Attention Buyers and Sellers! Have you Noticed the Lakeland FL Real Estate Market is Shifting
My primary real estate market is Lakeland Florida, which is located in Central Florida of Polk County. Lakeland happens to be the largest city of this county and is located smack dab in the middle between Orlando and Tampa. Because of the easy access to these cities and it’s affordable home prices compared to Orlando and Tampa, Lakeland’s population has grown steadily in recent years.
It is not uncommon for homes listed to receive multiple offers which exceeds the listing price.
Overall existing home prices saw increases in average sales and median prices since October 2012. Double digit increases from the previous year suggest the housing market in Lakeland FL is starting to shift. The current overall housing inventory of actively Lakeland Fl homes for sale continues to decline as pending sales goes up.
How will this shift affect buyer agents vs. seller agents?
While there are still many homes underwater, the dump of shadow inventory that did not happen and the declining inventory, sellers and their seller’s agents may have seen multiple offers as soon as their home is listed. This has not been seen in years and can be sigh of relief with faster sales.
For buyers and their agents on the other hand, the Lakeland Fl real estate market shift can be a challenge, specifically for first-time home buyers who still may need assistance with closing costs from sellers. With new home construction building permits on the rise, the answer for first-time buyers or move-up buyers and their agents is to include new constructions.
What marketing strategies will you need to change?
My primary focus are still listing homes and since I have started to network more locally with attorneys, local groups on Facebook, and local Business Networking groups helps me gain exposure about myself. Answering questions and/or teaching these groups what I do and how I do it as well has have niches such as short sales and 55+ communities enhances my personal marketing strategy.
Besides of my continuous blogging about the real estate market in Lakeland Florida and it’s neighborhoods. My focus is to network with the local builders and their representatives and blog about new communities. Focus more neighborhood video blogging.
What are you already experiencing that is causing you grief in your current efforts?
As a Lakeland Fl short sale agent, my biggest grief is that we have Fannie Mae and Freddie Mac who are the majority note holders of many distressed homeowners in the United States, who purposely inflate property values making it difficult to sell. The restrictions on resales they invoke and inflated property values coupled with low interest rates and no appraisal requirements on their assets they have foreclosed on, if you use their mortgage program sounds familiar to the housing bubble we experienced not too long ago.
What fears, if any, do you have about this change?
Fast rising property values and the return of the housing bubble is what I fear the most. We already see changes in FHA mortgage financing becoming effective April 1st which makes qualifying for mortgages for some very difficult and even out of reach.
What are the top three things a buyer's agent or seller's agent must do to be successful in the new market?
- Study the local real estate market by doing your own local market reports and don’t rely on the media alone. Real Estate is Local!
- Specialize in a Niche, such as short sales, 55+ communities or first-time homebuyers
- Keep up with your education, such as contracts, laws, financing. The real estate industry is changing constantly, keeping up with your local and state laws as well as making sure your online marketing is in compliance with national and local associations is a must.
This post is in response to an Active Rain Challange which is a real estate blogging community site.
Authored by Petra Norris
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
