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Is Lakeland’s Real Estate Market Overtaking Most Florida Metro Areas?

Is Lakeland’s Real Estate Market Overtaking Most Florida Metro Areas?

Is Lakeland’s Real Estate Market Overtaking Most Florida Metro Areas?

Is Lakeland’s Real Estate Market Overtaking Most Florida Metro Areas?

 

The Lakeland FL Real Estate Market recorded the 3rd highest YOY increase in median home price out of all US Metro areas in 2021.  Lakeland’s 1-year median price growth of +29.29% was only topped by nearby Tampa (+29.69%) and Las Vegas (+37.67%).  While it’s no secret that thousands of people are relocating to the Sunshine State, it’s interesting to see that a relatively smaller Florida metro is recording some of the biggest housing market growth nationwide.

Lakeland is one of the best places to buy a home in Florida and here is why. 

 

1. Lakeland Is One of The Most Reasonably Priced Metros in Florida 

Lakeland has been able to attract buyers who are priced out of other Florida markets.  Lakeland’s 2021 median sale price was $330,967.   With median prices nearing $500K in South Florida’s real estate market and approaching $400K in most other Florida metros, Lakeland provides buyers an opportunity to get more property for their money.   

 

This seems to have driven buyers who were looking for more affordable real estate in the Sunshine State.  Lakeland saw the highest year-over-year increase in sales volume (+19.39%) among Florida metros and the 8th largest increase among USA top metro areas.   

 

2. Florida Migration Trends 

Florida has been one of the fastest growing states in the US over the last 3 years.  According to United Van Lines 2021 migration study, Florida ranked #1 in the US for total inbound moves.  It also ranked #2 for highest inbound moves (62%) among states with at least 1,000 shipments.  

 

According to the latest population statistics, Lakeland saw the 7th largest population growth between 2010-2022 among Florida cities with at least 100,000 residents.  Lakeland’s population growth will likely continue in the upcoming years as home prices continue to soar in Florida’s largest metros.  

 

3. Lakeland Offers Its Residents Unique Florida Experiences 

It’s unusual for a non-coastal Florida city like Lakeland to expand and grow at this pace.  In recent decades, the majority of Florida’s inbound population has settled in coastal areas or near the theme parks in Orlando. Located 45 minutes east of Tampa and St.Pete’s beaches and less than an hour west of all Orlando attractions, Lakeland offers residents easy access to both.  Lakeland also offers buyers much more house for their dollar in terms of cost per square foot. 

Therefore, Lakeland is a desirable option for new Florida residents looking to buy a home without breaking the bank.  Certain real estate markets have seen explosive home price increase leading many experts to consider them overvalued.  More affordable and less mature housing markets like Lakeland is where buyers will find the most value in this economy of rising inflation and interest rates. For that very same reason, Lakeland is one of the up-and-coming places in Florida to buy a home in 2022.  

 

If you’d like to learn more about Lakeland’s booming real estate market, call our experienced agents at (863) 424-2309 for a comprehensive list of resale home inventory and new communities.   

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Davenport Vacation Rental Just Listed

Davenport Vacation Rental Just Listed

Davenport Vacation Rental Just Listed

405 RUM RUN, DAVENPORT, FL

$247500

2bed – 2bath – 0.01 acres lot
Property Video | Photos | Maps & Local | Schools | Print

Located in building 34 just a short walk from the clubhouse this fully furnished, vacation rental is turn key ready. Bahama Bay is located just minutes from Disney and the shops and restaurants on 192 making it an annual favorite for many vacationers. The community features a 24 hour guard gated entrance, beautiful clubhouse and recreation center with a large community pool and hot tub, fitness facility, tennis courts, a gift shop, an internet coffee shop, a game room, a sauna/steam room, massage treatments, business center, pool bar/grill, separate kiddie pool and a beach with fishing dock onto the lake – everything you need for the perfect vacation home. Located on the second floor this end unit has no neighbors above offering penthouse living without the price!! A fully equipped kitchen with plenty of cabinet space overlooks the open living and dining room and screened in rear patio offering plenty of space to relax when not in the theme parks. The master bedroom with ensuite benefits from sliding patio doors leading on to a second screened in porch offering views over the mature gardens. The second bedroom located towards the front of the unit offers a double bed and a single bed providing additional sleeping accommodation. Onsite management already in place and bookings will transfer with the sale of the property assuming management is retained delivering immediate rental income for its new owner.

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Here’s Where Florida’s Rental Markets Rank

Here’s Where Florida’s Rental Markets Rank

Here’s Where Florida’s Rental Markets Rank

Here’s Where Florida’s Rental Markets Rank

Miami charges the seventh-highest average rent in the nation and is No. 1 in Fla. at $2,846. Jacksonville is Fla.’s least expensive with rent averaging $1,748.

Gainesville, Fla. – These are the highest and lowest rental housing markets across the nation, based on average monthly rent, from among 107 metropolitan areas studied.

We’ve also included a list of Florida metro areas’ rankings. Data is from the Waller, Weeks and Johnson Rental Index, an ongoing project co-produced by the Florida Atlantic University Real Estate Initiative, Florida Gulf Coast University’s Lucas Institute for Real Estate Development & Finance, and the Alabama Center for Real Estate at the University of Alabama.

10 areas in the U.S. with highest rent

1. San Jose, California: $3,199

2. San Francisco: $3,157

3. Ventura, California: $3,014

4. New York: $3,004

5. San Diego: $2,946

6. Los Angeles, Long Beach, Anaheim: $2,864

7. Miami, Fort Lauderdale: $2,846

8. Boston: $2,762

9. (tie) Honolulu: $2,584

9. (tie) Riverside, California: $2,584

10 areas in the U.S. with lowest rent

1. Youngstown, Ohio: $853

2. Wichita, Kansas: $937

3. McAllen, Texas: $1,051

4. Little Rock, Arkansas: $1,059

5. Des Moines, Iowa: $1,152

6. Akron, Ohio: $1,162

7. Toledo, Ohio: $1,175

8. Omaha, Nebraska: $1,193

9. Dayton, Ohio: $1,206

10. Scranton, Pennsylvania: $1,207

U.S. ranks for 10 Florida areas

(National rank / monthly rent)

7. Miami-Fort Lauderdale-West Palm Beach: $2,846

13. North Port-Sarasota-Bradenton: $2,331

14. Port St. Lucie: $2,266

19. Fort Myers: $2,073

20. Tampa: $2,055

21. Orlando: $1,999

29. Melbourne: $1,881

35. Lakeland: $1,808

39. Daytona Beach: $1,788

44. Jacksonville: $1,748

Year-over-year rent increase for 10 Florida areas

(National rank / year-over-year change)

1. Fort Myers: +32.38%

2. Miami-Fort Lauderdale-West Palm Beach: +31.70%

3. North Port-Sarasota-Bradenton: +30.88%

5. Tampa: +26.93%

6. Port St. Lucie: +25.54%

8. Lakeland: +23.92%

9. Orlando: +23.70%

10. Melbourne: +22.46%

11. Daytona Beach: +21.88%

15. Jacksonville: +20.39%

Source: Waller, Weeks and Johnson Rental Index as of June 2022

© Copyright 2022, The Gainesville Sun, All Rights Reserved.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

List for First-time Buyers

List for First-time Buyers

List for First-time Buyers

To – Do List for First-Time Buyers

1. Save

  • Down payment
  • Closing Costs
  • Escrow for insurance and taxes

2. Improve Credit Score

  • Stay current on bills
  • No major purchases
  • Don’t cancel any credit cards
  • Higher credit score = lower interest rate

3. Calculate What We Can Afford

4. Get Mortage Preapproval

  • Shop for the best deal
  • Choose primary and back up lenders
  • Mortgage advice

hud.gove/buying/booklet.pdf

Lower-Interest Mortgages
hud.gove
benefits.va.gov
rd.usda.gov
floridahousing.org

5. Decide What We Want In a Home

  • Checklist – hud.gove/buying/wishlist.pdf

6. Choose a Realtor

7. Visit Homes

  • Take photos, make notes
  • Home shopping checklist – hud.gov/buying/checklists.pdf

8. Narrow Choices

  • Visit neighborhood during day and at night to guage traffic, noice, etc.
  • Test commute
  • Consider resale value

9. Make an Offer

Common contingency opt-outs:

  • If home appraises for less than mortgage
  • If inspection reveals flaws owners won’t fix
  • If you lose your job before the deal closes

10. Schedule Home Inspection

11.Make Final Walk-Through

  • Test light switches, sockets
  • Check that windows and doors work
  • Test faucets, drains, toilets

12. Close and MOVE IN!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Guide to the Home Selling Process

Guide to the Home Selling Process

Guide to the Home Selling Process

Guide to the Home Selling Process

Selling a home can be an overwhelming experience, but with the right knowledge and preparation, it can also be a rewarding one. In this comprehensive guide, we will walk you through the entire home selling timeline, providing valuable insights and tips to help you navigate the process smoothly. From pre-listing preparations to closing the deal, we’ve got you covered. Let’s dive in!

Home-selling timeline: 10 steps to sell a house

 

  1. Make renovations/repairs
  2. Find a real estate agent
  3. Determine the value of your house
  4. Declutter and stage your home
  5. Craft your listing
  6. Conduct home showings and open houses
  7. Await offers and negotiate the best deal
  8. Accept an offer and await home inspection and appraisal
  9. Finalize the sale
  10. Relocate

 

Step 1: Make Renovations and Repairs

Timeframe: Two weeks to several months

When preparing your home for sale, making necessary renovations and repairs is an essential step. The duration of this process can vary greatly, typically taking around two weeks to a month. However, it ultimately depends on factors such as the current condition of your home, the extent of renovations required, the amount you’re willing to invest, and the urgency to sell your property.

Step 2: Engage a Real Estate Agent

Timeframe: Two to 10 days

Finding the right real estate agent is crucial when selling your home. It is advisable to have the agent visit your property to assess its condition. In fact, you can even consider consulting a listing agent before making repairs to gain insights into necessary updates and what can be overlooked in the current market.

An experienced agent serves as your trusted advisor, providing valuable guidance to save you both time and money throughout the entire home-selling process. It is wise to explore different options and ensure you choose a professional who aligns with your needs and goals.

Step 3: Determine the Value of Your House

Timeframe: One hour to two weeks

Estimating the accurate value of your house is a crucial step, and it can take anywhere from one hour to two weeks to accomplish. It is highly recommended to rely on the expertise of your listing agent during this process. They will utilize various factors, including comparable properties (referred to as “comps”) in your local area, to gain a realistic understanding of the selling price your home can command in the current market climate. This approach provides a solid foundation for pricing your home correctly and maximizing its potential for a successful sale.

Step 4: Declutter and Stage Your Home

Timeframe: One hour to one week per room

Decluttering and staging your home are essential steps in the selling process. The time required for this step can range from one hour to one week per room. Some homeowners opt to hire professional staging companies for assistance.

Although not all sellers choose to stage their home, it has been proven to be an effective strategy for attracting buyers and achieving a quick sale at a favorable price. Staging enhances the visual appeal of your home and creates an inviting atmosphere, increasing its overall marketability.

Step 5: Craft Your Listing

Timeframe: One hour to two weeks

Creating an enticing listing for your home is a crucial step in the home-selling process. This task is primarily the responsibility of your real estate agent, who will use their expertise to compile a captivating and comprehensive listing.

The time required to complete this step can range from one hour to two weeks, depending on various factors such as the extent of property details, gathering high-quality photographs, and crafting compelling descriptions. Your agent will ensure that your listing highlights the unique features and selling points of your home, effectively capturing the attention of potential buyers in the market.

Step 6: Conduct Home Showings and Open Houses

Timeframe: One to four weeks

After your property is listed, a series of home showings and open houses will take place, typically within the first few days or weeks.

Home showings are scheduled appointments where potential buyers visit your home to explore its features. Generally, a notice of 12 to 24 hours is required for showings. It is essential to ensure that you and your pets are not present during the showings, and valuable items are securely locked away for safety. Showings typically last between 15 to 30 minutes.

Hosting an open house is recommended within the first week of listing or shortly after the property hits the market. It is crucial to provide advance notice to potential buyers regarding the scheduled open house. This allows them the opportunity to plan their visit and explore your property in a more casual setting.

Step 7: Await Offers and Negotiate the Best Deal

Timeframe: Two days to a month—or more

After your home is listed, you will need to patiently wait for offers to come in, which can take anywhere from two days to a month or longer. Each market operates differently in terms of the timing of offers.

Once you receive an offer, it is important not to feel compelled to accept it immediately. Take your time to carefully consider the terms and conditions. By waiting, you allow the opportunity for potentially better offers to emerge, maximizing your chances of securing the best deal for your property.

Typically, home sellers are given a window of 24 to 48 hours to respond to an offer. This timeframe allows for thoughtful evaluation and provides the necessary space for negotiation with potential buyers.

Step 8: Accept an Offer and Await Home Inspection and Appraisal

Timeframe: Three weeks

Once you receive an offer that meets your requirements, accepting it can be a swift process.

The next steps involve the buyer conducting due diligence, which includes a home inspection and home appraisal.

If the buyer is financing the purchase with a mortgage, the appraisal will follow the home inspection. This appraisal process may take an additional two weeks or longer.

During this waiting period, it is common for impatience to arise among home sellers. If you prefer a faster closing with fewer contingencies, it is advisable to communicate this preference to your listing agent from the outset. Their expertise can help facilitate a smoother and expedited process, aligning with your desired timeline.

Step 9: Finalize the Sale

Timeframe: 10 to 45 days

The closing process of a home sale is primarily influenced by the involvement of the lender. Most buyers rely on financing, and it can take some time to coordinate with a representative from the lender to complete the closing formalities.

However, if you have the advantage of an all-cash buyer, the closing can occur relatively quickly, typically within 10 to 14 days.

The main factor that affects the timeline is the lender’s involvement. It is essential to stay in communication with your real estate agent and be prepared to provide any necessary documentation or information requested by the lender. By working closely with all parties involved, you can help expedite the closing process and move towards finalizing the sale of your home.

Step 10: Relocate

Timeframe: 30 days

Once the property has been sold and transferred to the buyer, it is customary for the seller to be given a period of 30 days to vacate the premises. However, it is worth noting that some sellers may request additional time, such as 45 or 60 days, depending on their specific circumstances.

In certain situations, sellers may also opt for a post-close occupancy agreement, which grants them the option to remain in the home for a period of time after the closing. This agreement can either be free of charge or involve the seller paying rent to the buyer.

During this time, it is important to make the necessary arrangements to relocate, ensuring a smooth transition from your current property to your new living arrangements. Plan ahead, coordinate with movers if necessary, and tie up any loose ends to complete the final step of the home selling process.

Experts in Residential Real Estate in Orlando

If you are BUYING or SELLING real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Beautiful Champions Gate Home Just Sold

Beautiful Champions Gate Home Just Sold

Beautiful Champions Gate Home Just Sold

1035 Blackwolf Run Rd, Davenport, FL

$482000

4bed – 3bath – 4791.6 sqft lot
Photos | Maps & Local | Schools | Print

Welcome Home!! This immaculate 4 bedroom 2 ½ bathroom home in ChampionsGate, greets you with over 2300 Sq Ft of living space. The spacious kitchen has many upgrades including stainless steel appliances, quartz countertops, gorgeous 42” cabinetry and a huge kitchen island. The spa master bathroom features a brand new tiled walk-in shower, separate soaking tub, dual sinks, and a custom walk-in closet with built-ins. Relax or entertain in your private fenced in backyard, with a stunning view of the 7th hole at Champions Gate Country Club. This gorgeous getaway comes with top of the line amenities such as, FULL GOLF MEMBERSHIP and access to the resort style amenities including resort style pool and playground just steps away from your front door. Looking for something more exciting?! Just hop in your golf cart and head over to the Plaza and Oasis where you can enjoy a full service resort style experience. Owners of the Country Club have exclusive members only access to the Plaza – enjoy a meal with your buddies or relax alongside one of the pools or spas. Looking to entertain the whole family?! The Oasis has something for everyone, from movie theater, water park including lazy river, splash pad and resort style pools. On top of the amenities your HOA also includes gated 24 hour security, complete lawn care, trash, cable, phone and internet. Being just down the road from all the theme parks, this property will not last long so schedule your tour today. Live the Florida lifestyle!!

Follow This Home

agent
RE/MAX HERITAGE
RE/MAX HERITAGE
863-424-2309
Contact Me

Useful Links
Davenport Homes For Sale
Clermont Homes For Sale
Free Home Values
Search All Homes For Sale

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.