Study: Housing Market in Lake City, FL

This is an article that was published in the Lake City Reporter yesterday. Written by Jeff M. Hardison.. & all credit goes to him & the Lake City Reporter...

This explains how the trend of more sale & activity but lower prices is still moving up north in Florida, still reaching into the Lake City, FL area. Here is the article.

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Statewide numbers for Realtor sales of single-family existing homes looked good in May of 2009, according to the North Florida Forecaster newsletter. The newsletter is a publication of the Lake City Board of Realtors. People who are in the house-buying mode as end users will find Lake City to be a good market now, said Lake City Board of Realtors Executive Vice President Dan Gherna.

A trend of property prices being drastically reduced is moving northward, Gherna said, as reflected by Ocala showing a 1 percent increase in the number of Realtor sales of single-family existing homes in May 2009 over May 2008.

In Ocala, there was a 22 percent decrease in median prices of homes sold in May of 2008 compared with May of 2009 — dropping from $143,100 to $111,600.

“It’s encouraging to see Ocala’s results,” he said.Gherna said the Lake City-Live Oak market reflects low sales from May in comparison with the same month in 2008.“The bad markets are Gainesville, Lake City and Tallahassee,” he said.Gherna said a 13 percent reduced median sales price from $150,000 in May of 2008 to $130,000 in May of 2009 for the Lake City-Live Oak market is not significant enough to expect a dramatic increase in sales.

The Lake City-Live Oak market showed a 22 percent decrease in the number of sales, dropping from 41 houses sold in May of 2008 to 32 homes sold in May of 2009, Gherna said.

“Our distress property sales were only 30 percent,” he said. This compares to South Florida, where they are upwards of 80 percent.”

The Fort Myers-Cape Coral market showed the most significant positive sales increase by going up 72 percent when comparing figures from May 2008 and May 2009. There were 823 houses sold in that market in May of 2008 and that jumped to 1,417 houses sold in May of 2009.The median price of houses in Fort Myers-Cape Coral dropped by 58 percent, from $212,400 in May of 2008 to $88,500 in May of 2009.“In Fort Myers and Cape Coral,” Gherna said, “it looks like a war zone. There are new subdivisions where people are not mowing and windows are broken. Banks see these homes as a liability.”

Gainesville, Tallahassee, Lake City-Live Oak and Sarasota-Bradenton markets are the only double-digit negative Realtor sales figures for May of 2009 compared with May of 2008.Of the 21 markets reviewed by a survey of Multiple Listing Services sales levels from Florida’s Realtors, only Panama City showed a single digit 7 percent drop in median prices from $190,000 in May of 2008 to $167,500 in May of 2008. All other areas dropped prices from 58 percent to 10 percent.

Youtube, Old campsites, & Real Estate

Chad Stewart is now on Youtube as well... Check out videos & home tours & keep checking back.... If you are a Realtor & are not yet using Youtube or many of these online marketing & networking sites, you might as well get started. You need to keep your listing exposed to absolutly as many people as you possibly can.

Here is my Youtube channel if you want to check it out. http://www.youtube.com/user/chadrealestate101

You can even post the videos right in your blog like this... Check out some of these "homes" ... You definetly want to make sure you have an agent on the ground to check out sites, so you don't end up buying a place like this not knowing what you are getting into... wow, quite the place to drive thru....

Chad Stewart - Westfield Realty is on Twitter

Follow me on Twitter

http://twitter.com/ChadRealEstate

South Florida market looking better Threats still exist, however, says NAR Economist Lawrence Yun, who spoke at Miami's International Real Estate Congress. Read more

Short Sale & Foreclosure Report for Lake City, FL

Lake City, FL is definitely experiencing more short sales, foreclosures, & over REO or Bank owned properties & home sales than even just 1 year ago. Although we still do not seem to be even close to south Florida in terms of a REO dominated market to the levels of a 80-90% range. Locally we are at about 30% of our home sale business is Foreclosures & Short Sales.

152 residential properties sold YTD Jan thru June 13th 2009 in my north FL county (Columbia Count) "rural FL" 49 of those were REO, Foreclosure, Shortsales or approximatly 30% of the Market. Median sales price for all 152 sales YTD was $114,450 or about 80% of original list price for 2009 YTD.

Last Year, 2008 YTD thru 6-13-2008, by comparison there were 186 sales YTD with only maybe 15 or so REO,Foreclosure, or Short Sales being only about 8% of the market. Median sales price for these were $145,000. Selling at 89% of original list price.

Information pulled by Chad Stewart with Westfield Realty Group out of the Lake City North FL MLS. Lake City FL Board of Realtors.

Chad Stewart - Real Estate Blogger author.

http://www.chadstewart.com

Pending Home Sales Up 6.7%, Biggest Gain in Over 7 Years http://www.cnbc.com/id/31063170

1099-c Cancellation of Debt on Foreclosure or short Sale

Wondering about a 1099-c regarding cancellation of debt on a foreclosure or short sale. You may qualify for NOT paying taxex on that "income"
http://www.irs.gov/newsroom/article/0,,id=174034,00.html

Homebuyers credit!!! :)

Governor signs $8K homebuyer credit into law
On July 1, first-time Florida buyers who quality for the federal $8,000 tax credit can use it toward a downpayment. Read more.
http://www.floridarealtors.org/NewsAndEvents/n3-052709.cfm

Lake City, FL Real Estate Sale

Home sold in Eastside Village. Only on the Market for 4 days!! But really only 1 business day. Wow. This goes to show price it right & still you can sell quickly in Lake City, FL. This was not a short sale or foreclosure.

Big Improvement to First-Time Buyer Tax Credit
Under a new FHA rule, lenders can allow first-time home buyers to use the $8,000 tax credit as a down payment. Otherwise, buyers wouldn't get the money until they receive their tax return.
http://www.realtor.org/RMODaily.nsf/pages/News2009051202?OpenDocument

Florida Real Estate Market.

FLORIDA REAL ESTATE

A monthly UF survey finds an increase in confidence for the Florida real estate market. "Positive responses ... lead us to believe there is light at the end of the tunnel," says Timothy Becker, director of UF's Bergstrom Center for Real Estate Studies. According to Becker, many respondents believe that government stimulus efforts are working.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-051309.cfm

Latest Listing & Youtube Video Test.
Maple Ln for $99,900. Lake City, FL Real Estate.

Short Sales & Foreclosures,

This article has important things to keep in mind when dealing with sellers that wish to walk the path of a short sale, foreclosure or deed in lieu of foreclosure.

http://www.brokeragentsocial.com/article.php?article_id=308

Tax Credit

Limited time to partake in the $8000 tax credit!

http://www.floridarealtors.org/NewsAndEvents/n1-042409.cfm

Florida Real Estate Market

Here is some great news..., yes buyers get in there & start making your move. Well priced properties are selling quick. - Chad Stewart - Lake City, FL

RECOVERY ON THE WAY?
Housing Predictor - which monitors over 250 residential property markets nationwide - says Florida appears to be emerging from the realty slump before any other state, including California. The Sunshine State is seeing population growth, and single-family home and condominium sales have been on the rise for more than six months. Foreclosures and short sales presently account for approximately 67 percent of all sales and often are not included in real estate agents' tallies. Additionally, banks in many Florida housing markets are cranking out more home loans, and sellers finance almost 20 percent of all sales.
Source: First???EmailWire.com (04/21/09) © Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

OPEN HOUSES
Despite a changing market, many real estate professionals say open houses still effectively showcase a home. "Anything you can do helps," says Trudy Severa, a sales associate in Reston, Va. "It's a numbers game, and there is no way to know the residual effects [that an open house can have]."Read the full story:http://www.floridarealtors.org/NewsAndEvents/n4-041409.cfm

RENTERS
Renters who have never missed a payment sometimes find themselves on the street because a landlord lost their house to foreclosure. But for $25 per year, a new program, RealtyTrac Renter Alerts, will monitor the home and inform renters about any foreclosure activity.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n4-040609.cfm

Look at this. NAR housing affordability index at 173. This is the best index since they started keeping records.

http://www.floridarealtors.org/NewsAndEvents/n2-040109.cfm

GOOD TIME TO BUY
There are signs that the housing market is starting to look healthier as many people realize it's a good time to buy a home. One of the best reasons: Uncle Sam is there to help first-time buyers, who are entitled to a maximum $8,000 tax credit on the purchase of their home.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-033109.cfm

HOME SALES
Florida's existing home sales rose 24 percent in January, making it the fifth month in a row that sales activity increased year-to-year, according to the latest housing data from FAR. Florida Realtors also reported a 13 percent gain in statewide sales of existing condos last month. NAR reported that nationwide sales of existing homes - all housing types - fell 5.3 percent last month; at the same time, inventories fell to a two-year low.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-022509.cfm

HOMEBUYER TAX CREDIT
The current version of the economic stimulus contains a tax credit of up to $8,000 for first-time homebuyers only, though it does not have to be paid back if the house is owned for three years or more. The amount is far less than the $15,000 initially expected, and analysts say it will provide only a modest boost to the U.S. housing market.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-021309.cfm

"The Day the Market got better"

I was working hard in my office on new listings on Feb 9th, 2009, when my phone range.

...It was a investment prospect I had last talked to in August of 2007!!!! He was interested in making a purchase again after not have done anything in the past.., well should we say long time...
...A short time before that a land seller called that had not relisted his property, he was now ready to "do something"
...While getting my oil change, the attendant say my real estate name tage & said "I want to buy a home now!"
...a before that I had a development prospect interested again in developing a new retail center...He had been waiting things out for 9 months to a year.

It felt like that on Feb 9th, there was a surge of new activity, especially these "out of the blue" calls of people ready to get things moving again.

So I have officially labled Feb 9th as the day I reached the bottom of the market in terms of activity levels, no where left but up from here... Really throughout he start of the year, buyer, seller, prospect activity has really picked up, and I think it picked up even more in Feb of 2009.
I actually got pretty excited, I love the real estate business (even in a softer market) so I get really excited to see some activity levels coming back again.

So I am officially labeling Feb 9th, 2009 the day the market got better.

Thats all for now..I'm off to market another property, get that happy buyer & happy seller together for a wonderful deal.
Has anybody else had one of these "moments"?? I would love to hear about it. Leave me a comment.
Chad.
www.chadstewart.com

COMMERCIAL
The commercial real estate industry applauded the government's move to include commercial mortgages in a key lending program Tuesday, but experts said the plan's lack of details is disconcerting.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-021109.cfm

MARKETING
Many potential buyers think they won't qualify for a mortgage, and that they must have a substantial downpayment first. But some Realtors are using that information to their advantage, hosting "Why Rent Events" that instruct shoppers on how to buy a home right now.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-020409.cfm

Here are some things to watch for when shopping for homes or land online... I have designed my www.chadstewart.com website to be automatically updated dailey with accurate information, but still contacting a Realtor directly is the best way to get best info.
Thanks. Have a great day.

ONLINE SHOPPERS NEED YOU.
Home shopping alone - without the help of a professional even when online - can become a huge handicap for home buyers. Here are four reasons:

• Late information. Shoppers who limit themselves to only looking at real estate Web sites will overlook some very good properties, possibly one that is perfect for them, and they won't get up-to-the minute information.
• Fake listings. Web operators sometimes try to collect page views with fake listings to pump up their advertising returns, and that wastes the time of real home shoppers. It's also frustrating for shoppers to find an interesting home that's not available.
Questionable information. Home value Web sites only go so far. Sites like Zillow.com and Cyberhomes.com put prices out there that may or may not be an accurate reflection of neighborhood or housing value. Working with a professional means the buyer gets the benefit of a broader range of knowledgeable resources.
• Process help. Once a home shopper has found a property, working with a pro means they'll follow the right path to close the deal. For anyone except experienced investors, going it totally alone can be risky.

MORTGAGES
Don't believe everything you read, says NAR. As part of a housing story, a number of media outlets say buyers now need a 20 percent downpayment to get into a home, which is not true. FHA mortgages, for example, require only a 3.5 percent downpayment.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-010609.cfm

FLORIDA CONSUMER CONFIDENCE
Consumer confidence among Floridians rose five points to 67 in December, reflecting optimism about new presidential leadership in 2009, a University of Florida study finds. Housing prices continue to fall, although some areas of Florida appear to have turned the corner and may benefit from the spring real estate season, says Chris McCarty, director of UF's Survey Research Center.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-010509.cfm

Home Affordibility

Wow!! the National Association of Realtors just released the affordibility index for November 2008, it has reached 142...

On this index the higher the number the more affordable it is to buy a home based on interest rates, median home prices, and median income ...

This truly is one of the best times to purchase a home even in the past 20 to 30 years!!!

Great rates, Great prices, things are looking good for 2009.

Fannie Mae said Monday it's finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure. The mortgage giant says renters who can make their monthly payments could be offered a new lease or given cash to help move to a new home.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-121608.cfm

REAL ESTATE TRENDS
When the economy shrinks, so does the size of housing, sending the popularity of tiny apartments and condos soaring as construction costs rise and financial markets fall. Developers are also responding to buyers' penchant for urban living and their environmental awareness.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-120808.cfm

HOME SALES
For the second month in a row, Florida's existing home sales rose in October: Florida Realtors reported a 15 percent increase in activity in the year-to-year comparison; last month's sales of existing condos statewide increased 5 percent in the year-to-year comparison. Meanwhile, NAR reports that existing-home sales fell 3.1 percent from the strong gain seen in September.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-112408.cfm

Right now, yes in the year 2008, is the most affordable time to purchase a house in the last 35 years...
Based info from the NAR (National Association of Realtors), every year, the combination of median single family home price, family income, qualifying income, interest rates = the Housing affordibility index.
Here is how it works, a score of 100 means a family has the exact amount of income to qualify for a home, a score of 120 means a family has 120% of the income needed, therefore making it actually more affordable & the home mortgage payment a smaller portion of their bills.. http://www.realtor.org/research/research/hameth
So, we need to spread the word!!, there is no technical, financial, or analytical reason not to buy a home..
Not only is it the classic rallying cray of a "Great time to Buy" but its actually the "BEST time to Buy in out of the past 35 years"!!!!
Wow!! That is something to write home about... or at least to write to customers about homes about...
US HOUSING AFFORDABILITY INDEX is NOW 135

RESPA REFORM
Good Faith Estimates will be standardized effective Jan. 1, 2010, under rules issued by HUD yesterday. The change, HUD says, will save consumers $700 at the closing table by making it easier to compare mortgage offers from competing banks.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-111308.cfm

FHA LOANS
Starting Jan. 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low-cost areas, and up to $625,500 in high-cost areas. While the February stimulus package temporarily raised the FHA maximum higher, $625,500 still represents a significant increase over the original $362,790 limit.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-111208.cfm

Clippings from Lake City Reporter... all credit goes to Lake City Reporter and/or Forbes.

http://www.lakecityreporter.com/articles/2008/11/09/news/doc49166a61004de174884352.txt

In the most recent issue of Forbes, the magazine lists the most and least vulnerable towns in the United States. Using criteria that focuses on 141 micropolitan areas in the nation, Lake City ranks 95th out of the 141 — the higher the ranking, the better, Forbes explained.

Of the Florida cities listed, only one — Key West, which is labeled the second least vulnerable town in the U.S. — ranks higher than Lake City.

Obama Will Support Housing, Says NARPresident-elect Barack Obama is likely to make a housing market recovery a central part of his economic revival plan, NAR leaders said Thursday.

COMMERCIAL
Citizens Property Insurance Corp. announced that it will begin offering a Commercial Nonresidential Multi-peril (CNR-M) policy on Nov. 17, 2008. This new policy will be available to eligible nonresidential entities statewide.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-110408.cfm

Good article. It looks like we have turned the corner and are on our way!
http://www.floridarealtors.org/NewsAndEvents/n2-103008.cfm

FORECLOSURES
The number of homeowners ensnared in the foreclosure crisis grew by more than 70 percent in the third quarter of 2008 compared with the same period in 2007, according to data released Thursday. One bright spot: Filings in September were actually down 12 percent from August.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-102308.cfm

NEW HOMES
To compensate for a drop in sales, many new home builders switched to the construction of smaller houses. That worked for a while, but to attract buyers now, they're cutting square footage even more.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n5-101308.cfm

PENDING HOME SALES
Pending home sales surged 7.4 percent, according to NAR's latest Pending Home Sales Index, and the number is 8.8 percent higher year-over-year. Lawrence Yun, NAR chief economist, says homebuyers were responding to improved affordability, especially in states such as Florida, California, Nevada, Arizona and Rhode Island.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-100808.cfm

FORECLOSURES
Florida will receive $541 million in new federal foreclosure funds that must be used to buy property, rehabilitate abandoned homes and offer downpayment assistance to low-to-middle-income home buyers.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-092908.cfm

Lake City FL Real Estate - Land Liquidation Sale

I wanted to take a minute & let you know about a sale we are having. This is our Land Liquidation Sale!!!. I have a list of listings that the sellers are very motivated & have authorized me to liquidate their properties at unheard of prices. These are all priced below market value for Columbia County, FL / Lake City, FL area. Check out the list below & regardless if this is the exact type of property you are looking for, these are incredible deals to check out. Otherwise forward these to anybody that you may know that may be interested. NOW is the time to get a deal.

• Lot 3 - Sylvi Cir - Star Lake Subdivision. This is a .58 acre LakeFront Lot. Originally priced at $84,000. This has been reduced to $39,900. You simply will not find another quality Lake front lot at this price. Seller needs quick cash closing. This is a deal!!MLS 66648.
  
• Olivia Court. This is a construction development opportunity. 1.66 acres. Priced at $29,900, and bring any offer. Zoned RSF-3, 8 units per acre zoning, preliminary plat NOT filed shows 8 possible building lots, or build off existing road. MLS 63259.
  
• Explorer Glen - Plenty of room to raise horses or a few other animals.. 16.17 acres priced at only $6178 per acre. $99,900 list price. NEW Listing. MLS 67962. Well, Septic on property per owner. Ft. White, FL area. One of the best prices in the county for acreage this size. Massive price reduction from original listing.
  
• Happy Jack Dr. - Several 10 acre lots available. BEST PRICE in THE COUNTY!!! for 10 acre tracts. Priced at only $53,000 for Lots 6 & 8, and $58,000 for Lot 7. MLS 64578. Only about 10-15 minutes from Lake City. Great Value.
  
• Lot 5 - Gideon Pl. This is a 10 acre parcel with 2 homesites already setup.. 2 wells, 2 power poles, 2 sceptics, Reduced by over $45,000 for buyer to take advantage of this. Priced at $69,900. MLS 65364.
  
• Haygood Loop. Multi-Family Development opportunity. Priced at $89,900, this is a 1.4 acre parcel. It is zoned & land use for 8 units per acre. Good locations, very close to schools, High & Dry. Multi-Family is great for Lake City, FL. Good demand MLS 61057.
  
  
• Horse Way. 5 acres close to Lake City, Mostly pasture. New Listing. Priced at only $49,900. MLS 67926. Great value, Great location in north central Florida.

Email me back for a map & a flyer on any property you are interested in. I will be personally coordinating all offers for the above properties, so contact me right away with questions, and about putting in your offer.
More Good Deals on Land & Homes Available at: http://www.chadstewart.com/

FANNIE MAE AND FREDDIE MAC
What does the federal government bailout of Fannie Mae and Freddie Mac mean to home buyers and sellers? Generally, it's a good thing, and brings stability to the mortgage market. Most experts even expect mortgage rates to drop some over the short term, though qualifying for a mortgage will remain a challenge unless the feds tinker with fees or rules.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-090808.cfm

HURRICANES
With most closings shut down by property insurers when a storm is "in the box," some sales may have to be scheduled between bouts of bad weather. Hurricane Gustav is departing only to see new threats from Hanna, a strengthening Ike and newcomer Josephine.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n4-090308.cfm

RENTERS INSURANCE
Renters insurance isn't a burning issue to most renters. It's often only after a robbery that a policy suddenly seems like a no-brainer.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n5-082808.cfm

REAL ESTATE ECONOMYI
s this the real estate turnaround? On the heels of an increase in Florida home sales, a spike in new home sales and an upswing in consumer confidence, traffic to Realtor.com went up significantly in July, with traffic 29 percent higher and time spent on the Web site up 26 percent compared to one month earlier.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-082808.cfm

HOME SALES
Single-family existing home sales rose in Florida for the first time in more than two years: While only six more homes sold in July 2008 than in July 2007, it could indicate stabilization in Florida's housing sector, according to FAR's latest housing statistics. NAR also reported that national existing-home sales rose in July to the highest level in five months.Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-082508.cfm

PROPERTY INSURANCE
How will homeowners fare with property insurers when seeking repairs for damage from Tropical Storm Fay? There's good news/bad news. Since Fay never became a hurricane, the higher deductibles don't apply. But flood damage is not covered under most policies, and less than half of homesteaded owners have a supplementary flood insurance policy.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-082208.cfm

IN THE BOX
With Tropical Storm Fay bearing down on Florida, most property insurers have stopped writing new policies, which could stall closings scheduled early this week if a mortgage lender demands coverage before releasing money. Florida's property insurer, Citizens Property Insurance, stopped writing new policies on Sunday morning, for example. Most insurers resume writing new policies once tropical storm or hurricane watches and/or warnings have been lifted. "The box" - the geographic area in which policies will not be written - varies among insurers, so it's worth a phone call for any closings scheduled during a storm. For more hurricane info, visit the floridarealtors.org hurricane page at: http://www.floridarealtors.org/NewsAndEvents/Before-disaster-strikes.cfm.

HOME SALES
Florida Realtors continued to report positive signs for the state's housing sector in the second quarter of 2008. Sales of both existing single-family homes and existing condos improved in the second quarter compared to first quarter 2008, according to FAR's latest housing data. A total of 35,178 existing homes sold statewide in 2Q 2008, up 38.2 percent over 1Q 2008. Nationwide, existing home sales rose from the first quarter in 13 states, according to NAR's latest survey.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-081408.cfm