Lakeland Real Estate

Are distressed homeowners making the right decision?

One of the most talked about subject you read or watch on television today is the housing crisis.  Homeowners walking away from their homes they can no longer afford.  Are distressed Lakeland homeowners making the right decision? As I was reading an article titled: “To walk or not to walk: underwater homeowners face dilemma”, I asked myself what I would do when faced with the decision of walking away.

The rise in foreclosure filings in Florida and around the country were first blamed on mortgage fraud and predatory lending practices. That is not the only case any longer.  Here in Florida, especially in Polk County, folks are faced with lay off’s resulting in double digit unemployment rates and now folks who still have a job, like my husband are faced with less than 40 hours work week reducing their income by 20% or more.

My parents never owned a home and when my husband and I purchased our Lakeland home in 1993, it was our American dream. When we signed the promissory note that states: “I promise to pay” we and most homeowners here in the United States have good intentions to keep this promise.  However, unexpected circumstances such as job loss, divorce, illness, reduced income, relocation, business failure or even death of a spouse can derail the promise once made.

I want to point out that I’m not an attorney and the tips outlined below are for informational purposes and not legal advice.  Please seek the advice from a qualified finance, tax, and legal professionals.

I am a real estate agent in Lakeland, Florida working with homeowners every day who are faced with this dilemma educating myself regularly by taking classes, talking with fellow real estate agents and researching available options.  I’m also a homeowner asking myself this very same question, “to walk or not to walk”.

Would I walk away?

Assuming there is a job loss or an enormous reduction in our income. I would not walk away from my home, at least not as a first step! I have to live somewhere. Making a budget should be the first thing a homeowner should do not only when faced with such a decision but on a regular basis.  People are stunned when they discover they can have an extra $100-$200 a month by eliminating going out to dinner, reducing their cable bill, installing a few energy efficient items to reduce their light bill, and reducing their cell phone bill.

Walking away from your Lakeland home will result in foreclosure. It will definitely hurt your credit rating by as much as 200-300 points and you will not be able to get another mortgage for number of years.

What would I do?

First of all, each homeowner has to make the decision by themselves and at their own best interest and while each homeowner’s situation is different here are the steps I would take:

I would not ignore the letters from my lender – I would call them immediately explaining my situation and take notes of the conversation.

I would try to work out an arrangement with my lender – For example, forbearance may be considered by the lender, if a new job is in sight, upcoming bonus or a tax refund.  Tell the lender about it and ask if you could make a partial payment, skip payments and tell them about your plan to catch up.

I would seek professional legal and financial advice – each homeowner’s situation is different and therefore I strongly recommend that you seek the counsel of an attorney and accountant experienced in foreclosure and bankruptcy.

If my lender would ignore, not communicate or decline my plea to a workout – I would try to sell my home as a Short Sale.  While the time of a Short Sale on your Lakeland home process can be long and stressful for the homeowner and their family, the buyer and their Realtors®, Lakeland Short Sales do get approved!

Despite all of the suggestion you hear from relatives or friends, read in the newspaper and online or watch on television; it is ultimately your decision and should be based on educating yourself, your options and discussion with family members.

Would you walk away?

Lakeland Real Estate

Lakeland Real Estate Update – 02/16/10-02/28/10

Update for the Lakeland FL real estate market! There are 1912 homes for sale throughout Lakeland, Florida – as of 03/09/10. The inventory of Lakeland homes for sale in the past few months hovers around 1900. Newly listed homes for the period of February 16^th through February 28^th decreased to 135 Lakeland homes for sale. The average sales price of Lakeland homes listed with area Realtors® increased to $165,281 from my previous report.

The types of homes and average prices for sale in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:

4 duplex units with a sales price of $138,425

4 condos listed with an average sales price of $61,325

10 mobile homes listed with an average sales price of $56,310

4Townhomes/Villas listed with an average sales price of $177,587

113 single family homes with an average price of $179,119

Lakeland’s newest homes listed! The priciest home on the market in Lakeland is a 2006 Hulbert custom built estate with pool features 5 bedrooms and 4 2½ baths with over 5,100 square feet of living space. This home is located in the Christina community and is offered at $1,899,000.  On the contrary, the cheapest Lakeland home newly listed is a bank owned 3 bedrooms 2baths home listed for $16,400 – just over $12.00 per square foot – located in the Albert Park 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 $93,598

33803 – 16 with an average sales price of $201,297

33805 – 11 with an average sales price of $88,218

33809 – 12 with an average sales price of $170,942

33810 – 31 with an average sales price of $107,023

33811 – 10 with an average sales price of $173,500

33812 – 06 with an average sales price of $219,667

33813 – 31 with an average sales price of $265,574

33815 – 04 with an average sales price of $39,152

Update on distressed homes in Lakeland

A total of 599 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 $101,305 or $61 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3^rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.

February update on Lakeland real estate “Sold & Pending”

So far 146 Lakeland properties have sold that have been recorded in the Multiple Listing. Currently, there are 533 Lakeland homes have gone to “pending”, awaiting closing.

Check back soon for your Lakeland Real Estate Market Report for February 2010!

Lakeland Real Estate

Lakeland FL Real Estate Update for 02/01-02/15/2010

Update for the Lakeland FL real estate market! There are 1923 homes for sale throughout Lakeland, Florida – as of 02/19/10. While Lakeland homes inventory remains stable, newly listed homes for the period of February 1^st through February 15^th increased by 16.75% to 203 Lakeland homes for sale. The average sales price of Lakeland homes listed with area Realtors® decreased to $160,386 from my previous report.

The types of homes and average prices for sale in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:

3 duplex units with a sales price of $48,267

6 condos listed with an average sales price of $141,417

18 mobile homes listed with an average sales price of $62,678

5 Townhomes/Villas listed with an average sales price of $107,440

171 single family homes with an average price of $181,178

Lakeland’s newest homes listed! The priciest and also currently the most expensive home on the market in Lakeland is this 2008 McQuillen custom built pool home which features 6 bedrooms and 5 ½ baths with over 6,700 square feet of living space of the main house and is located in the Crescent Woods community. Its current list price is $2,100,000.  On the contrary, the cheapest Lakeland home newly listed is a HUD bank owned 2 bedrooms 1 baths home listed for $15,000 – just under $15.00 per square foot – located in the Valencia Heights 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 – 19 with an average sales price of $73,198

33803 – 21 with an average sales price of $172,362

33805 – 10 with an average sales price of $90,316

33809 – 28 with an average sales price of $132,316

33810 – 41 with an average sales price of $117,315

33811 – 22 with an average sales price of $164,303

33812 – 13 with an average sales price of $180,000

33813 – 39 with an average sales price of $313,188

33815 – 09 with an average sales price of $96,444

Update on distressed homes in Lakeland

A total of 589 properties are currently actively being marketed that are facing foreclosure. There were 95 Lakeland homes newly listed in the distressed category with average prices of $125,841 or $66 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3^rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.

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.

February update on Lakeland real estate “Sold & Pending”

So far 73 Lakeland properties have sold that have been recorded in the Multiple Listing. Currently, there are 494 Lakeland homes have gone to “pending”, awaiting closing.

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.

Lakeland Real Estate

Lakeland Real Estate Update on Sold Homes in January 2010

A stable Lakeland real estate Market is a key factor for the housing market to rebound.  For the month of January a total of 145 homes were sold overall.  Last year’s overall Lakeland Florida Real Estate market was somewhat of a roller coaster ride with home prices up and down throughout the year.  Will the roller coaster ride continue in 2010? From the graph below you can see that average Lakeland home prices have increased since October 2009 by almost 9%.

Lakeland Homes sold in January: 145 – previous month:  194 – previous year January 09: 115 sold

January – average sales price $126,320

Previous month: $123,866 (+ 2%) – previous year January 09: $130,334 (-3.08%)

January – median sales price $112,900

Previous month: $113,950 (-0.92%) – previous year January 09: $96,000 (17.6%)

The graph below represents average and median prices in Lakeland 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, townhomes, villas and duplex units.

What are the various average prices 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 sold prices have exceeded.

Lakeland homes sold that are priced right will sell quickly.  In my analysis of last month activity shows that home owners, who are having their properties marketed at the right price, achieve 97% of their list price.  Here is a breakdown:

• 0-30 days – 96.92% average sold price/list price ratio
• 31-60 days – 98.22% average sold price/list price ratio
• 61-90 days – 95.4% average sold price/list price ratio
• 91-120 days – 93.23% average sold price/list price ratio
• 121+ days – 92.28% average sold price/list price ratio

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.

Distressed properties in Lakeland, Florida

For the month of January, Lakeland’s real estate market of distressed homes and bank-owned (REO) properties had a market share of 60%. There were a total of 88 properties sold in January compared to 60 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS. After further evaluation of my Lakeland Real Estate Market and to my readers who follow the distressed market report closely deserve clarity.  Starting out with January’s Real Estate Report, the distressed market report will have its own report.  Please check back soon for your detailed Lakeland Florida Real Estate report that highlights bank-owned properties (REOs) and Lakeland Short Sales.

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.

Lakeland Real Estate

Stop your Lakeland Short Sale Buyers from Cancelling Contracts

Tips for Lakeland Short Sale Sellers on how to stop Buyers from this contract cancel epidemic.

More than ever before Lakeland Short Sales likely will be a part of the Lakeland real estate market for years to come.   One of the major obstacles for a short sale to reach a successful closing, the seller’s lender must approve the short sale.  Before it would get to that point the negotiation is only between the seller and the buyer and their real estate agents. I have and have read that Short Sale Buyers walking on more than one occasion, the major reasons for this the buyers are not committed, uninformed of the short sale process or simply are in fact false buyers.

The Effective Date dictates the timeline of the contract for sale and purchase. An Effective Date occurs when the last one of the buyers and sellers has signed or initialed the offer or the final counteroffer. In a traditional sale, at the time of the effective date or within days of the effective date, the buyer is required to make a reasonable good faith deposit, follow up with a timely inspection and meeting financing contingency as stated in the contract.  This can also be achieved when there is a Lakeland Short Sale.

There are measures to keep Buyers from walking away during a Lakeland Short Sale:

• Buyer must be committed to a longer waiting period – at least six months
• Buyer must have pre approval letter from a reputable lender
• Buyer must make good faith deposit upon acceptance of contract
• Buyer must make timely inspection after effective date

Sellers should not accept any offers because they are desperate. The offer must be at fair market value which is determined by an experienced real estate agent who is knowledgeable of the short sale process. Banks don’t want to foreclose, it costs them more than a short sale but they are not willing to approve a Short Sale contract with an unrealistic purchase price.

Lakeland Real Estate

Lakeland Florida Real Estate Update ~ 01/16-01/31/10

Update for the Lakeland real estate market! There are 1903 homes for sale throughout Lakeland, Florida – as of 02/06/10; the number of homes for sale remained constant for the month of January. Newly listed homes for the period of January 15^th through January 31^st increased slightly to 169 Lakeland homes. The average sales price of Lakeland homes listed with area Realtors® decreased to $160,386 from my previous report.

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 with a sales price of $95,800

7 condos listed with an average sales price of $97,243

15 mobile homes listed with an average sales price of $65,793

14 Townhomes/Villas listed with an average sales price of $92,798

132 single family homes with an average price of $182,141

Lakeland’s newest homes listed! The priciest Lakeland real estate is a 1995 home on approximately 6 acres; featuring 5 bedrooms and 6 baths with over 5,100 square feet of living space currently offered for $675,000 located in the Oakmont Acres.  On the contrary, the cheapest Lakeland home newly listed is a bank owned 3 bedrooms 2 baths home listed for $19,900 – just under $19.00 per square foot – located in the Winston Heights 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 – 20 with an average sales price of $100,815

33803 –22 with an average sales price of $171,534

33805 – 12 with an average sales price of $112,441

33809 – 24 with an average sales price of $146,849

33810 – 35 with an average sales price of $138,452

33811 – 19 with an average sales price of $185,471

33812 – 11 with an average sales price of $277,163

33813 – 23 with an average sales price of $209,878

33815 – 03 with an average sales price of $65,233

Update on distressed homes in Lakeland

A total of 573 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 $109,719 or $62.43 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3^rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.

January update on Lakeland Real Estate “Sold & Pending”

So far 142 Lakeland properties have sold that have been recorded in the Multiple Listing – an increase from the previous year – check back soon for the Lakeland real estate market report. Currently, there are 475 Lakeland homes have gone to “pending”, awaiting closing.

Looking for a specific home in Lakeland Florida – look no further, feel free to contact me at petra@petranorris.com or click the search button below.

Lakeland Real Estate

Lakeland Real Estate Update – 01/01/10-01/15/10

Update for the Lakeland real estate market! Currently, there are 1903 homes for sale throughout Lakeland – as of 01/28/10. Newly listed homes for the period of January 01^st through January 15th jumped to 166 Lakeland homes recently listed. The average sales price of Lakeland homes listed with area Realtors® for decreased to $162,992 from my previous report.

The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:

2 duplex units with an average sales price of $82,000

4 condos listed with an average sales price of $105,425

15 mobile homes listed with an average sales price of $71,400

2 Townhomes/Villas listed with an average sales price of $67,400

143 single family homes with an average price of $176,679

Lakeland’s newest homes listed! The priciest Lakeland real estate is a 2004 pool home; featuring 4 bedrooms and 3 ½  baths with over 3,800 square feet of living space currently offered for $849,000 located in the Eaglebrooke Community.  On the contrary, the cheapest Lakeland home newly listed is a bank owned 3 bedrooms 2 bath property listed for $33,000 – just over $22.00 per square foot – located in the Idlewild 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 $95,229

33803 –24 with an average sales price of $159,950

33805 – 08 with an average sales price of $141,450

33809 – 17 with an average sales price of $168,318

33810 – 41 with an average sales price of $150,190

33811 – 15 with an average sales price of $152,833

33812 – 15 with an average sales price of $181,473

33813 – 27 with an average sales price of $240,393

33815 – 05with an average sales price of $45,720

Update on distressed homes in Lakeland

A total of 563 properties are currently actively being marketed that are facing foreclosure. There were 69 Lakeland homes newly listed in the distressed category with average prices of $132,768 or $73.95 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3^rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.

January update on Lakeland Real Estate “Sold & Pending”

So far only 103 Lakeland properties have sold that have been recorded in the Multiple Listing. I suspect the numbers will increase even though we are at the end of the month.

459 Lakeland homes have gone to “pending”, awaiting closing.

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.

Lakeland Real Estate

Lakeland FL Home for Sale – 6931 Ashbury Drive – Hampton Chase

6931 Ashbury Drive Lakeland FL 33809 – Lakeland FL Home for Sale – Hampton Chase Subdivision

Custom built brick home by Paul McKinley located on a spacious corner lot. The home is artistically by fossil painting on the interior wall as well as throughout the house meticulously maintained by the owner. Features include formal living room and dining room with and open floor plan for entertainment and family gatherings. You will enjoy the easy access to the pool area from 4 rooms via sliding glass door screened for a pool/barbecue parties and the privacy of a custom galvanized steel fencing. Spacious walk-in closets in all the bedrooms, vaulted ceilings, plant shelved and with a beautiful decor throughout the house. The master bath suite features his and her walking closets, linen closet, jetted tub with separate shower as well as block glass window for privacy. Kitchen has plenty of cabinet and counter space featuring flat cook top and granite counter. New maintenance updates such as roof replacement in 2004 and pool resurfacing in 2007 were completed. The home is truly a pleasure to show and own. It is adjacent to the Wendell Watson Elementary School – an A rated school according to the Polk County School Board’s website and nearby access to I-4 driving to Orlando & Tampa for commuting.

New Price: $229,000.00

Bedroom: 3

Bathroom: 2

Square feet: 2,391

Pool: Gunite/Concrete in-ground with screen enclosure

Fireplace: wood burning

Lakeland Real Estate

Lakeland Mortgage Update: 100 Days and Counting to Claim the Homebuyer Tax Credit

If you’re considering a move on a Lakeland mortgage in an effort to take advantage of the homebuyer tax credit, you be advised that the clock is ticking.

If you’ll recall – back on November 6, 2009, Congress granted and extension and expanded the First-Time Home Buyer Tax Credit program.  As of now, you have 100 days left to claim it.

Providing a tax credit of up to $8,000, the deadline for homebuyers has been moved forward to spring, requiring Lakeland homebuyers to have a contract on a home by no later than April 30, 2010.  You’ll also need to be sure that you close on your Lakeland home by no later than June 30, 2010.

“Move up” homebuyers in Lakeland also stand to gain from this tax credit.  If you’ve lived in your home for 5 of the last 8 years, then the IRS will allow you to receive a tax credit of $6,500.

Important Facts to Know About this Tax Credit:

Buyers should keep the following things in mind when determining whether taking advantage of this tax credit is a viable option:

• You may not buy your home from a parent, spouse, or child
• It is not permissible to purchase your home from an entity in which you have a majority ownership position
• Homes acquired through a gift or inheritance are not eligible
• All individuals involved with the purchase of the home have to meet eligibility requirements

There are also a few new updates to keep in mind:

The sales price of the home you buy cannot be more than$800,000.  You must also make less than $125,000 as a single-filer and $225,500 as joint-filers.

It’s also important to remember that this program provides for a true tax credit — not a deduction.  What this means is that if you are eligible for the full $8,00 credit, and your tax liability is,$5,000, you will get a $3,000 refund from the U.S. Treasury at tax time.

For a complete list of qualifying criteria, visit the IRS website.  Talk this move over with your accountant or other qualified tax professional.  Then put a big red circle on your calendar around April 30, 2010.  You have 100 days left!

Lakeland Real Estate

December 2009 – A Record Breaking Month – Update on Sold Homes in Lakeland Florida

Lakeland real estate ended the year on a high note in sales. With 194 homes sold overall, a 43% increase from the previous year, the month of December proved to be the best month for 2009 with an average sales price of $123,865, a 1% increase from the previous month.

Lakeland Homes sold in December: 194 – previous month:  174 – previous year December 08: 136 sold

While home prices are at 2004 level and still showing signs of downward market adjustments, the adjustments for December compared to last year’s figures are no longer in double digits.  Although the distressed properties continue to power market values for Lakeland Real Estate, I suspect in the coming month that we see the market will stabilize.

December – average sales price $123,865

Previous month: $122,590 (+ 1%) – previous year December 08: $134,370(-7.82%)

December – median sales price $113,950

Previous month: $119,000 (-4.24%) – previous year December 08: $125,420 (-9.15%)

The graph below represents average and median prices in Lakeland for various categories.

What are the various average prices 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 sold prices have exceeded.

Which zip codes represents the most sales activities since January 2009?

Zip Code	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
33801	20	12	15	21	13	16	17	12	20	27	20	31	224
33803	11	10	16	18	16	19	26	19	22	25	20	24	226
33805	12	11	12	9	5	10	14	14	8	14	12	14	135
33809	13	12	16	11	18	17	16	17	25	17	21	23	206
33810	25	31	34	31	46	37	40	33	42	46	43	40	448
33811	10	16	17	18	18	22	20	15	22	15	18	17	208
33812	10	5	8	13	7	9	16	15	10	9	13	14	129
33813	9	25	27	28	26	33	35	38	29	22	24	25	321
33815	5	3	7	5	7	6	4	3	5	2	3	6	56
Total	115	125	152	154	156	169	188	166	183	177	174	194	1953

Distressed properties in Lakeland, Florida

For the month of December, Lakeland’s real estate market of distressed homes and bank-owned (REO) properties had a market share of 53%. There were a total of 103 properties sold in December compared to 49 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.

Average days on market (DOM) for bank-owned properties are 49 days

Average days on market (DOM) for other distressed properties are 146 days.

28 Distressed Homes Sold – average sold price $118,425 – median sold price $122,000

75 Bank-owned (REO) sold – average sold price $94,819 – median sold price $80,000

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.

Next Page »