HELOC, in fact, stands for Home Equity Line of Credit. But what is a HELOC all about? For those living in the Lakeland real estate area, is it a good option? Obtaining a HELOC is similar to taking out a second mortgage on your home, but obtaining the funds themselves is more like using your credit card. Generally, a limit is set as to how much money the homeowner can get on their line of credit. This limit is determined by such things as your credit history, your income and debt, the value of your home, and the amount you still owe on it. A HELOC is a good way to get money for such items as ongoing medical bills or college tuition, since they let the homeowner get a lump sum as needed. The HELOC is then paid off in monthly payments in the fashion of a credit card with a minimum balance ... 06/09/2010

4209 Arietta Lane Lakeland FL - Another Lakeland Florida Short Sale "Sold" It was a long process and SunTrust took a very long time to approve this Lakeland Florida short sale in the Village at Lake Highlands.  In fact, it took SunTrust nine month to approve the short sale on the first mortgage and a HELO. The buyer stuck with it throughout this whole process, knowing that it was a great deal. Home - 3 bedroom 2 bath townhouse in Lakeland Florida 1st Mortgage with SunTrust for $157,000 - Agreed to accept $84,300 including seller's contribution. HELO with SunTrust for $48,000 - Agreed to accept $3,790 with a promissory note of $16,592.00 to release the lien. Seller contributed cash to closing of $1,277.00   The transaction took 309 days from contract to closing. Seller is delighted - no... 06/08/2010

Lakeland First Friday - Bicycle Night on June 4th 2010 The Lakeland Downtown Partnership has done it again....coming up with great themes for First Fridays. Bicycle Night will be held June 4th, 2010 downtown Lakeland around Munn Park from 6-9pm. With every First Friday event held you can expect Art Reception, Dining, Entertainment, Classic Car Show and Stores open late. If you happen to ride your bike around Lake Hollingsworth or cycling with your family around downtown, why don't you check out Bicycle Night and what it has in store for you: Unusual Bike Show from 7-9pm on N. Kentucky Avenue   A kiddie bike course  Decorating at the Exploration V Children's Museum Bike Tricks - by Red Tail Racing,  Roaming Stunt Riders and much, much more..... Have you heard that with Bicycle Night, Do... 06/03/2010

In a recent taste test of orange juice, conducted by the Good Housekeeping Research Institute, Florida's liquid sunshine was the big winner. The top three winners of the taste test all have connections to the Lakeland real estate area.  Just so you know, Americans drink over 1.6 billion gallons of orange juice every year. Much of this liquid sunshine is made from Florida oranges, best known for their juiciness, unlike California oranges, which are good "eating oranges".  And the Winners Are:  Natalie's Orchid Island Juice Company Gourmet Pasteurized Orange Juice easily took first place. Made of 100% Florida orange juice, Orchid Island juice is squeezed, pasteurized and shipped, never frozen or stored for later. No wonder one of it's winning points was its "fresh-squeezed" taste.  Based ... 06/02/2010

Lakeland Florida Short Sale and Foreclosure Market Report – April 2010   For the month of April, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 60%. There were a total of 148 properties sold in April, compared to 126 in March and 82 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.   Currently there are a total of 1,910 Lakeland homes for sale and 547 Lakeland homes under contract (05/27/2010). By calculating total inventory, homes that are under contract which are included in my inventory share because these properties have not closed in which a buyer could walk away at any given time.     Bank owned properties – Inventory share is 13.76% Short sale properties – Inventory share is 25.68%   The Graph ... 05/27/2010

Lakeland FL Real Estate Update - Homes Sales for April 2010 Overall Lakeland real estate sales activity remained very active and strong last month with a total of 244 Lakeland homes sold in April.  Average and median prices are still declining from the previous year.  The government’s tax credit program for homebuyers and low mortgage rates surely has impacted strong sales activity. However, it did not translate to higher prices blaming high unemployment rates and stricter mortgage lending guidelines for individuals.  In fact, distressed properties are still driving down market values with over 60% of market share.  Since the 2006 peak of the Lakeland real estate market, homes sold in 2008 have experienced an overall 33% decline in home prices, making it impossible to refinance mortgage... 05/26/2010

Keller Williams Realty of Lakeland recently took up the cause of Treats for Troops in an effort to collect items to be sent to American troops stationed in Iraq and Afghanistan. Donations Pour in From Lakeland Association of Realtors Members Local realtors were eager to contribute to the cause, and over $5,000 worth of non-perishable food and personal hygiene items were collected. These were put into ziplock bags by members of the Keller Williams office including Eleni McLean, chair/coordinator of the event known as RED DAY, along with volunteers Evelyn Broxterman and Kristi Lawrence. Over 600 bags of goodies were prepared. Some bags contained personal items such as shampoo, toothpaste, toothbrushes, deodorant, razors, and playing cards. Other bags contained snack foods including beef j... 05/26/2010

If you've been in or near downtown Lakeland real estate lately, you may be seeing some new signs of the times popping up in downtown Lakeland. The new signs are designed to help visitors find their way to and around downtown Lakeland a bit more easily.  The price for the 50 new signs, including 20 in a "You Are Here" style with maps to downtown restaurants, cultural and educational spots and businesses, is $63,860, including installation. Bunting Graphics of Pennsylvania won the bid to create and install the signs.  Most of the "You Are Here" signs will be installed on lampposts while six other signs in the area simply point the way to downtown. These directional signs will appear on major streets near downtown including near Lake Morton and Lake Wire.  In an effort to make the downtown... 05/19/2010

Lakeland Real Estate Update for April 16th – April 30th Update for the Lakeland FL real estate market! Newly listed homes for the period of April 16th through April 30thdecreased to 158 Lakeland homes for sale. The average sales price of Lakeland homes listed with area Realtors® decreased to $167,036 from my previous report. The total inventory for homes for sale still hovers around 1,900. The types of homes and average prices for sale in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows: 3 duplex unites with an average sales price of $68,233 6 condos listed with an average sales price of $157,233 15 mobile homes listed with an average sales price of $68,387 5 Townhomes/Villas listed with an average sales price of $83,960 129 single family homes with an ... 05/14/2010

First-time home buyers in the Lakeland real estate area who are also qualified service members will be happy to learn they now have an extra year to use the Home Buyers Tax Credit. Even though the original credit expired at the end of April, 2010 for non-military personnel, the good news is that those serving in the United States armed services may still be able to get the tax credit till the end of April, 2011.  For the purpose of this new tax credit, the government is defining "qualified service members" as those who are a "member of the uniformed services of the U.S. military, a member of the Foreign Service of the U.S., or an employee of the intelligence community." For service members who were on "official extended duty outside the U.S. for at least 90 days between January 1, 2009 ... 05/12/2010

Just Sold – Short Sale in Carillon Lakes – Lakeland FL I represented the buyers for a home in Carillon Lakes in Lakeland, Florida that was listed as a short sale and my buyer did not walk away – a successful short sale transaction from start to finish. Showing homes that are listed as Short Sales requires extra precaution when representing buyers.  I always tell my buyers to be patient, have a pre-approval letter from a reputable lender or proof of funds. My estimated closing date is about three to six months out.  If a potential buyer is looking for something to move in right away, a short sale is not an option.  Before making an offer on this home, a comparable market analysis is completed to make sure that the home is priced right.  Too often the home is priced too low enticing buyer... 05/11/2010

Carillon Lakes in Lakeland FL – A Gated Family Oriented Community Conveniently located minutes from Polk Parkway and Interstate 4, Carillon Lakes gated community is situated southwest Lakeland, Florida and has almost 650 homeowners according to their newsletter. Carillon Lakes community has a lot to offer for families and retirees such as swimming pool, tennis courts, basketball court, fitness center, playground and a club house at the Town Center which can be rented for family gatherings such as birthday parties. Carillon Lakes was developed over ten years ago and it is a deed restricted community. There are a variety of homes and condominiums situated throughout this lovely neighborhood that was developed in the early 2000. This community provides plenty of activities for its resident... 05/11/2010

Fifty-five years ago Robert J. Adams stepped onto the University of Florida campus for the first time for the Florida High School Athletic Association Class C state tournament. His team left the tournament triumphant and Bob left with a passion for the University of Florida. Bob became a member of the University of Florida family two years later and this May, 49 years after his own graduation, Bob returned to the campus for another commencement celebration. This time instead of receiving his degree, the alumnus was awarded the Warrington College of Business Administration Distinguished Alumnus Award. “I am extremely honored and flattered,” Bob said. “I think about the number of people who have graduated from the University of Florida and I am completely blown away.” Bob graduated from U... 05/07/2010

What happens every Mother's Day weekend in Lakeland? Well, of course, mothers all over the county are celebrating their happy day. But it's also the weekend for MIDFLORIDA Mayfaire By-the-Lake and 2010 is no exception. Mayfaire By-the-Lake, one of Central Florida's biggest and oldest outdoor art festivals, is scheduled for May 8th and 9th from 9 a.m. to 4 p.m. each day on the shores of Lake Morton in downtown Lakeland, Florida.  Over 180 artists will be showing their wares which include everything from jewelery to paintings to sculptures. Food artists will also be there with a variety of goodies available for purchase and there will be live performances on the Lakeland Public Library lawn throughout the weekend by local musicians, dancers and other artists.  Don't worry about parking on... 05/05/2010

Anyone who has ever lived in Florida or just been here for a visit, knows that it's full of lots of beautiful flowers and blooming shrubs. And Lakeland real estate is no exception. It has parks and playgrounds full of blooms, many people cultivate them in their personal yards and gardens, and they add a huge dimension to the tropical feel of Florida.  But, there are some plants, that while beautiful to look at, are not something you should be touching and especially not eating. Here are some that are grown locally that you might want to beware of:  Azaleas and Rhododendrons: These flowers are gorgeous and bloom profusely in the spring of the year. But the leaves and honey made from the nectar of the blossoms are poisonous if ingested. Symptoms include vomiting and diarrhea, burning of t... 04/28/2010

Lakeland Florida Short Sale and Foreclosure Market Report – March 2010 For the month of March, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 54%. There were a total of 126 properties sold in March, compared to 86 in February and 68 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS. Currently there are a total of 1,945 Lakeland homes for sale and 566 Lakeland homes under contract (04/27/2010). By calculating total inventory, homes that are under contract which are included in my inventory share because these properties have not closed in which a buyer could walk away at any given time. Bank owned properties – Inventory share is 13.50% Short sale properties – Inventory share is 24.81% The Graph below com... 04/27/2010

Lakeland FL Real Estate Update - Homes Sales for March 2010 Lakeland real estate sales activity continuously increased the past few months and March showed great improvement.   Although there were 235 Lakeland homes sold in March, such number I have not seen since 2007, average and median prices took a double digit steep decline at about 14% from the previous year. Distressed properties are still driving down market values with over 54% of market share. I’m suspecting that as long as we have such high inventory in distress, home prices may still be vulnerable for at least this year. Lakeland Homes sold in March: 235 - previous month:  152 – previous year March 09: 156 sold March - average sales price $114,518 Previous month: $111,759 (2.47%) – previous year March 09: $135,224 (-15.31%) ... 04/27/2010

If you're looking at Lakeland real estate and thinking of buying a new home and getting a mortgage to pay for it, the first step in this process may be getting your credit score to a better level. This will make it easier for you to get a mortgage and more likely that you can get a decent interest rate too. Here are a few tips you may want to use to build up your credit score.  1. Pay Your Bills on Time Lenders want to be reassured that you're a good risk and one way you can do this is to prove to them that you pay your bills on time. How? By paying them on time, of course!  2. Determine Your Credit Ratio First, it's always good to know what a credit ratio is. Your credit ratio is the ratio of your credit balance to your available credit. To figure yours, add up your credit limits and s... 04/21/2010

Lakeland FL Real Estate Market Update for 4/1/10-4/15/10 Update for the Lakeland FL real estate market!  Newly listed homes for the period of April 1st through April 15th decreased to 187 Lakeland homes for sale. The average sales price of Lakeland homes listed with area Realtors® decreased to $170,560 from my previous report. The types of homes and average prices for sale in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows: 6 condos listed with an average sales price of $147,283 17 mobile homes listed with an average sales price of $69,494 8 Townhomes/Villas listed with an average sales price of $117,663 157 single family homes with an average price of $184,989 Lakeland's newest homes listed! The priciest home just listed in North Lakeland is a 2009 cus... 04/16/2010

Lakeland FL Real Estate Market Update for 03/16/10-03/31/10 Update for the Lakeland FL real estate market! There are 1968 homes for sale throughout Lakeland, Florida - as of 04/16/10. Newly listed homes for the period of March 16th through March 31st increased to 202 Lakeland homes for sale. The average sales price of Lakeland homes listed with area Realtors® decreased to $176,471.18 from my previous report. The types of homes and average prices for sale in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows: 6 duplex units with a sales price of $58,267 8 condos listed with an average sales price of $121,312 20 mobile homes listed with an average sales price of $71,305 8 Townhomes/Villas listed with an average sales price of $79,237 170 single family homes ... 04/16/2010