the most sales activities since January 2009?
For more information on the location of these sold homes in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.
Let’s take a look at last month sold report for the surrounding cities in Polk County:
Winter Haven – 75 properties sold – average sold price $119,128 – average $64.40 per sq.ft.
Bartow – 17 properties sold – average sold price $79,472 average $52.63 per sq.ft.
Mulberry – 17 properties sold – average sold price $108,108 – average $67.32 per sq.ft.
Auburndale – 17 properties sold – average sold price $115,122 – average $60.36 per sq.ft.
Polk City – 6 properties sold – average sold price $93,448 – $52.25 per sq.ft.
Lake Alfred – 10 properties sold – average sold price $112,829 – $54.84 per sq.ft.
If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com or click the search button below.
Folks, if you are walking around downtown Lakeland, visiting Munn Park, shopping for art work, gifts, clothing or seeing what “The General Store” has for you. I recommend that Mitchell’s Coffee House should be one of your stops.
Mitchell’s Coffee House is located at 235 North Kentucky Avenue in Lakeland Florida – (863) 680-2944.
View Larger Map
Monday-Thursday 7:00 a.m. – 5:00 p.m.
Friday 7:00 a.m. – 9:00 p.m.
Saturday 8:00 a.m. – 5:00 p.m.
Sunday – CLOSED
As I was talking to Carrie (pictured), a very friendly face behind the counter, knowing her coffee stuff as I experienced it just the other day as she patiently consulted a costumer. She told me that they have daily specials and they also cater to various functions.
You can create your own deli sandwiches for $5.75, their lunch menu range from just $4.25 – $6.25. They also have a fine selections of pastries and delicious baked goods that goes well with any of their gourmet coffee’s.
I have been numerous times at the local coffee house that is locally owned and operated independently by Mitch and Michelle Harvey since 1998. I love this atmosphere anytime I visit at breakfast time on Saturdays hanging out with fellow bloggers or twitter followers, meeting with business folks around lunch or hanging out on Friday nights listening to local artist.
At any time of the day or evening you visit Mitchell’s Coffee House, you’ll find business people, local residents, college students and you don’t feel rushed – a totally relaxing though electrifying atmosphere.
A big plus for downtown restaurants is they offer free WiFi for internet surfers and business folks like myself. They also have a second location at MidFlorida Tower, 129 South Kentucky Ave, Lakeland, FL 33801. Telephone (863) 802-6866.
If I have not convinced you yet about this great local business, check out this short video and feel free to leave a comment.
After a little sabbatical from doing my weekly market report for Lakeland because of time constraints, due to other commitments personally and professionally; I’m back to keep Lakeland residents and those interested in Lakeland real estate up-to-date. The only thing that will change, the report will come to you every two weeks – bi-weekly.
The most important factor happening with the Lakeland real estate market is ” supply”. Currently, there are 1981 homes for sale in Lakeland. The last time I saw our inventory drop below 2000 was July 2006 – wow exactly 3 years ago.
Lakeland Homes for sale bi-weekly update! There were 146 homes newly listed in Lakeland with an average sales price of $181,430 or $95.71 per square foot with area Realtors®. The types of homes and average prices being actively marketed according to the Multiple Listing Services (MLS) are as follows:
3 duplex listed with an average sales price of $61,400
7 condos listed with an average sales price of $113,614
12 mobile homes listed with an average sales price of $86,191
6 Townhomes/Villas listed for $105,148
118 single family homes with an average price of $202,069
The priciest home that came newly on the market here in Lakeland, Florida is a 2002 Former Rutenberg Model home with an in ground pool that is located in the Eaglebrooke Golf Community; featuring 5 bedrooms and 4 ½ baths with almost 6,000 square feet of living space currently offered for $1,295,000. On the contrary, the cheapest home newly on the market is a 2 bedroom 1 bath property listed for only $18,000 – under $25.00 per square foot – located in Kellogg & Armstrongs Subdivision.
All data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”.
Take a look at the breakdown by zip code:
33801 – 16 with an average sales price of $97,568
33803 – 18 with an average sales price of $222,297
33805 – 13 with an average sales price of $119,153
33809 – 21 with an average sales price of $144,435
33810 – 20 with an average sales price of $162,595
33811 – 11 with an average sales price of $145,472
33812 – 10 with an average sales price of $184,259
33813 – 34 with an average sales price of $280,641
33815 – 03 with an average sales price of $35,933
Lakeland Real Estate Inventory for distressed properties remained unchanged
A total of 487 properties are currently actively being marketed that are facing foreclosure. There were 55 Lakeland homes newly listed in the distressed category with average prices of $128,100 or $71.80 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.
For more information on the location of the properties newly listed in Lakeland, pricing and size of the homes click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.
Would you like to do your own search for distressed properties? Look no further, click on the “Search for Homes” icon or contact me directly at (863) 619-6918.
The State of Florida created a program allowing first-time homebuyers in Lakeland and every where else around this state to use their maximum allowable tax credit of up to $8000 toward a downpayment of their new home when buying Lakeland real estate. This program was effective July 1st; however the Florida Association of Realtors ® reports it may take until August 1st for this program to really kick off, due to funding mechanism.
Basically, it is a program of bridge loans, called the Florida Homebuyer Opportunity Program (FLHOP). It is used to help first-time homebuyers to receive their funds early for downpayment. Although most first-time homebuyers qualify for a tax credit, they once had to wait until they submitted the info to the IRS through their tax return to receive a check that could take up to 8 weeks. Now a first-time homebuyer can borrow up to $8000 from the State of Florida and then pay it back after receiving the tax credit within 18 months without interest and penalties. The caveat here, there are additional loan documents that would address potential problems that may create confusion for the first-time homebuyer.
The Federal Housing Administration (FHA) has its own program similar that applies only to FHA loans and buyers still must have a minimum downpayment of 3.5% when going through private lenders. When a borrower uses up to $8000 tax credit through state or local government program, they may use it to make up the 3.5% downpayment.
Florida local housing administrators will oversee the downpayment funds locally and while this program is similar to the SHIP program (State Housing Initiatives Partnership) the difference is SHIP uses area median income (AMI), which are generally lower than the federal tax limit.
Whether you the first-time homebuyer need immediate assistance to receive this bridge-loan or can wait until you receive your tax credit check, there is still time left to look for your Lakeland real estate and take advantage to receive up to $8000. I’m sure you could use it, I know I could if I would qualify for a first-time homebuyer.
Please be advised for additional questions about the $8000 tax credit consult your tax professional.
Lakeland Local Events are always a worthy effort, especially this weekend’s special celebration of First Friday, Red White and Kaboom and Independence Day
Folks, if you have nothing better to do this weekend than just sitting around the house watching the tube. Then you are missing out on one of Lakeland’s best entertainment this year.
Lakeland Florida is the place to be for this weekend’s 4th of July holiday celebration and local events are the best Family Entertainment. Don’t you agree! And here is the reason why?
First Friday is celebrated on the first Friday of every month and this free (most of it) event is themed “Sundown Celebration”. It’s happening downtown Lakeland around Munn Park (Kentucky and Tennessee Avenue) July 3rd, 2009 starting at 4 p.m. – an hour early this time just because it is a holiday and you should have an early start to share this wonderful celebration with your family Downtown Lakeland.
Kentucky Avenue will be closed for bounce houses, kiddie train, and cake eating contests, face painting, hula hoops, sidewalk chalk and many more activities planned by our local merchants. Shops stay open late and downtown restaurants will have outdoor seating on Kentucky Avenue for you and your family to enjoy an evening dinner before heading down to Lake Mirror for the Red, White & Kaboom celebration!
Airbrush tattoos and balloon artists will add to the fun. Some of these activities will require the purchase of tickets, I’m sure you can spare a couple of bucks for your kids.
A classic car show will also take place, just like every month with some great looking cars.
This month’s art reception takes place at Mitchells Coffee House on N. Kentucky Ave. featuring local photographer Jon Boring from 6-9pm. Not to forget, if you are an arts enthusiast there is an art reception at Arts on the Park on N. Kentucky Ave. every month during First Friday from 6-9pm.
Speaking of Red, White & Kaboom celebration, this celebration almost did not happen with the economy being blamed. Local Sponsors came through giving its citizens and folks visiting Lakeland, something to look forward to in the celebration of Independence Day.
This event takes place almost simultaneously with First Friday starting at 6:00 p.m. with live music – pop/rock sounds by the popular local band MillHopper. Plenty of drink and food vendors will be displayed around Lake Mirror. So, just bring your blanket or lawn chairs and enjoy this wonderful family celebration at the Lake Mirror Promenade.
The City of Lakeland recommends that you park in the parking garage Downtown Lakeland – there are ample parking spaces available. Also, please bring a canned food item to help stock up our local food bank for the needy – they surely will appreciate it.
Around 9:00 p.m. a spectacular firework display will round out the first day of the 4th of July celebration – Trust me, you don’t want to miss this event!
Fireworks display two days in a row only is happening in Lakeland
The celebration continues on Saturday, July 4, at the Joker Marchant Stadium. There will be a dazzling display of fireworks around 9:00 p.m. following the Lakeland Flying Tigers vs. the Tampa Bay Yankees baseball game. Joker Marchant Stadium, the home of the Detroit Tigers during Spring Training, is located at 2301 Lakeland Hills Boulevard in Lakeland.
Happy Independence Day – Lakeland!!!
