As a Lakeland real estate professional, I am often asked by my clients to provide mortgage resources and information – especially in regards to what type of mortgage they should consider. When this happens, I happily refer my customers to Kevin Sandridge, a Lakeland area mortgage broker, and good friend of mine.
Recently, I had a client talk to me about whether they should consider a 15-year fixed mortgage. Here’s what Kevin had to say on the subject.
Kevin relayed that Lakeland home buyers and homeowners who can handle the higher mortgage payments that come with a 15-year fixed rate mortgage can reduce their principal loan amount nearly 3 times faster than if they opted for a standard 30-year fixed rate option.
This is great news for those who prefer to carry mortgage debt for as little time as is necessary. However, Kevin stated that 15-year fixed mortgages do present some things to watch out for.
“The first thing your Lakeland real estate clients should watch for when deciding whether to go with a 15-year fixed rate mortgage related to their yearly taxes. Because the 15-year fixed rate mortgage product goes heavy on principal and light on interest, Lakeland homeowners who itemize tax returns will most likely end up claiming a smaller mortgage interest tax deduction at tax time. Of course, I’m not a tax professional, so they’d want to verify this with their accountant. But, this rule is pretty standard.” - Kevin Sandridge, Lakeland area Mortgage Broker.
Another negative Kevin mentioned for Lakeland home buyers and home owners to be mindful of is that the sheer size of their mortgage payment may end up being too much for them to handle comfortably.
So, consider what may happen if you run into financial trouble down the road. The only way to reduce your monthly mortgage payment after opting for the 15-year fixed rate option would be to refinance your Lakeland mortgage into a 30-year product – and this option will cost you money in closing costs and other ancillary fees.
In other words, be sure you can cover your mortgage payments over the long-term before you opt for a 15-year term. If you can manage it, though, the rewards – specifically in how fast you pay down your principal balance – are tangible.
“Mommy, what are we writing today?
I thought it might be fun if we wrote everything we’re thankful for on the mirror so all our friends and family would see when they come to visit us.
Oh. But, mommy, what does thankful mean?
Well, thankful means lots of things. Name something you love.
Mommy and Daddy!
So, I bet since you love us so much, you’re thankful we’re here. Name something else.
Bubby. I’m thankful that Bubby is here. What about you, mommy?
Well, mommy and daddy are thankful for you and Nickolas.
What else mommy?
Well, we are thankful for our jobs. Some mommies and daddies can’t work right now. (I started to add more and I was interrupted…)
MOMMY…you know what I’m most thankful for?
What Alissa?
TURKEYS!!
Why turkeys?
Because, silly, without turkeys, there’d be no turkey!”
When I first experienced Thanksgiving Day – I didn’t even know it. Long time ago, when my husband and I first met I was living in my own apartment in my hometown in Germany. My husband Jim told me he had a few days off and wanted to spend time with me. I said okay and he showed up at my doorsteps after I arrived from work that evening. Since I did not take any time off from work, I was thinking what could I make for him to eat while I was gone all day at work for the next two or three days. Well, I prepared this very tasty home-made vegetable soup in a big pot for him to heat up over the next few days while I was gone to work. That specific Thursday evening after we ate, he explained to me that in America, Thanksgiving Day was celebrated and people would cook turkey, pies, etc. – turkey! What the heck is a turkey? Really, I did not know what a turkey was; you see, Germans cook for the holidays such as Christmas a goose or a duck and are not accustomed to turkey, at least not in Bavaria. That was the last time we had soup on Thanksgiving Day and since then I’m always reminded being a little embarrassed on Thanksgiving Day on how Jim and I spent our first Thanksgiving Day.
Over 20 years have passed since then and now I’m telling the whole world what I’m thankful for – what about you?
Of course, I’m thankful for my family, children, grand-children and friends spending Thanksgiving at my house with all the trimmings – Turkey of course! I’m mostly thankful that my husband is back at his old job after his horrific accident at work that kept him at home for over a year. I’m thankful that my sister-in-law Sally does not have to suffer from bladder cancer anymore because she is looking down on us from heaven above. I’m thankful for all my clients – past, present, and future – that have instilled their trust in me to sell their homes and buyers who depended on me to find their future home and keep me in business and to my readers who subscribed to my blog and continue to follow.
Happy Thanksgiving – May yours be blessed!
One of the things people love most about the Lakeland, Florida area is the wonderfully temperate climate we experience here – nearly year ’round. The clear, blue skies and warm temperatures make for terrific vacations, and they’re even more enjoyable for those who decide to make this part of Florida their home.
Of course, such premium weather conditions are also terrific for flying, and the Lakeland area is blessed to have nearby one of the nation’s best air museums – Fantasy of Flight – located in Polk City, Florida.
Just minutes from Lakeland, visitors to Fantasy of Flight can see WW II era fighting machines like this P51C Mustang.
Located just a brief distance down I-4 from the downtown Lakeland area, Fantasy of Flight was Founded by Kermit Weeks, who established this vintage airplane museum as a natural extension of his lifelong passion for aviation and aircraft.
Fantasy of Flight provides Lakeland residents and visitors to the area with a chance to experience one of the world’s greatest collection of fighter planes, a first-class airplane restoration operation, and museum of aircraft history.
What makes this air museum really special is that many of the airplanes Kermit has restored are actually in perfect working order. In fact, Kermit even sets up flying time in some of these planes – including a vintage bi-wing barnstorming plane - for a reasonable fee.
So What Types of Planes Can You See at Fantasy of Flight?
Kermit has brought together a fine collection of vintage airplanes. A few you may see while on a visit to this aviation theme park include:
- North American P-51C Mustang
- Boeing B-17 Flying Fortress
- Mitsubishi A6M5 Zero
- Supermarine Spitfire MK16
- Valkyrie
Friends of ours who served in the military and visit Fantasy of Flight are often amazed when they see these class air machines up close. As Florida is a favored destination for retirees, a trip to see these historic airplanes may come up once in a lifetime. One thing is for sure, both casual visitors and serious aviation history buffs will agree that Fantasy of Flight is a must see Lakeland area attraction.
General Information for Fantasy of Flight
Hours of Operation:
Fantasy of Flight is open 10 am – 5 pm daily, excluding Thanksgiving & Christmas.
Phone: (863) 984-3500
Address:
1400 Broadway Blvd. S.E.
Polk City, FL 33868
Directions:
From Orlando/East/North
Go West on I-4 towards Tampa. Take the SR-559 exit – exit #44. Turn right toward Polk City & Fantasy of Flight. At the flashing red light, turn left. FOF will be less than a 1/4 mile down on your left.
From Tampa/West/South
Go East on I-4 towards Orlando. Take the SR-559 exit – exit #44. Turn left toward Polk City & Fantasy of Flight. At the flashing red light, turn left. FOF will be less than a 1/4 mile down on your left.
Lakeland real estate sales activity in October remained very active with a total of 177 homes that were sold in Lakeland. When comparing to last year’s activity, home sales shows an increase by 29% for the Lakeland Real Estate market.
Average and median Lakeland home sale prices at its lowest for this year
Average sold prices for October decreased to $115,951($67.72 per sq.ft.) or 10% from the previous month and 23% from the previous year, respectively. Median prices dipped for October to $107,000 or 12% for homes sold in Lakeland when comparing to the previous month.
- Average Lakeland Sold price for October 2008 – $149,732 – decrease of 23%
- Median Lakeland sold price for October 2008 – $140,000 – decrease of 24%
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.
Distressed properties in Lakeland, Florida
For the month of October, distressed homes, such as Lakeland Short Sales, pre-foreclosures, in foreclosures and bank-owned (REO) properties had a market share of almost 52% in the Lakeland Real Estate market. There were a total of 91 properties sold in October compared to 51 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
- 28 Distressed Homes Sold – average sold price $116,270 – $65.55 per sq.ft.
- 63 Bank-owned (REO) sold – average sold price $80,252 – $49.31 per sq.ft.
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 | Aug | Sep | Oct | Grand Total |
| 33801 |
20 |
12 |
15 |
21 |
13 |
16 |
17 |
12 |
20 |
27 |
173 |
| 33803 |
11 |
10 |
16 |
18 |
16 |
19 |
26 |
19 |
22 |
25 |
182 |
| 33805 |
12 |
11 |
12 |
9 |
5 |
10 |
14 |
14 |
8 |
14 |
109 |
| 33809 |
13 |
12 |
16 |
11 |
18 |
17 |
16 |
17 |
25 |
17 |
162 |
| 33810 |
25 |
31 |
34 |
31 |
46 |
37 |
40 |
33 |
42 |
46 |
365 |
| 33811 |
10 |
16 |
17 |
18 |
18 |
22 |
20 |
15 |
22 |
15 |
173 |
| 33812 |
10 |
5 |
8 |
13 |
7 |
9 |
16 |
15 |
10 |
9 |
102 |
| 33813 |
9 |
25 |
27 |
28 |
26 |
33 |
35 |
38 |
29 |
22 |
272 |
| 33815 |
5 |
3 |
7 |
5 |
7 |
6 |
4 |
3 |
5 |
2 |
47 |
| Grand Total |
115 |
125 |
152 |
154 |
156 |
169 |
188 |
166 |
183 |
177 |
1585 |
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.
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.
The picture for Lakeland real estate – and home sellers in particular – may begin to brighten up a bit. With another month in the books, we’ve seen another piece of evidence that the housing market is stabilizing.
Existing Home Sales surged in October as an increasing number of US home buyers took took advantage of low mortgage rates, low list prices, and, for some, a generous tax credit.
Home resales are 23 percent higher compared to last year’s numbers, and home supply is down to 7 months nationwide. This number is also referred to as the absorption rate – the amount of time it would take for the housing inventory on the market right now to sell.
As it is right now – the national housing inventory hasn’t been this low since February 2007.
The news shouldn’t be surprising, however. The same real estate trade group that produces the Existing Home Sales report also publishes a monthly report meant to predict future home sales called the Pending Home Sales Index.
Pending Home Sales have been rising steadily since mid-May.
So, with pending home sales showing no signs of slowing and 80% of pendings turning into actual, closed sales, we can expect existing home sales volume to rise in the coming months, too. Especially because Congress extended the home buyer tax credit to include (1) “Move-up” buyers and, (2) Buyers with higher household incomes.
All in all, what we’re seeing here is good news for Lakeland home sellers, who have their homes priced right.
For buyers, on the other hand, the news isn’t so great. The window to find a “deal” may be closing quickly.
Lakeland mortgage borrowers will soon see a new version of the Good Faith Estimate required as part of every mortgage loan application beginning January 1, 2010.
Expanded from the usual 1 page to a total of 3 pages, this updated Good Faith Estimate should be simpler for Lakeland home buyers and those looking to refinance Lakeland homes to understand than the former version.
The new Good Faith Estimate provides “plain-English” explanations of each feee, charge, and interest payment involved in a purchase or refinance. It also includes a section called “The Shopping Cart,” which allows mortgage loan applicants to compare what they’d see from various mortgage lenders.
Despite moving up from 1 to 3 pages, the new Good Faith Estimate is actually more concise. Using a series of “Yes/No” check boxes on Page 1, mortgage lenders make very clear the following aspects of your Lakeland mortgage loan:
- The interest rate on the mortgage
- Whether the interest rate can change over time
- Whether the loan carries a prepayment penalty
- The length of the rate lock
This is a nice change, as at present – this information is spread across 3 separate forms.
Furthermore, the new Good Faith Estimate will make it much easier for Lakeland mortgage borrowers to compare rates and fees, showing applicants how a lower rate can be available for a higher set of fees, and vice-versa.
For all of its clarity, though, the new Good Faith Estimate still fails to address the issue of “suitability.” As in, is this the right loan for the right borrower? That’s something only a mortgage professional can do, and remains one of the key reasons to seek out a qualified local Lakeland mortgage professional.
As such, you need to be sure to select and talk with a mortgage broker who both listens to your needs and helps you plan for them. If you opt for the wrong terms on your Lakeland mortgage loan, you may be sorry in the long run. After all, great terms on an unsuitable loan are often worse than “good” terms on the right one.
Update for the Lakeland real estate market! Currently, there are 1943 homes for sale throughout Lakeland – as of 11/19/09. Newly listed homes for the period of November 1st through November 15th totaled 153 Lakeland homes recently came on the market. A decline from the previous my previous report. Average sales price of $176,647 or $89.01 per square foot with area Realtors®.
The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:
3 duplex listed with an average sales price of $93,276
6 condos listed with an average sales price of $152,183
7 mobile homes listed with an average sales price of $72,614
6 Townhomes/Villas listed with an average sales price of $92,866
130 single family homes with an average price of $191,121
Lakeland’s newest homes listed! The priciest Lakeland real estate is a 1996 pool home is located on Scott Lake; featuring 5 bedrooms and 4 ½ baths with over 6,100 square feet of living space currently offered for $2,995,000. On the contrary, the cheapest Lakeland home newly listed is a 2 bedroom 2 baths listed for only $30,000 – just over $26.00 per square foot – located in the Rolling Glen 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 – 17 with an average sales price of $93,276
33803 – 28 with an average sales price of $178,857
33805 – 06 with an average sales price of $126,698
33809 – 20 with an average sales price of $128,425
33810 – 31 with an average sales price of $123,841
33811 – 11 with an average sales price of $236,436
33812 – 08 with an average sales price of $158,575
33813 – 28 with an average sales price of $328,639
33815 – 04 with an average sales price of $48,575
Update on distressed homes in Lakeland
A total of 549 properties are currently actively being marketed that are facing foreclosure. There were 64 Lakeland homes newly listed in the distressed category with average prices of $109,473 or $69.58 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.
Update on Lakeland Real Estate that have sold
For the period of November 1st through November 15th there have been 59 Lakeland homes sold so far reported with an average price of $106,893. Lakeland Real Estate under contract but have not closed (Pending) Lakeland homes that are in pending status are at 516, a trend that has increased steadily over the past few months. This is a positive sign indicating sales are stabilizing or increasing.
The Harrison Orchestra Students under the direction of Robert Lambert & Matt Davis will be performing repertoire from some of your favorite composers at their annual Fall Orchestra Concert on Thursday, November 19th, 2009 at 7:30 p.m. on the main state of the Harrison School for the Arts Theater located at 750 Lakeland Hollingsworth Drive, Lakeland Florida 33801
Come enjoy an evening of orchestral music at the Fall Orchestra Concert. This concert provides an opportunity for you to hear the pieces that will be performed on orchestra’s trip to La Croix Valmer, France in June 2011.
- Crown Imperial – William Walton (20th century British composer)
- An American in Paris – George Gershwin
- Selections from Camelot – Lerner & Loewe/ arr. Robert Russell Bennett
- Brook Green Suite – Gustav Holst, and much more….
Ticket price for the performance is $7 for adults, $5 for seniors and students. Tickets are available for purchase online at www.harrisonarts.com and will include a nominal merchant fee. Remember to bring your e-ticket to the event. Tickets are available at the door one hour prior to performance.
The Harrison Box Office will be open at 6:00 p.m. the evening of the performances. (863) 499-2939.
Mark your calendar for these upcoming performances of The Harrison Fine Arts Series for 2009/10:
Parallel Realities, Visual Arts Exhibit – Friday, October 23, 2009 – Friday, December 18, 2009
Jazz Band Concert – Thursday, December 10, 2009 at 7:30 PM
Music of the Season – Thursday, December 17, 2009 at 7:30 PM
Visual Arts Senior Showcase – Tuesday, January 12, 2010 – Sunday, February 28, 2010Reception, January 22 at 6:00 PM @Polk Museum of Art
Eighth Grade Small Works Invitational 2010, Visual Arts Exhibit
Friday, January 29, 2010 – Friday, February 12, 2010 – Reception at 5:00 PM
Winter Dance Concert – Friday, January 29, 2010 – Saturday, January 30, 2010 at 7:30 PM
Sit and Spin, Visual Arts Exhibit – Thursday, February 18, 2010 – Friday, March 19, 2010
Reception at 6:00 PM
The Three Musketeers
Friday, March 05, 2010 – Saturday, March 06, 2010
at 7:30 PM in the Black Box Theatre
Sunday, March 7, at 2:00 PM
The Three Musketeers
Friday, March 12, 2010 – Saturday, March 13, 2010 at 7:30 PM in the Black Box Theatre
Sunday, March 14, at 2:00 PM
Harrison Wind Ensemble Concert – Tuesday, March 16, 2010 at 7:30 PM
Chamber Music Concert – Thursday, March 25, 2010 at 7:30 PM
Piano Concert – Thursday, April 08, 2010 at 7:30 PM
A Funny Thing Happened on the Way to the Forum
Friday, April 23, 2010 – Saturday, April 24, 2010 at 7:30 PM
Sunday, April 25, at 2:00 PM
Idealistic Notions, Professional Visual Arts Exhibit
Friday, April 23, 2010 – Wednesday, June 09, 2010 – Reception at 6:00 PM
String Orchestra Concert – Monday, April 26, 2010 First United Methodist Church, Lakeland at 7:30 PM
Spring Dance Concert – Friday, May 07, 2010 – Saturday, May 08, 2010 at 7:30 PM
Symphony Orchestra Concert – Thursday, May 13, 2010 at 7:30 PM
Spring Choral Concert – Thursday, May 20, 2010 at 7:30 PM
Jazz Band Concert – Tuesday, May 25, 2010 at 7:30 PM
Every buyer I talk to and represent want to get a great deal when purchasing a Lakeland Foreclosure. Lakeland real estate in foreclosure are the best deal on the market, however, be prepared to pay full price.
Buyers still think that they can make low ball offers on bank-owned properties and go against what Lakeland FL Realtor’s professional advise. Believe me when I share with you my market report for Lakeland Foreclosure and tell you that the listing price may not be sufficient to get your offer accepted. You want the best deal and I want to get you the best deal, but keep in mind when great deals are out there, more and more there are more buyers for one Lakeland Real Estate, which results into a bidding contest.
Here is the proof! Since October 1st, 2009 – 19 single family homes (bank-owned) in Lakeland built in 2000 and after sold for 99% of Listing Price vs. Sales Price (LP/SP).
Looking for a great deal on distressed properties, such as Lakeland Short Sales, Lakeland Pre-Foreclosures and Lakeland Foreclosures, then look no further.
The Lakeland Florida Harrison School for the Arts under the direction of Rebekah Haubry will be performing solos and ensembles repertoire from some favorite composers, such as Bach, Mozart, Beethoven, Chopin, Brahms, and many more at their annual Fall Piano Concert on Thursday, November 12th, 2009 at 7:30 p.m. on the main state of the Harrison School for the Arts Theater located at 750 Lakeland Hollingsworth Drive, Lakeland Florida 33801
Come enjoy an evening of piano music at The Fall Piano Concert performed by these very talented piano students. This concert provides an opportunity for the students to demonstrate their accomplishments of their first semester’s study of solo and ensemble literature.
Freshmen
Michelle Castillo, Angie Lee, Forin Huang, Holly Scott
Sophomores
Richard Anderson, Derik Thomas, Alvaro Ulloa
Juniors
Amanda Callihan, Angel Lee, James Maffett, Sabrina Morby, Matthew Oliver
Seniors
Mary-Catherine Savant, Lorel Schmitzberger, Shelli Sokolski, Benjamin Vickers
Ticket price for the performance is $7 for adults, $5 for seniors and students. Tickets are available for purchase online at www.harrisonarts.com and will include a nominal merchant fee. Remember to bring your e-ticket to the event. Tickets are available at the door one hour prior to performance.
The Harrison Box Office will be open at 6:00 p.m. the evening of the performances. (863) 499-2939.
Mark your calendar for these upcoming performances of The Harrison Fine Arts Series for 2009/10:
Parallel Realities, Visual Arts Exhibit – Friday, October 23, 2009 – Friday, December 18, 2009
Symphony Orchestra Concert – Thursday, November 19, 2009 at 7:30 PM
Jazz Band Concert – Thursday, December 10, 2009 at 7:30 PM
Music of the Season – Thursday, December 17, 2009 at 7:30 PM
Visual Arts Senior Showcase – Tuesday, January 12, 2010 – Sunday, February 28, 2010Reception, January 22 at 6:00 PM @Polk Museum of Art
Eighth Grade Small Works Invitational 2010, Visual Arts Exhibit
Friday, January 29, 2010 – Friday, February 12, 2010 – Reception at 5:00 PM
Winter Dance Concert – Friday, January 29, 2010 – Saturday, January 30, 2010 at 7:30 PM
Sit and Spin, Visual Arts Exhibit – Thursday, February 18, 2010 – Friday, March 19, 2010
Reception at 6:00 PM
The Three Musketeers
Friday, March 05, 2010 – Saturday, March 06, 2010
at 7:30 PM in the Black Box Theatre
Sunday, March 7, at 2:00 PM
The Three Musketeers
Friday, March 12, 2010 – Saturday, March 13, 2010
at 7:30 PM in the Black Box Theatre
Sunday, March 14, at 2:00 PM
Harrison Wind Ensemble Concert – Tuesday, March 16, 2010 at 7:30 PM
Chamber Music Concert – Thursday, March 25, 2010 at 7:30 PM
Piano Concert – Thursday, April 08, 2010 at 7:30 PM
A Funny Thing Happened on the Way to the Forum
Friday, April 23, 2010 – Saturday, April 24, 2010 at 7:30 PM
Sunday, April 25, at 2:00 PM
Idealistic Notions, Professional Visual Arts Exhibit
Friday, April 23, 2010 – Wednesday, June 09, 2010 Reception at 6:00 PM
String Orchestra Concert – Monday, April 26, 2010 First United Methodist Church, Lakeland at 7:30 PM
Spring Dance Concert – Friday, May 07, 2010 – Saturday, May 08, 2010 at 7:30 PM
Symphony Orchestra Concert – Thursday, May 13, 2010 at 7:30 PM
Spring Choral Concert – Thursday, May 20, 2010 at 7:30 PM
Jazz Band Concert – Tuesday, May 25, 2010 at 7:30 PM
