Mount Dora, FL

As we look back at 2008 and it's last month, real estate sales seemed to take a very predictable path. Once again there were about 200 single family homes sold (202 to be precise). Once again it was the $100- $140k price range that garnered most of the sales (57 units or 28.2%). The local market seems to be reaching an apparent equilibrium.

More homes were sold in the $120-$140k range than any other month in 2008 (39 homes) but it appears these sales are freeing up some move up buyers because December also represented one of the highest months for sales in the $200-$250k range since May '08 (31 homes). These trends are interesting because they clearly show the market is regaining balance. Does this mean we are at the bottom of declining values? It would certainly indicate we are getting close.

The type of financing also says volumes about the state of the market. Once again cash buyers outstripped all other buyers in Lake County representing 43% of all homes sold. That number is the highest percentage I have been able to find on record for one month! That clearly shows investors are strongly represented in the market now and personally I believe it's the smart money picking up the best deals. Conventional financing remains the program of choice for those borrowing but it should be noted the USDA Rural Development 100% financing program is considered a conventional loan, and its use has been skyrocketing. Also trends show the use of government loans such as FHA and VA to be growing substantially. Indeed FHA and VA represented 17.5% of all deals and December was the second highest month in 2008.

So what do all these stats mean? If you are a seller you have the best chance of finding a buyer if you are in the $140k or less price range and have a home that qualifies for government financing. Thankfully all the homes moving in that low range are freeing up a few more buyers for the $200-$240k range but I suggest those sellers also be prepared to accept government financing.

If you are a buyer it means be prepared to see multiple offers on good deals in that $140k or less price range. Some of those offers (on the best deals) may be cash so have your financing in line and pre-approval letters in hand to strengthen your negotiations.

In closing we seem to be settling into a routine market of about 200 sales per month. Single family home inventory of 4762 is the lowest level of inventory we have seen in all of 2008. Although it still represents a 23.6 month supply, don't be complacent about buying if you are looking for a home. That inventory number was as high as 5226 in Feb., 5035 in Oct. and 4951 in Nov. so the trend is clearly downward.

And of course, if you have any questions regarding financing of any kind, call your PURCHASE mortgage expert who won't be too busy doing refinances to return your call! I can be reached anytime via cell phone, email or facebook and you can also follow me on twitter.

Gerry Suarez, Jr.

Your FHA Loan Pro!

Renninger's Antique Extravaganza

This is a special opportunity to find a great bargain while visiting Mount Dora, FL

Inside Opens at 8AM.

Outside 10AM-5PM Friday, 8AM-5PM Saturday and Sunday.

Friday $10, Saturday $6, Sunday $420651 US Highway 441, Mount Dora

An antique lover's dream! This event held at Renninger s Twin Markets, is one of the largest gatherings of antique dealers in the south with over 1500 dealers attending.

For more information please call (352) 383-8393 or 800-522-3555.

To learn more about our area visit:

www.lakecountyhomepros.com

NEW PRICE AT THE LAKES OF MOUNT DORA!! LOCATION & LUXURY! This lovely custom Scarsborough model located on one of the most beautiful water view lots in the community is loaded w/luxury.

From the time you enter the beautiful circular driveway w/pavers you will be impressed. This custom home was built w/efficiency & quality in mind. This is more than just a 3/2 w/family room.

This home is loaded w/upgrades such as the berber carpet & padding, tile, counter tops, ceiling fans, rounded corners and light fixtures just to name a few.

The kitchen w/upgraded gold series appliances opens up to an extended family room w/custom blinds.

There is also a FL room that you won't want to leave overlooking the water. Light & bright, this home is in an active waterfront community with pool, gorgeous clubhouse, fitness center, and library. FL living at its best!!

For More details on this home or to learn about the beautiful Mount Dora area

Visit www.lakecountyhomepros.com or

Call 352-636-6579

Ray and Karen Levy

Your Lake County Home Pros!

BRING THE BOAT AND GET READY TO RELAX IN YOUR NEW FOUR BEDROOM LUXURY HOME DIRECTLY ON LAKE EUSTIS. THE OWNER WILL CONSIDER OWNER FINANCING ON THIS BEAUTIFUL HOME WITH OVER 2540 S.F.

You will enjoy the beautiful colors of the sunsets and the twinkle of city lights off in the distance!

SPECTACULAR LAKE EUSTIS LAKEFRONT HOME! OWNER FINANCING AVAILABLE AT COMPETITIVE RATES!! YOU WILL ENJOY THIS WONDERFUL HOME! NUMEROUS UPGRADES:STAINLESS STEEL APPLIANCES, BERBER, TILE, VERANDA FRENCH DOORS, SECURITY SYSTEM & MUCH MORE! 4/3+DEN. Frameless shower enclosure, auto irrigation system, upgraded light fixtures, garage door opener, recessed can lighting in kitchen, tinted windows, picture window in family room, courtyard side entry garage with 12' bump, cultured marble counter tops in master, deluxe cove molding under upper cabinets, crown molding above kitchen cabinets. Price just reduced!

For more details call Ray Levy at 352-978-8551

or visit www.lakecountyhomepros.com