Does buying a home in Polk County today make sense?
Absolutely! I remember when my husband and I bought our home here in Lakeland. Our interest rate back in 1993 was 7.5% fixed for 30 years, with excellent credit. Back then, this rate was a very good rate, since I knew from years before, the interest rate was well above the 10% rate.
Today's 30 yr. fixed mortgage rate is approximately 5.98% and for a 15 yr. fixed mortgage the rate is around 5.54%.
With home prices still falling and inventory at an all time high, it is definitely a buyer's market. Polk County has currently close to 8000 properties for sale; Lakeland has almost 2400 properties listed with Realtors®. I have also noticed that home prices are at the 2004 level.
If you consider buying a home, the first and foremost you should do, is hire an experienced Realtor®. At the same time, obtain financing approval ahead of time. Many banks have tightened their lending standards.
Research your area of interest and have your Realtor® thoroughly research the prices before making an offer. Even tough you have plenty of choices; desirable homes do get multiple offers. Be prepared, otherwise you could loose out.
Purchasing a home that is a Short Sales and/or Foreclosures can be challenging and risky at times, research and due diligence of your Realtor® is essential in buying successful. Most importantly patience on both sides of the transaction is necessary; it can take months for such sale to be completed. Ownership is a place to call home; a place where family built a future and become part of the community.
It is a great time to buy in Lakeland!
If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com
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Does buying a home in Polk County make sense?
Petra Norris - CDV TransAtlantic, Inc.
Licensed Florida Real Estate Broker
PO Box 92050 - Lakeland, FL 33804-2050 - Telephone (863) 618-6919
This blog is solely my point of view
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
