Lakeland, FL

First Friday in Lakeland Florida – Local Event “Holiday Happenings” – December 4th, 2009

C’mon down – Downtown Lakeland is all decked out with Holiday lights! Enjoy the sounds of holiday music that will be performed around downtown Lakeland; take your picture with Santa at the General Store and much, much more during Lakeland, Florida’s First Friday local event “Holiday Happenings”. Get some holiday shopping done, stores will be open late!

Did you miss Thursday’s annual Lakeland Christmas Parade? You don’t want to miss this special occasion with your family and friends. With all Lakeland First Friday events, Downtown Lakeland Partnership has always done an outstanding job organizing, which it only gets better with each and every month. Folks coming to downtown Lakeland comingling, shopping, dining and having a good time.

What can you expect to see in and around Munn Park?

It all starts at 6:00 p.m. with many school groups performing at various locations downtown:

Carlton Palmore – 7pm – Main & Kentucky
Sleepy Hill – 6pm & 7:30 – Kentucky & Pine
All Saints – 7:30 – Kentucky & Lemon

At J. Rowan Galleries on S. Kentucky Ave:

6:00p.m. LCMA Jazz Band I
6:55p.m. LCMA Full Orchestra
7:15 p.m. LCMA Advanced Chorus
8:00p.m. LCMA Jazz Band II

Inside J Rowan Galleries on S. Kentucky Ave:

6:15p.m. LCMA Guitar Ensemble
6:30p.m. LCMA Guitar Ensemble
6:45p.m. LCMA Guitar Ensemble

Suzuki Strings performing in front of Fast Frame at 6pm

Stop by at the classic car show!

Whether you're buying a home in Lakeland, Florida, or Logansport, Indiana, there are two main categories of mortgages. One type of loan is governmental and the other is conventional. The main difference is that governmental loans are guaranteed by the government, although the money still comes from participating lenders that are the same lenders making conventional loans.

The governmental programs are administered by government agencies, including the Federal Housing Administration (FHA) and the Veteran's Administration (VA) for home buyers who are also veterans. For home buyers in rural areas of the country, there is the Rural Housing Service (RHS) or the Farmers Home Administration (FmHA).

There are three main types of mortgages. They are the Fixed-Rate Mortgage (FRM), the Adjustable-Rate Mortgage (ARM) and the Jumbo Loan.

Fixed-Rate Mortgage (FRM): For buyers who plan to be in their Lakeland homes for the long haul, this is a great option. The interest rate never changes during the life of the loan, so the monthly payment will always remain the same, a good option for those who want to be able to plan their budget ahead of time. The pay-back on the loan can be spread out over a longer period, making for smaller payments. The drawback to this, however, is that lenders charge a higher interest rate because there is more risk to them.

Adjustable-Rate Mortgage (ARM): The interest rate on this type of mortgage, as the name implies, will change, making it just the opposite of the FRM. These mortgages often offer a really low rate for the first one to five years. After that, however, depending on the size of interest rates at the end of this happy period and the cap on a particular mortgage, which is often 2% annually and 6% for the life of the loan, the rate, and therefore the monthly payment, can go up. This can be a risky business if interest rates happen to surge upward as they did in recent years. If you know you'll be transferred in three years, ARMS are a great idea.

Jumbo Loans: Named because of the larger amount that the loan is for, these loans also generally have higher interest rates because of the increased risk to the lender. Currently, jumbo loans are for amounts in excess of $417,000 (or $625,500 in Hawaii and Alaska), which exceed normal Fannie Mae and Freddie Mac conforming loan amounts. However, loans up to $729,750 are considered "conforming jumbo," while those in excess are considered super-jumbo and are increasingly hard to get.

There are alternative financing programs available as well, and we'll discuss those next week. The Boyce Team is well-qualified to help with any of these loan programs. Why not contact Damion Boyce to learn more about the specifics of home buying in the Lakeland area.

Lakeland Real Estate Housing Report for October 2009

Lakeland Florida sales activity remained strong for the month of October, which goes along what is being reported nationally and at state level for October.

Lakeland Homes sold in October: 177 - previous month: 183 – previous year October 08: 137 sold

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

Lakeland Real Estate average and median home prices at its lowest point for this year

October - average sales price $115,951

Previous month: $129,025 (-10%) – previous year October 08: $149,732 (-23%)

October - median sales price $107,000

Previous month: $121,000 (-12%) – previous year October 08: $140,000 (-24%)

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.

Distressed properties in Lakeland, Florida

For the month of October, distressed homes and bank-owned (REO) properties had a market share of 54% 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.

• Average days on market (DOM) for bank-owned properties are 64 days
• Average days on market (DOM) for other distressed properties are 194 days.

28 Distressed Homes Sold - average sold price $116,279 – median sold price $112,450

63 Bank-owned (REO) sold – average sold price $80,252 – median sold price $64,500

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.

In Lakeland and all of Polk County, foreclosures are a big deal. In 2008, 9,467 cases were filed; numbers for 2009 are expected to be about the same. Many homeowners, with their homes at risk due to unemployment and rising mortgage payments, need an alternative before the situation gets that bad. A short sale is becoming a popular way to approach the problem. About half of Polk County's current sales are short sales or bank-owned homes, which means the foreclosure went through and the home is on the market again.

Ever wish someone would explain a "short sale" to you? Well, let's give it a try right here.

A short sale can be defined as a sale wherein a home is sold for less than the current mortgage balance. There are some qualifiers to this type of sale, however. First, the lender has to agree to accept the lower price, and a buyer must be found who is ready to purchase. The seller must also prove they are a hardship case.

Not just any buyer is going to work in a short sale transaction. The best buyers are those who have already shown an interest in buying a short sale and are willing to accept the lender's demands and extended deadlines. A short sale can take up to seven months or more to close.

The lender as well must feel confident that the buyer is willing to work with them and meet their demands. If done properly, the short sale can be a winning situation even for the lender. After all, most mortgage companies aren't interested in foreclosing on a property and then having to deal with selling it again.

The seller must have their ducks in a row from the beginning to make the short sale as painless as possible. If buyers are forced to wait too long for the transaction to be completed, they may decide to back out and look for a home elsewhere.

There may be some negative impact on the seller's credit score, and there can be tax implications of selling short. Therefore, the seller must take these possibilities into account when deciding if a short sale is a good option.

Short sales are not for cowards, and definately not the type of thing for you to leave in the hands of an inexperienced real estate agent. A pile of paperwork is involved, as well as numerous deadlines, so you need someone who is an expert at navigating the system. To learn what options are the best for you, contact the Boyce Team to see what they can do to help sell your home. Or if you're a buyer, find out why buyers in Lakeland love the Boyce Team.

Lakeland Real Estate Update - 11/01/09-11/15/09

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 1^st through November 15^th 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.

Please continue to read for a more detailed report by clicking this link