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Article
Lakeland Real Estate, Foreclosures, Lakeland Homes for Sale
Lakeland Real Estate Sales Up and Prices Down
This real estate market is like none other in 80 years. Prices continue to slide as sales pick up. Interest rates, amazing prices, and an $8,000 incentive for first time buyers or those who have not owned a home in three years. My team and I are scrambling to tell everyone we know that the opportunity is here and may not stay for long. Prices may remain low for the next year or two, but interest rates may not. If interest rates increase even 1% it impact a buyer's ability to purchase. Most buyers have a specific payment they are comfortable with. If that comfort is $1200 per month and the rates increase 1%, that buyer must decrease their price range by $20,000 to $30,000 in order to stay at the same comfort level. This could mean the difference between buying or not. Is it realistic to expect interest rates to go lower than 5%? I remember when rates were 9% and thinking they would never go lower.
I had a conversation today with a member of our team. We were discussing how buyers are able to buy real estate below cost. We see homes on a daily basis selling for $65/square foot! These properties need NO work or improvements.
I spoke to our team leader today about a fist time buyer I am working with who has a property under contract. This property is twice the size of their apartment. The PITI payment is less than their rental payment. They are going to move into this property with ZERO out of pocket. They will be amending their tax return and requesting their $8,000 tax credit from the IRS soon. I feel like Santa Clause. This seems to good to be true for these buyers. What will they say in 10 years about this economy and this real estate market? They will be telling their friends that 2009 is when they got ahead in life by purchasing real estate at the right time.
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