Bi-weekly update for the Lakeland real estate market! Currently, there are 1942 homes for sale throughout Lakeland, Florida– as of 08/27/09. The homes newly listed for sale increased a bit from two weeks ago to 134 homes in Lakeland with an average sales price of $184,796 or $92.49 per square foot with area Realtors®. Although the Lakeland real estate inventory is slightly decreasing from week to week, I noticed an increase of luxurious homes coming on the market. During the first quarter, only 4 homes priced over $1 million entered the Lakeland Real Estate market, while the second quarter produced an additional 10 homes, totaling 22 Lakeland homes for sale priced over $1,000.000.
The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:
1 duplex unit listed for $125,000
8 condos listed with an average sales price of $162,075
8 mobile homes listed with an average sales price of $77,050
3 Townhomes/Villas listed with an average sales price of $138,266
114 single family homes with an average price of $195,700
Another million dollar home – the priciest home that came newly on the market here in Lakeland, Florida is a 2005 custom luxury pool home built by Olivera Construction; featuring 4 bedrooms and 4 ½ baths with over 5,500 square feet of living space currently offered for $1,485,000. On the contrary, the cheapest home newly listed is a 3 bedroom 1 bath bank-owned property listed for only $21,900 – just over $20.00 per square foot – located in Midpark Heights.
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 Lakeland FL zip code:
33801 – 08 with an average sales price of $90,262
33803 – 16 with an average sales price of $186,600
33805 – 08 with an average sales price of $62,887
33809 – 16 with an average sales price of $156,887
33810 – 30 with an average sales price of $156,550
33811 – 17 with an average sales price of $145,661
33812 – 10 with an average sales price of $221,735
33813 – 23 with an average sales price of $352,126
33815 – 06 with an average sales price of $107,116
Bi-weekly update on distressed properties in Lakeland
A total of 425 properties are currently actively being marketed that are facing foreclosure. There were 51 Lakeland homes newly listed in the distressed category with average prices of $133,256 or $92.25 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.
You would think that Homeowners throughout this country and even here in Lakeland, FL these days getting loan modification approved, would make them a happy camper by keeping their homes. I thought so too until I read the article here that I want to share with you.
“Unfortunately, the “Big Three” credit bureaus – Equifax, Experian and TransUnion – have issued new guidelines that allow lenders to report new mortgage loan modifications as “partial payment status,” a designation that could lower an individual’s credit score by more than 50 points.”
In my opinion, this is the most ridiculous guideline I’ve read, while wondering what are they going to do next. What impact does it have for your future credit buying and what about the credit cards you already have? I’m sure you will be penalized by an increase in their annual percentage rate as well. What a shame!
Is it worth doing a loan modification now or should I go with a short sale instead and be done with it?
Lakeland real estate buyers or those contemplating buying a Lakeland home take note:
If you’re planning on taking advantage of the existing $8,000 First-Time Home Buyer Tax Credit program, you should buy within the next six weeks.
The program expires November 30, 2009, and since closing on a Lakeland home can take up to 60 days – you may miss the mark if you wait too much longer to sing a home purchase contract.
By my calculations, you have about 6 weeks left before you miss the Tax Credit window.
The First-Time Homebuyer Tax Credit – A Short History
The First-Time Homebuyer Tax Credit program was passed as part of the 2009 economic stimulus plan. It credits up to $8,000 in tax payments to qualified buyers.
Lakeland real estate buyers must meet the following criteria to qualify:
- You must not have owned a “main home” in the past 36 months
- Your Lakeland home may not be purchased from a parent, spouse, or child
- Your adjusted gross income (AGI) for your total household must be below $95,000 for single tax filers and $170,000 for joint tax filers
Additionally, you may not qualify for the entire tax credit. This is because the credit can’t exceed 10 percent of your selected home’s purchase price. Homes with income approaching program limits get lesser benefits, too.
Figuring What You’ll Get Back via the Tax Credit
Know that the First-Time Homebuyer Tax Credit represents a true tax credit and not a deduction.
So, if you qualify for the whole $8,000 credit and have a standard tax liability of say, $5,000 – you’d receive back $5,000 or whatever had been withheld for federal income taxes plus an additional $3,000 from Uncle Sam when your tax return is processed by the IRS.
Review the program’s criteria as your time permits, but don’t sit on the fence too long. If you can’t close on your Lakeland home by November 30, 2009, you won’t qualify for the tax credit.
Better to be ahead of the deadline than chasing it.
Foreclosing on your home is not cheap for the lender and with bank-owned inventory on the rise in the Lakeland real estate market in and around Polk County, FL. Banks are more inclined to encourage short sales. First of all, it is very time consuming from the start of a foreclosure to finish, which can take more than a year and the cost of foreclosure is far below their net from taking back to property, maintaining and managing the property.
It is all about the lender’s bottom line!
Banks are also encouraging short sales when there is a 2nd mortgage or a home equity line of credit with different lenders. It may complicate matters more but both lenders have to be in agreement to facilitate and close a Lakeland short sale. The second lien holder will not allow a zero dollar amount and the first lien holder offers very little to the second lien holder, which may require you to owe a note and pay for some of the loss.
Depending on your situation, the lender may only ask you for a small amount of the deficiency to be paid back and the terms are mostly very favorable. Please take that into consideration when evaluating your situation before, now and after.
Foreclosure should never be your first step solving your crisis. A loan modification may have helped you short term and now you are perhaps in the same position again having difficulties or are behind on your mortgage payments. Call me at (863) 619-6918 today for a confidential consultation to do a Lakeland Short Sale or email me directly Petra.Norris@servinglakelandfl.com
Since February, I have seen a continuous increase in sales activity in the Lakeland real estate market. For July the sales of Lakeland homes sold has increased 26% to 188 homes from the previous year and more importantly an 11% increase from the previous month.
Moderate increases were recorded for homes sold in Lakeland, Florida. A slight gain of 1 ½ % for average sold homes for July to $147,904 ($77.16 per sq.ft.) and a 4% increase for median prices to $130,000 ($75.50 per sq.ft.) when compared to the sales from the previous month.
Compared to last year’s figures, Lakeland real estate still is lagging behind in average and median prices and I suspect will continue at least throughout this year with increased foreclosure filings and bank-owned properties that will influx the Lakeland housing market.
Average Lakeland Sold price for July 2008 – $168,425 – decrease of 12%
Median Lakeland sold price for July 2008 – $150,000 – decrease of 13%
Based on recent sales history for the Lakeland Real Estate market, it shows here in this spreadsheet below where the most activity takes place and what types of homes are selling.
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 1672 homes resulting in 16 month of supply.
Distressed properties – Inventory active and pending 768 homes resulting in an 11 month supply.
This illustrates an absorption rate for supply and demand. A seven month supply would give you a more stabilized market anything above the 7 month threshold would be a buyer’s market as we have seen the past few years. Hence, below the 7 month threshold obviously constitutes a seller’s market as we experienced it in years 2004-2006.
Distressed properties in Lakeland, Florida
For the month of July, distressed homes and bank-owned (REO) properties had a market share of 40% in the Lakeland Real Estate market. There were a total of 75 properties sold in July compared to 37 distressed Lakeland homes sold the year prior – 25% market share, according to Mid-Florida Regional MLS.
24 Distressed Homes Sold – average sold price $128,189 – median sold price $120,000
51 Bank-owned (REO) sold – average sold price $95,416 – median sold price $97,580
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?
| Zip Codes | Jan | Feb | Mar | Apr | May | Jun | Jul | Total |
| 33801 |
20 |
12 |
15 |
21 |
13 |
16 |
17 |
114 |
| 33803 |
11 |
10 |
16 |
18 |
16 |
19 |
26 |
116 |
| 33805 |
12 |
11 |
12 |
9 |
5 |
10 |
14 |
73 |
| 33809 |
13 |
12 |
16 |
11 |
18 |
17 |
16 |
103 |
| 33810 |
25 |
31 |
34 |
31 |
46 |
37 |
40 |
244 |
| 33811 |
10 |
16 |
17 |
18 |
18 |
22 |
20 |
121 |
| 33812 |
10 |
5 |
8 |
13 |
7 |
9 |
16 |
68 |
| 33813 |
9 |
25 |
27 |
28 |
26 |
33 |
35 |
183 |
| 33815 |
5 |
3 |
7 |
5 |
7 |
6 |
4 |
37 |
| Grand Total |
115 |
125 |
152 |
154 |
156 |
169 |
188 |
1059 |
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 – 82 properties sold – average sold price $106,536 – average $61.09 per sq.ft.
Bartow – 17 properties sold – average sold price $92,666 average $52.51 per sq.ft.
Mulberry – 10 properties sold – average sold price $117,631 – average $69.23 per sq.ft.
Auburndale – 15 properties sold – average sold price $125,509 – average $65.31 per sq.ft.
Polk City – 3 properties sold – average sold price $130,000 – $104.14 per sq.ft.
Lake Alfred – 2 properties sold – average sold price $81,500 – $44.25 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.
Bi-weekly update for the Lakeland real estate market! Currently, there are 1952 homes for sale throughout Lakeland – as of 08/12/09. The homes newly listed for sale dropped from two weeks ago to 129 homes in Lakeland with an average sales price of $176,288 or $90.32 per square foot with area Realtors®. Our Lakeland real estate inventory is slightly decreasing from week to week, resulting in a more active market.
The types of homes and average prices being actively marketed according to the Multiple Listing Services (MLS) are as follows:
6 condos listed with an average sales price of $93,116
11 mobile homes listed with an average sales price of $66,218
5 Townhomes/Villas with an average sales price for $115,370
108 single family homes with an average price of $193,815
Another home hit the Lakeland real estate market over the $1 million threshold. The priciest home that came newly on the market here in Lakeland, Florida is a 2000 luxury home overlooking beautiful Lake Hollingsworth; featuring 4 bedrooms and 3 ½ baths with over 4,700 square feet of living space currently offered for $1,250,000. On the contrary, the cheapest home newly listed is a 3 bedroom 2 bath bank-owned property listed for only $22,500 – just over $16.00 per square foot – located in Midpark-Heights. 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 – 11 with an average sales price of $92,036
33803 – 14 with an average sales price of $292,445
33805 – 11 with an average sales price of $144,774
33809 – 19 with an average sales price of $161,788
33810 – 33 with an average sales price of $149,160
33811 – 10 with an average sales price of $174,165
33812 – 05 with an average sales price of $142,124
33813 – 25 with an average sales price of $222,346
33815 – 01 with listed sales price of $34,900
Bi-weekly update on distressed properties in Lakeland
A total of 488 properties are currently actively being marketed that are facing foreclosure. There were 47 Lakeland homes newly listed in the distressed category with average prices of $128,183 or $71.97 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.
As the unofficial end of summer, Labor Day weekend is popular vacation time for Lakeland, Florida families.
And this year, with home sales on the rise and Lakeland mortgage rates relatively low, early-September mortgage loan closings will be very popular.
These points may appear unrelated, but there is an important connection between them.
Like workers in every other industry, employees of the mortgage, title, and real estate industries are just as likely to be taking time off on and around Labor Day. Yes – even those of us involved with Lakeland real estate like to enjoy down time with our families!
For Lakeland home buyers with pending contracts, therefore, the closer that early-September closing date gets, the fewer industry folks that will be working to help close on your new house.
The same goes for Lakeland households in the middle of refinancing their home loans.
With less than 4 weeks until Labor Day, you can take steps today to prepare for other people’s time off. Here’s a few of them:
- Let your lender or mortgage broker know if you have any planned vacation time between now and your scheduled closing.
- Take care of your homeowners insurance policy by pre-paying the first year, effective on your closing date. Send proof of payment to your lender.
- Consider having Power of Attorney forms lender-approved and signed by all parties, if applicable.
- Deposit gift monies and/or retirement fund withdrawals into an acceptable bank account, if applicable.
- Schedule your final walk-through far enough in advance to resolve any issues that may arise.
- Have your funds ready for closing at least 1 day early.
And, perhaps most important… fulfill your mortgage lender’s requests for additional supporting documentation within 24 hours of notice. This includes requests for updated pay stubs, bank statements, and tax returns.
The best reason to handle these tasks in advance is that by the time Labor Day is around the corner, basic mortgage approval tasks will already take longer to complete — from clearing conditions to sending a wire.
Reduced staff means slower response times. So stay ahead of the curve, and help save yourself from potential headaches down the road. And, if possible, avoid closing on the Friday before Labor Day and the Tuesday after.
On these days, staffs are the most lean of all.
The very first thing you should do when experiencing difficulty making mortgage payments is to contact your lender immediately should you want to keep your Lakeland home and before asking a Lakeland Real estate agent about a Lakeland Short Sale. The longer you wait and ignore the fact you are in financial distress the less favorable your lender may work out an option. Depending on your lender and your circumstances, solutions that may help you getting back on track:
- Extending your length of the loan, thereby reducing to lower payments
- Reduce Interest Rate on Mortgage
- Suspend mortgage payments temporarily
- Missed payments to be piggy-backed on your current loan
- Reducing your current loan amount
Valuable Credit, Foreclosure and Legal Resources to you:
- National Foundation for Credit Counseling 1-800-388-2227
- Making Home Affordable Program see if you can qualify
- Homeownership Preservation Foundation 1-888-995-HOPE
- HUD Approved Housing Counselor Agencies
- with Offices located in Tampa and Orlando
- Department of Veteran Affairs Regional Office in St. Petersburg, Florida
- Free Florida legal aid – Florida Attorneys team up together to help Floridians facing foreclosure – toll-free hot line (866-607-2187) taking calls from 10 a.m. through 4 p.m
If you have all your option exhausted and facing foreclosure, please give me a call at (863) 619-6918 for a confidential consultation – a Lakeland Short Sale may be your answer after all.
Sellers facing foreclosure or trying to get their lender approve their Lakeland short sale deserve the same marketing exposure as regular Lakeland Real Estate for sale. Just because there is a for sale sign in the yard and yes, the home is listed in the Multiple Listing – is this really serving my clients. NO, and here is why!
There are hundreds of Lakeland Short Sale homes for sale. Foreclosure filings are up and when I talk to potential clients, they are in dire need of assistance.
When I’m hired as your Listing Agent handling your Lakeland Short Sale, time is of the essence. The lenders may have filed already a Lis-Pendens, which puts the property already in a pre-foreclosure status.
Pricing your home is the most crucial step to marketing and selling – the comparative market analysis that I will provide is comprehensive and more emphasis is given to recent sales comparables similar to your home that are in distress as well as condition. My price suggestions are based on facts and statistics. Competitive pricing will generate more showings and a faster offer.
Multiple Listing Service (MLS) – Listing your Lakeland Short Sale in the MLS has all the information it requires plus a whole lot more. From the maximum pictures it can hold, to detailed information about room sizes, school information and style to elaborate description of your home that will entice a prospective buyer. Sellers deserve the Best when it comes selling their home. Likewise, Buyers deserve the Best information true to the home they want to make it their own.
Marketing Short Sales – My Lakeland Short Sale properties have the same marketing exposure as if it would be a regular Lakeland Home for Sale. From virtual tours to blogging, direct mailing, flyers and the magnitude of web sites available to me – all of them will get your Lakeland Short Sale the exposure it deserves.
Communicating with my sellers is one of my top priorities. Handling a short sale on my seller’s behalf requires discipline, negotiation skills, time management, problem solving skills and patience with all parties involved in a Lakeland Short Sale.
If you are experiencing hardship or facing foreclosure, please contact Petra Norris at (863) 619-6918 for a confidential consultation. You may be qualified to do a short sale and save your Lakeland home from foreclosure.
There are hundreds of Lakeland homes for sale where owners are trying to get a Short Sale approved by the lender. After searching the internet and gone through these listings perhaps did a drive by of the home you like. You ready to go out and buy your Lakeland Short Sale – not so fast!
Foremost, you must understand that the seller still owns the home, still has the title to the property, and still has the authority of what offers will be accepted. Remember, the bank does NOT own the property until it is sold on the courthouse steps.
The owner can accept an offer from you, the buyer, but since the offer is lower than what the seller owes on his note/loan it requires third party lender approval to the offer. Generally, the lender requires the property be sold as-is.
A short sale process requires your patience, therefore when you are looking for Lakeland real estate and you must be moved in by a certain time it’s best to look at homes that are not requiring third party approval.
There are only 2 steps you should follow before buying a Lakeland Short Sale.
- Hire a Realtor® – an experienced buyer’s agent that represents your interest and has the knowledge to handle a Lakeland Short Sale.
- Make sure you have been pre-qualified by a local mortgage broker who knows the Short Sale process and follow up with the mortgage approval process your lender requires, unless you are a cash buyer.
Steps to follow when making an offer on a short sale
- Your agent should advise you of the current market condition, price, and condition of the property in preparing you with an offer that the seller accepts and the bank most likely approves
- Your Buyer’s Agent should submit your offer on a FAR/BAR AS IS Offer to Sale or Purchase with the FAR/BAR Short Sale Addendum.
- A nicely hand-written letter explaining why you want to buy this home may help to get third party lender’s approval – depending on your situation.
- Your earnest money deposit should be in place, either in your Realtor’s® Trust Account or submitted to the Title Company when the offer is accepted by the seller.
- Your agent should be in communications with deadlines for inspection, loan approval deadlines and update you as soon as it becomes available from the seller’s listing agent and/or lender.
- Patience – Generally, it will take the lender weeks before the short sale is approved, even if the listing agent states “Short Sale Approved”. Looking at a closing date of at least four month from the time you submit an offer is a good estimate for a closing date.
Contact Petra Norris at (863) 619-6918 or email me at Petra.Norris@lakelandfloridaliving.com if you are looking for a Lakeland Short Sale. To view all Lakeland real estate listed for sale just click the Lakeland Florida Homes Search button below.
