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Housing Market Forecast – Q1 2020

What can you expect the Greater Lakeland Area real estate to do in the first quarter of 2020?
Today, I’m going to share some facts, figures and predictions that some of you are going to love, and others not so much..


2020 is going to prove challenging for Home Sales. We are seeing a shift happening right now .

Because the Greater Lakeland area is so diverse, and has a vast array of communities in very different price ranges, we have to look at projected trends with this in mind.
The good news is, Home owners and buyers alike who are in the $150,000 to $250,000 market will continue to see high demand…..

With that, will come continued inventory shortages in this price range.
As you can see, there have been 27 homes sold so far in this price range. ALL of which have sold for 100% list price on average. This trend will continue…

With one exception:

Homes sales will drop..They already have started.
Existing home sales will decline 1.8% from 2019.. In the Greater Lakeland area we will see home prices start to flatten.
Meaning we are not going to see the spike in home values as we saw in 2019.
The good news is we will still see an increase, predicted to be just 0.8% , opposed to the average 3.6% spike we saw in 2019.

Wondering why that is?

We already know the home Values are staying consistent, which is good news for Homeowners…Especially if you own a home in the median range ..so why the predicted decrease in Home sales?
Keep in mind that the entire country is finally unraveling and bouncing back from the worst economic downturn and real estate disaster in history. So who are the buyers now?

It’s no surprise that over 35% of homebuyers are millennials (22-37 years old) and nearly another 27% of buyers are Gen Xer’s ( 38-53)..
Tight supply with more astringent lending guidelines, 2020 will be challenging for this pool of buyers, who are making up well over half of all our buyers…Not because of what they can afford, but because of what they can NOT afford.

Millenials and especially Gen Xer’s are extremely smart buyers. They have done their homework weeks before even calling a Realtor to see the first home.
And they are not settling either. Gone are the days of buying a starter home and taking a few years to upgrade.. They are demanding homes in pristine condition, and skipping the all the traditional paths their parents took when investing in their first home.
And if they cannot find it, they are willing to wait for the ideal home to become available and put off buying at all until then.

This trend is crystal clear in the Greater Lakeland area right now.. Hence the reason behind the predicted decline in home sales.

Let’s take a look at the next higher price range and how different these scenarios change:
$250,000 - $350,000

We know the median home price in the Greater Lakeland Lakeland area is $227,000..
Then why is the average home Sale so far this year $275,000?, yet home sales are dripping?

It goes back to the same thing we just spoke about.. The majority of buyers who are looking to skip the starter homes and opt for an upgraded homes are outweighing the buyers for the lower price ranges.
Because there are more homes to chose from in this price range, competition is a bit stronger for these homeowners.

I predict we will see a higher percentage of list price reductions for this price range, and also more homeowners opting to take their home off the market for now.  In this price range so far this year we’ve had 27 price reductions..Opposed to zero this time last year.
We are also seeing a slight increase in total time these homes sit on the market before selling. Quite a huge difference in this price range!

Home prices above $400,000 only make up approximately 13 % of all homes in the Greater Lakeland Area.
There are currently only 111 listed homes for sale in the Greater Lakeland area that are over $400,000. Of those, only one home in this price range has closed this year..Opposed to 3 homes selling this time in 2019.

 Over all I am seeing a continued decrease in list prices and increase in total days on the market. I predict we will see this trend continuing through the first quarter of 2020, with an upturn in these numbers starting in the second quarter..
 If you’re wondering why…  There is a very good reason for this…But that’s a future video in a few weeks..

So the bottom line to the Greater Lakeland Real Estate forecast for the first quarter of 2020 is:

If you are a Homeowner, and have a home value of less than $250,000 AND your home is in move in condition, You, as  Seller are still in the drivers seat!

Sellers who are in the $300,00 plus range..Be prepared for your Realtor to suggest a price reduction or buyer concession if your plans are to sell this Quarter.. Otherwise, you may see you total days on the market increase.

For buyers in any price range: Inventory is remaining tight right now. A solid piece of advice to you:
Get all of your finances in order, have your lender provide the strongest possible pre-approval letter for you and  have at least 10% of your purchase price IN THE BANK.
So when that ideal home comes along, you can beat out your competition..
For more tips and guidance,  check out my earlier video on my Top Secret methods to Get Your Offer Accepted.

Im Lisa Kelly, Lakeland Home and Lifestyles with Premier Realty. If you’re still not sure where you stand in this Real Estate Market and want a free consultation based on your individual circumstances, I invite you to complete the short form  below titled “ Tell me about your plans”.  I personally answer each and everyone.

 

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What my clients are saying  

My experience while purchasing my first home was the best experience I've ever experienced. With Lisa's guidance it was a stress free experience. She made sure I was comfortable and understood every step. She gave her opinion from the heart. You can tell she genuinely wanted you to have the home you desired. She is very personable and that's great when you are purchasing a large investment. I am forever grateful of her help. So if you are looking to have a wonderful experience while purchasing or selling any property Lisa Kelly Realtor is the way to go.

 

~ Candace Engram

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Tom and Kim Manske

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Kim Manske

Sidney Wyland Lisa Kelly was our realtor that helped us with our move from Utah to Lakeland. She is a very good resource for us in Lakeland and helped us buy our new home. We found Lisa on the internet. She has helped us with all the contacts and scheduling to insure all things here went smoothly. The closing on our home was completed on time which was very important as we had are household goods being delivered from two different states. She also continues to be there for us for any referrals or help we may need here locally. I would highly recommend her to anyone buying a home.

 

~ Rick and Sidney Wyland

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee and Frankie Brown

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill and Patricia Crabb

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill & Patricia Crabb

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee & Frankie Brown

01/03/2017 - shunter317 Bought a Single Family home in 2016 for approximately $175K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is an exceptional agent as she knows real estate law and the local market. She communicates and is extremely responsive to her clients questions and needs. She walked us through a complicated contract. We consider Lisa a new friend.

 

~ What Others Had to say

Highly likely to recommend 08/09/2016 - HappyBuyerNEOH Bought a Single Family home in 2016 for approximately $225K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I highly recommend Lisa Kelly! She was awesome to work with through the whole process. Her communication and promptness went above and beyond my expectations. Working in the mortgage industry, I see all types of realtors, if you want a genuine, awesome, go getter- she is your girl!

 

~ What Others had to say

Highly likely to recommend 10/27/2014 - jessbparker Bought a Single Family home in 2014 for approximately $75K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I cannot say enough about Lisa Kelly. She helped my husband and I buy our first home when we had limited funds and difficult circumstances. She is extremely knowledgeable about homes, market, taxes- anything you could want to know. She is also an excellent advocate for her clients during negotiations, which really came in handy when you're a nervous first-time home buyer.Less

 

~ What others had to say

Highly likely to recommend 02/22/2014 - par167 Bought a home in 2014. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa Kelly is the hardest working woman I know! If you are in the market to buy or sell take it from my personal experience she delivers results!In Polk County or anywhere else for that matter you will be hard pressed to ever get better service. Paul Renner.....

 

~ What others had to say

Highly likely to recommend 02/25/2012 - user027478 Bought and sold a Single Family home in 2011 for approximately $275K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is the most professional realtor I've ever worked with... she's direct, honest, highly-knowledgable, very responsive and a consummate professional. She played fundamentally important roles in helping us to sell our house in a tough market. She's a hard worker and also gave us great advice and we were able to sell after listing for about 30 days. She then helped us find and close on our dream home. Her persistance and negotiating savvy helped us buy a house that was not a very convential listing. If we'd had an average realtor, we'd have been a lot less successful with both our deals. I'd recommend Lisa to anyone who wants to work with a genuine professional. She could write a book on what it takes to be an outstanding service provider.

 

~ What others had to say

02/09/2012 - Alyson7707 Bought a Single Family home in 2009 for approximately $125K in Bartow, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: We absolutely loved our experience with Lisa.. She is incredibly knowledgeable and dedicated to finding the home of your dreams. We couldn't be happier with the home she found us or the time we spent with her--she made the experience exciting and easy. We do not hesitate to recommend her to friends and family and will absolutely work with her in the future. Thanks again Lisa! -Michael & Alyson Elrod

 

~ what others had to say

Highly likely to recommend 02/08/2012 - AimeeWeed Bought a Single Family home in 2010 for approximately $100K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa was always quick to respond to my questions. I honestly think that my family and I would not be in this wonderful house without her hard work. She is honest, not afraid to give her opinion in a helpful way, and she is very knowledgeable in all aspects of her job.

 

~ what others had to say

Wonderful wonderful experience. Lisa is what I call a dream maker. I had the dream, and she made it a reality.Lisa's hard work, her quick response, her compassion in knowing I was a single mom purchasing my first house, has earned my loyalty in using her as my realtor for life.

 

~ what others had to say

Highly likely to recommend 03/09/2011 - reedswife11 Bought and sold a Single Family home in 2011 for approximately $75K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: This woman is amazing, we have run into every road block imaginable and she has negotiated our problems quickly and effectivly everytime. Always available and Always puts her clients first

 

~ what others had to say

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