Lakeland Florida Real Estate Blog by Damion Boyce

Buyers Beware - When Is the Best Time to Buy in Central Florida

Where is the best place to invest your money? Is it the stock market? Is it real estate? Most stock market investors believe in buying low and selling high. Real estate is at a low right now. The interest rates are close to an all time low. Those who buy real estate in Central Florida in the next 6 months should pat themselves on the back and feel confident about their investment. This September the press will jump on the "positive" band wagon and report how good real estate is compared to September 2007. This causes the general public to panic as they realize they may have missed the window to get the best deal in real estate. The best time to get the best deal may be now since interest rates are so low. Keep an eye out for real estate reports and economists as they begin to report how real estate is changing. The tide is slowly beginning to change as the actual number of foreclosures in Polk County are on ..(read more)

Home Improvements that Add Value!

Home Improvements that Add Value! What follows are the “best estimates” for the most typically consistent remodeling projects I have seen across the country. These factors may vary due to the market or home.

Factors that Don't Affect the Value of your Property

Factors that Don’t Affect the Value of Your Property • The value of your property is determined by what a BUYER is willing to pay in today’s market based on comparing your property to others SOLD in your area. – Buyers ALWAYS Determine Value! The Below Items do not affect the value!

USAF Thunderbirds to Perform at Sun 'N Fun Fly-In 2008

Sun 'N Fun is right around the corner (April 8 - 13). Sun 'N Fun is one of the nation's largest Fly-Ins in the Southeast. The Thunderbirds plan to arrive at Sun ’n Fun during the early portion of the Fly-In and remain through the remainder of the week. They may engage in individual media flights and possibly a team orientation flight prior to their scheduled performances on Saturday and Sunday, April 12 and 13. For more information, visit the Sun 'N Fun website www.sun-n-fun.org/content/news/story.asp

Mayfair-by-the-Lake (Art Festival in Lakeland Florida)

Coming May 10th - 11th on the shores of beautiful Lake Morton (the duck lake) in Lakeland, Florida is the annual Mayfair-by-the-Lake. This event is always a big attraction for the local residents in Lakeland. This event is sponsored by the Polk Museum of Art. Enjoy music, local school bands, local artists, food, drinks, lots of sunshine, and the beautiful birds that claim Lake Morton as their home. Don't miss out. Mayfair-by-the-Lake is always a great time for the whole family.

Lenders Restrict Loans Based on Location and Declining Market Areas

Lenders are beginning to restrict Conventional loans in some areas depending on if the location is deemed to be in a "Declining Market Location". In these areas the borrower is expected to increase their down payment (to 10%) if they really want the loan and the Home. Unfortunately, many borrowers are not finding this out until weeks into the contract to purchase. This is causing transactions to fall apart and frustrate both buyers and sellers. One remedy may be to switch the loan to FHA. FHA (government loans) are not affected by "Declining Market Locations". Furthermore, FHA loan limits just increased last week to help stimulate the market and give more buyers the opportunity to get into a Home with 3% down payment. For example, buyers can now purchase their homes through FHA if the loan amount is $271,050 or less in Polk County and as high as $292,500 in Hillsborough County (Florida). Check with FHA to see what the new ..(read more)

F.H.A. loan limits have increased in counties in Florida

This week, F.H.A. loan limits have increased in counties in Florida. The new loan limits are based on a calculation of 125% of the median sales price for each county. Of course, the lender always has the final say on what the maximum loan amount is. The increases are for both refinances and purchases. This was part of an economic stimulus package titled "The Economic Stimulus Act of 2008" signed into law by President Bush on February 13, 2008. This increase is only temporary and is scheduled to end midnight December 31, 2008. Afterwards, the loan limits will revert back to what they were before the increase took place this week. The bill was a bi-partisan effort to help homeowners across the nation and to bolster the economy. In addition to the highly reported tax rebate checks to be passed out, this bill increases the loan limits for residential loans insured by F.H.A. and will also raise loan limits on mortgages bought by both Fannie ..(read more)

March 2008 Real Estate Update W a r m i n g U p !

The market has changed again. Maybe it is my own mindset or maybe we really are selling homes every other day. Suddenly, it seems that homes that have been on the market for months and months are now being bought. For every Home that goes under contract, one buyer gets off the fence and is forced to ACT FAST because if they don't, they will be homeless. Recently someone said that things will never be like they used to be. I agree that the future of real estate may, in general, follow the old patterns of the past, but will be it's own unique market. This current market may fool us all and teach us to stay on our toes. Buyers who intend to take advantage of the "buyers market" better not get caught waiting too long for the "bottom". The best time to buy IS when prices and are low AND interest rates are low. When we look back it is rare we get both. As soon as The Wiz (media) tells us the bottom is here, ..(read more)

Freddie Mac Says Mortgage Help Is Available - Many Unaware

According to CNNMoney.com many borrowers behind in their payments are unaware that there may be alternatives to help delinquency. Delinquent borrowers should call their servicers in an effort to avoid foreclosure. Freddie Mac survey says more than half of delinquent mortgage borrowers still unaware of ways to avoid foreclosure... (read more)

Real Estate Buzzing January 2008

The real estate market in central Florida (Lakeland area) has been positive since Jan 2. The buyers are beginning to make decisions and seem to realize there is an ideal time to purchase their next property. There will be a day when we all say we should have bought at the perfect time. It is not clear when the perfect time will be, but we do know that prices are down and interest rates are relatively low. Lakeland expects to grow in 2008 with help from incoming businesses. Retail, restaurant, office, manufacturing, packaging, and delivery employment is expected to increase jobs in Lakeland this year. Interest rates are expected to decline in 2008. The real estate values are also expected to decline by as much as 10% this year. This could mean that real estate should be selling. I have seen many sellers reducing prices which is stimulating offers. As real estate picks up and buyers make decisions, ..(read more)

The Importance of Home Inspections

When buying a Home, most buyers agree that a Home inspection is important. However, a Home inspection in itself doesn't tell the whole story. A typical Home inspection will not include a septic inspection, radon test, pool inspection, or thorough roof inspection. The roof needs to be inspected by a license and experienced roofer. We have seen roof defects on roofs that are only a few years old. Drip edge installed improperly can lead to water damage to the actual roof sheathing underneath the shingles. This defect may be overlooked if the inspector does not walk the entire roof looking for such defects. Many agents and homeowners laugh when talk of a radon inspection arises. Word on the street is to open your windows occasionally to prevent the effects of possible radon. Personally, this would not work for me. I would be concerned if I knew radon was prevalent in the area and had not had my property inspected. Radon testing can ..(read more)

$24 Moves You Into Your First Home

We occasionally hear about special programs for First Time Home Buyers. Once upon a time (2 years ago) there were oodles of 100% loan programs available and buyers didn't need to be a first time Home buyer. Well, now you probably do. Most of the 100% programs are gone. However, this opportunity still exists for some first time Home buyers. USDA offers 100% financing for buyers who qualify and homes that qualify geographically. Is there a catch? Not really. This program is a great program enabling buyers to also build a new Home with practically no money out of pocket. In fact, some builders claim they will build a brand new Home with the buyer coughing up only $24. In Florida we are seeing buyers purchasing/building new block homes in the $160,000's with 100% financing and little to no money out of pocket. Again, there are some restrictions, but this program is real and is enabling buyers to purchase their ..(read more)

Conventional Financing News - March 2008 BIG Changes

Freddie Mac is Fannie Mae's counter part and the two agencies makeup what we know as Conventional Home Financing. This week Freddie Mac has announced ALL loans with a settlement date (closing date) on or after March 9, 2008 will incur a .25 basis point charge called a Market Condition Delivery Fee. Fannie Mae has not made a direct announcement but is expect to do the same. The stated cause for the fee is "due to continued deterioration in the mortgage market." If you are a buyer sitting on the fence you may want to consider making a decision soon. To calculate the fee take only the financed amount of the purchase price and multiply it by .0025. For example, if you are a buyer purchasing a $200,000 Home and financing $160,000 your fee will be $400. (160,000 x .0025 = 400). If you have other questions about financing, we are happy to help you with your real estate and mortgage ..(read more)

Should You Sell a Home In a Down Market?

We are hearing seller's regrets of not selling in a better real estate market. This way of thinking is common and seems appropriate. However, consider what actually happened to sellers who timed it right (on accident) and sold their homes during the frenzy. The great real estate market occurred over a period of years. Some believe they sold too soon, while others believe they sold a little too cheap. Chances are, all of the sellers turned around and bought impulsively because they didn't want to move twice. Also, those sellers turned around and paid top dollar for their next Home which is now not worth what they paid. The fact is, if you are selling your Home in a great real estate market, you will not have a good selection of homes to choose from when buying a Home in the same market. In a fast real estate market a buyer may have 2 or 3 real choices to consider and may have multiple offers to compete with. During ..(read more)

Update - December Florida Real Estate Market

I wonder if anyone working in the media field is looking to buy a Home in the next 12 months. All we hear on the news is how bad the housing market is. This real estate market is bad for those who purchased their Home within the past 2 years. Everyone else should have equity in their real estate investments. There are millions of people in the US and Canada who have hundreds of thousands of dollars in equity in their real estate investments. I urge them to consider the market and how great it is for buyers. Don't be guilty of complaining in 5 years that prices were once very good and how you should have bought then. Now is then. Interest rates are still very low, currently 6.375%. I expect the purchase of second homes to reach record levels in 2008. Babyboomers will be investing in second homes more than ever in 2008. Florida and other southern states will be where much of the second homes are purchased. It was ..(read more)