March Home Sales Improved overall in Polk County according to the Lakeland Ledger Report. With all its negative publicity that the Real Estate Industry has, it is a positive sign that the media finally has something encouraging to write about Real Estate.

What does the statistics say for Lakeland, Florida?

According to the data obtained from the Mid-Florida Regional MLS there were 159 homes sold in Lakeland compared to last years 188 homes sold – a decline of 32 homes. The average sold price for a home in Lakeland was $152,761 last month. Last year’s average sold price was $185,497 in March – a plunge of 17%. Of the 159 homes sold there were 25 homes sold in distress – short sale, pre-foreclosure, foreclosure, and/or bank owned. The average home sold in distress last month was $104,662.

My report below is a breakdown by zip code which gives you a detailed view of each area with last year’s market information. The data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed.

Copyright © 2008 http://www.petranorris.com| All Rights Reserved |

Lakeland’s Real Estate Market 411

Petra Norris - CDV TransAtlantic, Inc. - Licensed Florida Real Estate Broker –

This blog is solely my point of view

It has been an interesting First Quarter this year. From January through March, there were 394 residential homes sold in Lakeland, Florida compared to last year’s first quarter total of 522 home sold - a decrease of 128 properties or if you will 32.50%. The average sold price for this quarter was $170,499 (average sq. ft. $101.73) compared to $198,774 (average sq. ft. $120.54) a decrease of 17% for the 1^st quarter in 2008. Are you looking to buy?

Folks, as every week for the past weeks you will find my weekly report below to offer you with an inside on what is happening in the Residential Real Estate Market for Lakeland, FL. This report is by zip code and is in my opinion more accurate than measuring by school zones, since school zone changes are in progress and Realtors® not always input the school zones into the Multiple Listing.

There are currently 2403 properties for sale, which is an increase of 15 listings reported the previous week. Last week’s average sales price decreased modestly. However, the average sold price increased by 5% compared to my prior report of the Lakeland Residential Weekly Market Report 3/24/08-3/31/08. My weekly report is obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”. 

How long will it take to absorb the current inventory? According to the Mid-Florida Regional MLS, there are currently 2628 active and pending listings available in Lakeland. The definition of Pending is that it has not sold as of today and/or the Pending listing has not been updated to Sold status in the Multiple Listing. Realtors® sold 156 properties in Lakeland last month. Since the absorption rate is not an exact science it may influence your decision to put your home on the market. Based on my calculation, the truth of the matter is that the absorption rate for Lakeland is 73 weeks. Are you thinking about selling?

 If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com

Copyright © 2008 http://www.petranorris.com| All Rights Reserved

Is it time to buy or is it time to sell in Lakeland, Florida - you decide!

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

Folks, as every week for the past weeks you will find my weekly report below to offer you with an inside on what is happening in the Residential Real Estate Market for Lakeland, FL. This report is by zip code and is in my opinion more accurate than measuring by school zones, since school zone changes are in progress and Realtors® not always input the school zones into the Multiple Listing.

There are currently 2388 properties for sale, which is a decrease of 52 listings reported the previous week. Last week’s average sales price increased modestly. However, the average sold price increased almost 20% compared to my prior report of the Lakeland Residential Weekly Market Report 3/17/08-3/24/08.

So far, for the month of March, the Mid-Florida Regional MLS reports that 25 homes sold in Lakeland were in foreclosure, pre-foreclosure, bank owned, and/or required 3^rd party approval (short sale). The average sold price was $104,662 with an average of $73.65 per square feet. However, a total of 124 homes were sold by Realtors®, who had sellers that had not distressed homes; the average sold price for such properties were $182,390 with an average of $105.43 per square feet.

My weekly report is obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”.

If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com

Copyright © 2008 http://www.petranorris.com| All Rights Reserved |

Lakeland Residential Weekly Market Report for 3/24/08-3/31/08

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

Did you purchase a home last year and you had to take out private mortgage insurance (PMI)?

This will be the first time that you will be able to deduct the full premium on this year’s federal tax return if your adjusted gross income is $100,000 or less. Families with incomes between $100,000 and $109,000 are eligible for a reduced deduction. According to Kevin Schneider, president of the Mortgage Insurance Companies of America (MICA), this year’s tax break could be worth $350.00 per taxpayer - an annual deduction that qualified homeowners can take each year through 2010.

Congress approved this tax deduction in late 2006, which applied to loans with mortgage insurance that closed in 2007. Congress also voted to extend the mortgage insurance tax deduction through 2010, this extension was part of the Mortgage Forgiveness Debt Relief Act of 2007.