Short Sale! Lakeland FL Home for Sale – No Deed Restrictions!
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Petra Norris
CDV TransAtlantic, Inc. Real Estate Brokerage
(863) 619-6918 pnorris500@gmail.com http://www.petranorris.com       
Listed by: CDV TransAtlantic, Inc Real Estate Brokerage |
Nearby properties for sale |
Copyright © 2011 By Petra Norris * Lakeland FL Homes for Sale – Just Listed Apr 1 through Apr 15, 2011*
Lakeland Florida Short Sale and Foreclosure Market Report – February 2011
For the month of February, the Lakeland real estate market of short sales and bank-owned (REO) properties that were sold decreased to 67.46% from the previous month. There were a total of 114 distressed homes sold, the same as January 2011 and 89 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Lakeland Foreclosures (REO) and Lakeland Short Sales.
Average days to Closing for bank-owned properties are 124 days
Average days to Closing for other distressed properties are 259 days.
25 Lakeland FL Short Sale properties sold – average sold price $106,300 – median sold price $113,000
88 Lakeland FL Foreclosures (REO) sold – average sold price $71,311 – median sold price $63,500.
Looking for a great deal on Lakeland FL Short Sales and Lakeland FL foreclosures, feel free to contact me at petra@petranorris.com or use the interactive map here below for your convenience.
Copyright © 2011 By Petra Norris *Lakeland FL Short Sales and Foreclosures – February 2011*
Copyright © 2011 By Petra Norris * Update for Lakeland FL Homes for Sale – Just Listed Feb 16 through Feb 28, 2011*
Lakeland FL Real Estate – Housing Prices for January 2011
Average overall Lakeland Florida housing prices took a nose dive to $94,095 for the month of January compared to the previous month. The last time I saw average sales price like this was April 2001 at $89,607. I don’t have the numbers prior to 2001, since our Multiple Listing Service provides data for ten years.
169 Lakeland Fl houses that have sold in January which also decreased from the previous month of December of 197. January market share of distressed homes rose to 67% from the previous month.
Lakeland overall homes sales and housing prices in January:
169 - previous month: 197 – previous year January 10: 144 sold
January – average sales price $94,095
Previous month: $112,466 (-16.33%) – previous year January 09: $125,635 (-25.10%)
January – median sales price $77,500
Previous month: $93,972 (-17.53%) – previous year January 09: $111,950 (-30.77%)
The graph below represents average and median home sales for January in Lakeland, Fl for various categories. When our media provides us with a real estate market reports, generally these reports outline only Single Family Homes and Condominiums. Lakeland Florida has a variety of homes, such as manufactured homes, town homes, villas and duplex units for sale.
What was the average sales price in each Lakeland zip code?
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 home sales have exceeded.
A stable “healthy housing market has a supply of six month in inventory. Lakeland’s housing market has a total of 2319 including active Lakeland FL Homes for Sale and homes that have gone under contract (pending). From the chart below you can see the housing trend with respect to Supply and Demand and the overall absorption rate for the Lakeland, FL housing market.
Distressed properties in Lakeland, Florida
For the month of January, Lakeland’s real estate market of distressed homes had a market share of 67.46%. There were a total of 114 homes sold in January, according to Mid-Florida Regional MLS.
Check back soon for January’s detailed Lakeland Florida real estate report that highlights bank-owned properties (REOs) and Lakeland Short Sales.
Copyright © 2011 By Petra Norris *Lakeland FL Real Estate – Housing Prices for January 2011*
How will Governor Scott Rejection to High Speed Rail Impact Lakeland Florida?
What is an Escrow Account and how does it work?
Let’s define Escrow Account in connection with a mortgage!
An escrow account is a specially designated savings account into which funds are deposited for a defined purpose.
When I meet first time home buyers who are buying a Lakeland FL home the one thing I love to do is to educate them about the home buying process. One of the questions I’m being asked and also not very well understood is why is there money being held in an escrow account when I purchase a Lakeland FL home and how does it work?
Why is there money being held in an escrow account?
Say you opt for an FHA mortgage with a downpayment of less than 20% or a VA guaranteed loan on your Lakeland Fl home. These types of home loans will require you to “escrow” your scheduled monthly home owners insurance (hazard insurance) as well as a set amount for your property taxes and private mortgage insurance (FHA). The lender basically wants to be sure that you will be able to cover these bills when they come due. When the time does come for them to be paid, your lender cuts a check to each entity from your escrow account. You will not have to pay these bills directly.
An escrow account for most first time home buyers is piece of mind. It helps manage your budget because you don’t have to make lump sum payments when your property taxes and property insurance is due. You already made the payments throughout the year. Your payments are made on time, keeping your home protected and it meets your lender’s requirement.
How does an escrow account work?
After your Lakeland FL home purchase, each year your lender will send you an itemized escrow disclosure statement on the status of your escrow account and history of escrow payment received and bills paid for taxes and insurance. Lenders will often identify whether they will collect more money to cover a shortage or return money to you should there be an excess in your escrow account due to decrease in property insurance and taxes. Most lenders set a two month cushion, therefore increasing or decreasing your escrow balance to an allowable low point set by Real Estate Settlement Procedures Act (RESPA), your mortgage loan documents, or by state law, if applicable.
Even though your lender makes those payments from your escrow account, I strongly encourage you to stay on top of your property insurance policy and property taxes. When time comes for your annual renewal shop around for competitive insurance pricing. Don’t ignore your property tax bill, you may have to adjust your budget. You don’t want to be surprised when your escrow payment goes up.
Seller’s Market and Buyer’s Market – What is there to fuss about?
the homes that are being purchased during that time. Low inventory and homes in great locations creating a bidding war amongst buyers that certainly can escalate the purchase price well above the listing price.
