Lakeland Real Estate Information

Thinking of beginning your new-home search on the Internet? Here are a few statistics of what other web-using home buyers are doing these days:

In 2006, 80% of prospective home buyers were searching for homes on the Internet, in 2007, there were 84% and by 2008 the count was up to 87%.

Back in 1997, only 2% of home buyers found the home they wound up purchasing on the Internet while 50% found it through a realtor. In 2008, 32% found their home on the web with only 34% finding it through a realtor.

While all this Internet surfing can be a viable way of finding your new home, don't discount what a local realtor can do to help in your search. Here are some things you'll want to remember when searching for your new home in Lakeland:

1. Remember There's More to Buying a Home than Just Finding It. While finding the perfect home is the exciting part of home buying, there's also a lot of paperwork involved with the purchase of property. A real estate agent is used to working with the paper portion of home buying and can often save the home buyer money. So while you may be able to save money by not having to pay a realtor's fee, you may also lose both time and money resolving title problems, survey inaccuracies or other things by yourself that realtors are already familiar with.

2. Be Sure to See All the Homes that Fit Your Criteria. All houses for sale in the area you're searching are not listed on all real estate search websites. Therefore, you may be missing some houses that would be the perfect match for you and your family. By using a realtor to help you search, the homes that don't match your criteria can be filtered out, while those that meet all your needs can be shown to you in a timely manner.

3. Beware of Internet Real Estate Scams. Be sure the sites you're searching are reliable. There is a lot of scamming going on over the Internet these days, so it pays to be very careful. If a site doesn't have pictures of the home, it may not be legitimate. Most realtors use pictures with watermarks so this is another thing to look for, although savvy scammers may use watermarks as well.

4. Don't Rely Too Heavily on Home Values Found on the Internet. While the site you're searching may be quite legitimate, home values on the Internet may not be very accurate and reliable as they may not be using all the information a local realtor has at their disposal.

When looking for a home in Lakeland, it's fun to search on the Internet and get ideas of what's available. But when it comes time to buy, why not contact Damion Boyce and get professional advice on finding and purchasing your new home. Buying a home is a big investment and needs to be done correctly to avoid problems down the line. Start your web search by seeing some of the listings The Boyce Team is offering in Lakeland.

Once the Boyce Team helps you find that perfect home in Lakeland, it's time to get to work finding something else - a down payment. There are several avenues that you should wander down in your quest for down payment dollars. Here are six ideas to get you started. 

1.  Get Money from Family. If you have relatives with money, see if you can talk any of them into giving you some cash for the down payment. Hopefully, they'll do this as a gift and not a loan or you'll not only have a new mortgage payment, but a down payment loan as well. 

2.  Sell Some Assets. Do you have an extra car or a boat or other asset that's paid off and not used much any more? Why not sell it and use the proceeds for your down payment? Plus you'll no longer have to insure it or spend money on maintenance and best of all, you won't have to move it when you move into your beautiful new Lakeland home. 

3.  Liquidate Some Investments. For those with savings bonds or stocks, now might be a good time to liquidate some of them to fund that down payment. 

4.  Use Your Income Tax Refund. With any luck, you'll be getting a sizable income tax refund this year, just in time to put it towards your down payment. Often people use an income tax refund for something special and what's more special than putting money down so you can have your dream home. 

5.  Check Out Home-Buyer Programs.  There are often federal, state and possibly even local home-buyer programs available that can help home buyers, especially those purchasing their first home, with the down payment.  At the moment, of course, there is  a home buyer tax credit for first time buyers and repeat buyers. 

6.  Luck Out and Get a Bonus or Raise at Work.  If you're the lucky type, perhaps your job will suddenly decide to give you a bonus or even a raise this year. If that happens, sock it away for your down payment. That's putting your bonus to work. 

Don't forget, the more money you can put down, the less money you'll have to borrow and the lower your mortgage payment will be. So in the long run, a large down payment is a great idea. 

Whatever methods you use to find the down payment for your new Lakeland home, let the Boyce Team help you find the house. They have knowledge to help with the financial aspects of home-buying as well.

How do Floridians celebrate the new year? Well, one way seems to be with football bowl games. Beginning with the St. Petersburg Bowl in, you guessed it, St. Pete on December 19th, Florida is hosting a total of six bowl games this year.

And why not? Who wouldn't prefer to watch football in the Florida sunshine at 70-degrees-or-better than huddling in sub-freezing temperatures with a bitter wind?

After the St. Pete Bowl on the 19th, fans in Florida will have to wait till December 29th for the next bowl game which is the Champs Sports Bowl in Orlando. Then there are three on New Year's Day, the Outback Bowl in Tampa, the Capitol One Bowl in Orlando and the Gator Bowl in Jacksonville.

For those still interested in seeing more Florida football after these first five, the Orange Bowl wraps up this year's Florida Bowl games in Miami on January 5, 2010.

So if you get the chance, pick one (or more!) of these great Bowl games and, for those lucky enough to get tickets, enjoy the great weather and all the fans who've flown in from across the country under the pretext of watching their team. Those of us who live in Florida know the real reason though - the weather here in the winter is great!!

If you'd like to enjoy the balmy Florida winters, why not take a look around Lakeland. Nestled halfway between Orlando and Tampa, Lakeland is its own little paradise. Let the Boyce Team help you find the perfect home to begin your life in paradise.

Last week in my post, Basic Mortgage 101 for Lakeland Buyers, we discussed the two categories of mortgages, governmental and conventional, and three mortgage types, the fixed-rate mortgage, adjustable rate mortgage, and jumbo loans. As promised, this week we're looking at some alternative financing for when these types of mortgages just don't quite fit the bill.

The first one we'll discuss is the Pay-Option Adjustable-Rate Mortgage. Just like the ARM we discussed last week, after the great rate that was locked in for the first few years of the mortgage ends, the rate can then be adjusted to a new higher rate. With the Pay-Option ARM, the rate will still be adjusted, but the mortgagee can opt for a locked-in monthly payment amount.

This sounds like the best of both worlds, but that may not be quite the case, due to something called negative amortization. If the interest now due after your rate is adjusted happens to go beyond the amount of your pre-set monthly payment, you could lose equity in your home since the difference will be added to your mortgage balance. For people planning to move or refinance before the introductory period is ended, this type of loan may work. For everyone else, it's better to look for something more solid.

Another option is the Interest-Only Mortgage. For the first ten years, the buyer only pays interest. After that, the balance is spread out over the rest of the term. This is good because the home buyer can have a smaller payment during the first ten years. But not so good, because none of the loan balance is being paid. For buyers whose job has a guaranteed potential, (and is there such a thing in this day and age?) or for those who absolutely, positively plan to live in this Lakeland house for more than ten years, this type of loan could work. For everyone else, better look for something where you pay on the principle as well as the interest.

Moving right along, we come to the Balloon Mortgage. With this mortgage, for the first few years, often seven to ten, the home buyer happily pays a low monthly payment. But then, the bubble bursts and a lump sum to pay off the loan is suddenly due. If you can't make the payment, you must refinance, possibly winding up with a higher interest rate plus more closing costs. In the worst-case scenario, you might be unable to qualify for a refinance at all and wind up in foreclosure. Bottom line, think long and hard before settling for this type of mortgage to buy your beautiful Lakeland home.

You could consider Lease-to-Own if the seller is willing, which he may not be since with this type of loan the seller assumes most of the risk involved. In a Lease-to-Own arrangement, the tenant/potential buyer pays monthly rent, and the seller puts a specified amount of the rent into an escrow account. After the lease ends, the buyer can then use the money in escrow as a down payment and move on to purchase the property or simply walk away from the deal putting both seller and buyer back at square one.

While one of these options may be the perfect fit for you to purchase a home in Lakeland, it's always best to ask for help from a qualified real estate agent. Call The Boyce Team and let them use their knowledge and expertise to help you find the perfect house and the best way to pay for it. Learn more about their great team then contact Damion Boyce with all your questions.

Whether you're buying a home in Lakeland, Florida, or Logansport, Indiana, there are two main categories of mortgages. One type of loan is governmental and the other is conventional. The main difference is that governmental loans are guaranteed by the government, although the money still comes from participating lenders that are the same lenders making conventional loans.

The governmental programs are administered by government agencies, including the Federal Housing Administration (FHA) and the Veteran's Administration (VA) for home buyers who are also veterans. For home buyers in rural areas of the country, there is the Rural Housing Service (RHS) or the Farmers Home Administration (FmHA).

There are three main types of mortgages. They are the Fixed-Rate Mortgage (FRM), the Adjustable-Rate Mortgage (ARM) and the Jumbo Loan.

Fixed-Rate Mortgage (FRM): For buyers who plan to be in their Lakeland homes for the long haul, this is a great option. The interest rate never changes during the life of the loan, so the monthly payment will always remain the same, a good option for those who want to be able to plan their budget ahead of time. The pay-back on the loan can be spread out over a longer period, making for smaller payments. The drawback to this, however, is that lenders charge a higher interest rate because there is more risk to them.

Adjustable-Rate Mortgage (ARM): The interest rate on this type of mortgage, as the name implies, will change, making it just the opposite of the FRM. These mortgages often offer a really low rate for the first one to five years. After that, however, depending on the size of interest rates at the end of this happy period and the cap on a particular mortgage, which is often 2% annually and 6% for the life of the loan, the rate, and therefore the monthly payment, can go up. This can be a risky business if interest rates happen to surge upward as they did in recent years. If you know you’ll be transferred in three years, ARMS are a great idea.

Jumbo Loans: Named because of the larger amount that the loan is for, these loans also generally have higher interest rates because of the increased risk to the lender. Currently, jumbo loans are for amounts in excess of $417,000 (or $625,500 in Hawaii and Alaska), which exceed normal Fannie Mae and Freddie Mac conforming loan amounts. However, loans up to $729,750 are considered “conforming jumbo,” while those in excess are considered super-jumbo and are increasingly hard to get.

There are alternative financing programs available as well, and we'll discuss those next week. The Boyce Team is well-qualified to help with any of these loan programs. Why not contact Damion Boyce to learn more about the specifics of home buying in the Lakeland area.

In Lakeland and all of Polk County, foreclosures are a big deal. In 2008, 9,467 cases were filed; numbers for 2009 are expected to be about the same. Many homeowners, with their homes at risk due to unemployment and rising mortgage payments, need an alternative before the situation gets that bad. A short sale is becoming a popular way to approach the problem. About half of Polk County's current sales are short sales or bank-owned homes, which means the foreclosure went through and the home is on the market again.

Ever wish someone would explain a "short sale" to you? Well, let's give it a try right here.

A short sale can be defined as a sale wherein a home is sold for less than the current mortgage balance. There are some qualifiers to this type of sale, however. First, the lender has to agree to accept the lower price, and a buyer must be found who is ready to purchase. The seller must also prove they are a hardship case.

Not just any buyer is going to work in a short sale transaction. The best buyers are those who have already shown an interest in buying a short sale and are willing to accept the lender's demands and extended deadlines. A short sale can take up to seven months or more to close.

The lender as well must feel confident that the buyer is willing to work with them and meet their demands. If done properly, the short sale can be a winning situation even for the lender. After all, most mortgage companies aren't interested in foreclosing on a property and then having to deal with selling it again.

The seller must have their ducks in a row from the beginning to make the short sale as painless as possible. If buyers are forced to wait too long for the transaction to be completed, they may decide to back out and look for a home elsewhere.

There may be some negative impact on the seller's credit score, and there can be tax implications of selling short. Therefore, the seller must take these possibilities into account when deciding if a short sale is a good option.

Short sales are not for cowards, and definably not the type of thing for you to leave in the hands of an inexperienced real estate agent. A pile of paperwork is involved, as well as numerous deadlines, so you need someone who is an expert at navigating the system. To learn what options are the best for you, contact The Boyce Team to see what they can do to help sell your home. Or if you're a buyer, find out why buyers in Lakeland love the Boyce Team.

If you're thinking of buying a home in Lakeland in the future, why not think about buying now? Here are five good reasons you may want to take that step toward home ownership sooner than you might have originally planned.

1. Historically Low Interest Rates. With the economy in its present state, interest rates have been going lower and lower. You may never see interest rates this low again, or at least not in the near future. So this reason alone may be why you'll want to become a homeowner now.

2. Great Tax Benefits. With the renewal of the Home Buyer Tax Credit, you now have until the end of April, 2010, to find the perfect home in Lakeland and sign a purchase agreement. Meet some other requirements and close on the home by June 30th of 2010 to take advantage of this bonus. Read my previous post from November 15, to help determine if you meet the requirements. This legislation can save qualifying home buyers up to $8,000 on their purchase.

3. Buyer's Market. Home prices are low making this a buyer's market. Decide what features you want in your new home and start your search. With prices as low as they are, you may be able to get a lot more house for the same price as you could have just a few years ago. Or you may be able to buy a suitable home for much less than you could have several years back.

4. Ample Inventory. Even though prices and interest rates are low, many people are still unable to afford a new home. This means that there are a lot of houses available on the market today. So for those who are still able to purchase a home in today's economy, there are a lot of great homes in and around Lakeland to choose from.

5. Personal Needs. There are many individual reasons why you may be wanting to move into another home. Maybe you have a growing family and need more space, you want to be closer to work, you're retiring and want a smaller abode, or you just need a change of scenery. Whatever your personal reasons may be, combined with all the other things just mentioned, now is a great time to buy.

For those wanting to take the next step to home ownership, contact Damion Boyce and let the Boyce Team use their expertise to help you find the perfect home and the perfect deal in Lakeland.

You've probably heard by now that the FirstTime Home Buyer Tax Credit has been rewritten and signed into law. If you're thinking of buying a new home in Lakeland within the next few months, even if you're not a first-time home buyer, you still may qualify for the credit under this new legislation. Here are five questions to ask yourself to see if your purchase will qualify:

1. Will you be purchasing your new home before June 30, 2010? If the answer is yes, and you can sign the purchase agreement by April 30, 2010 and close by the June 30th deadline, so far you qualify.

2.  Will the new home you purchase be priced at under $800,000? That's the upper limit for a home to qualify for the new tax credit.

3.  Will the new home be used as your primary residence? The newly purchased home must be the homebuyer's primary residence. It cannot be a vacation home or investment property.

4.  Are you going to purchase your new residence from a relative? To qualify for the tax credit, the new home cannot be purchased from a spouse or relative, such as a parent, grandparent, son or daughter.

5.  If you're single, is your income $125,000 or less per year? If you're a married couple filing a joint tax return, is your annual income $225,000 or less? If it's less in either of these cases, you have this requirement covered.

6.  If you are a repeat buyer, have you lived in your home for at least five of the last eight years? You should qualify for the repeat buyer credit of $6,500.  If you previously owned a home, was it more than three years ago?  You will qualify as a first time buyer.

If you meet all six requirements, you're probably eligible for the new tax credit, which for first-time buyers can amount to as much as $8,000 or for previous homeowners, up to $6,500, depending on the purchase price of the new home.

For those planning on taking advantage of this bonus, why not let The Boyce Team help you find the perfect house. Lakeland has much to offer homeowners and now you can move into your own home for even less. Contact Damion Boyce and let him help you find the perfect home for you.

Ever wonder just how many people call Lakeland, Florida, home? Well, at the present time, about 93,000 people consider themselves Lakelanders. And of that amount, 46.5% are male and 53.5% are female. The population of Lakeland is actually up about 14.6% since the year 2000.

Lakeland boasts 5 high schools, 7 middle schools and 26 elementary schools. What about private schools and other types of schools in Lakeland? Well, there are 17 of those. So if you can't find an education in Lakeland, you're just not looking in the right places.

The U.S. cost of living index is 100 but Lakeland's is only 84.5 so despite how it feels when you're checking out at the grocery store, it does actually cost less to live in Lakeland than a lot of other cities in the United States. Lakeland is 190 feet above sea level and covers 45.8 square miles.

How about some information on the weather. Our annual precipitation is 49.13 inches with April being the driest month at an average of 2.04 inches and September being the wettest with 6.33 inches.

And then there are Lakeland's tropical temperatures. Daytime average high temperatures are in the 70's in January, February and December, in the 80's in March and April and in the 90's the other seven months. Lows range from the 50's in January, February, March, November and December, the 60's in April, May and October and the 70's in June, July, August and September. This all works out to an average annual high temperature of 85.5 and an average low of 63.2.

If you want to learn more about such things as politics, where to volunteer in Lakeland, government resources or other community info, check out the American Towns website.

If you want to learn more about finding housing in Lakeland or selling your home in Lakeland, check out The Boyce Team. Contact Damion Boyce and let him and the rest of the team use their extensive knowledge of the area to find your perfect home.

Today many people are wanting their homes to be more "green". This month's Parade of Homes in Lakeland is featuring one home, located at 4322 Tokose Place, which is the state's highest scoring Florida Green Building Coalition "Platinum" Level home.  It is also the first home in the state of Florida to receive NAHB ANSI Gold Level Certification.

ANSI approved the National Green Building Standard, or ICC-700 as it is also called, in January of 2009. There are four levels, bronze, silver, gold and emerald that can be earned for an energy-efficient home. By incorporating green features into the homes they build, builders receive points in six specific areas, including site development, energy conservation, water conservation, indoor air quality, resource conservation and homeowner education.  These accumulated points will determine the level of certification that a home attains.

Lakeland's featured home uses such things as solar power, special insulation and extra-tight construction practices to make it more energy efficient throughout the coming years. While many homes on today's market may not have quite as many "green" upgrades as this special home, there are homes available that have been constructed or remodeled with the idea of lowering utility costs in the years ahead.

When househunting in Lakeland, look for such things as upgraded insulation, solar lighting, Energy Star rated lighting fixtures and appliances, double-pane windows and doors, and even counter tops created from recycled products.

Check the outside of homes you are considering as well, since another way to save energy costs is in a home's landscaping. Homes that feature Florida-friendly landscaping which includes plants that require less water, irrigation systems that use less water and even rain collection systems such as the cistern used in the home mentioned above, can all lower water bills and help conserve Florida's water.

When you begin your house hunt in the Lakeland area, keep in mind that a "green" home can save you money in the future. Let Damion Boyce and The Boyce Team help you find that green home for a lifetime of savings, both in utility costs, and the earth's resources.