LakeCountyHomePros Community Forum

AVERAGE SALE PRICE OF A HOME IN LAKE COUNTY JUMPS NEARLY $10,000 IN JUNE TO $142,163

Source: My Florida Regional MLS

Our area is still experiencing new buyers entering the market due to affordability and attractive interest rates. Home buyers are enjoying 1940's interest rates and 1990's home prices.

Overall, inventory is stable with a slight decline in June.

Loan approvals are becoming more rigorous due to extensive underwriting requirements. Real estate professionals are reporting delays due to increased time periods for loan approval.

The luxury home market is softening this segment is experiencing a high percentage of defaults. (May 6 2010, Bloomberg News – Bob Ivry and Dan Levy) Look to see an expanding inventory of luxury homes available. Many of them to be marketed as a short sale or REO properties.

We have noticed an increase in new construction home sales and inquiries compared to June 2009.

Savvy cash buyers continue to enter market hoping to strike a deal with motivated sellers.

In our next article we will discuss the 3P’s of real estate marketing and the most important questions to ask any real estate agent before you list with them.

Ray Levy