Real People Talk Real Estate
Question 1: Is it really a smart time to buy when home prices are so high?
Historically, it has always been a good idea to invest in Real Estate. The best time to buy a home is when you are ready. When all of your financials are in order, that is the best time to buy a home. The Real Estate market fluctuates, however, it always trends upward making it a sound investment to make.
Question 2: Why has the price of homes doubled or tripled in areas of Lakeland, from just a few years ago.
We have been rebounding from the 2008 Recession which was also known as the subprime mortgage crisis. Because we have been in a “recovery” period, it can appear that home prices are doubling and tripling, when in reality they are just getting back to a normal level of where they should be.
Question 3: Should we expect to see a recession or a drop in prices due to people defaulting on their mortgages, 6 months to a year from now?
No. We follow the trends in real estate closely and anticipate that we will most likely see a “leveling off” in home prices but not a recession or drop in prices.
Question 4: What is happening in the market of mobile homes and mobile homes in 55+ parks? Are they holding their value?
It depends. If you own the land your mobile home sits on, then your home is sure to appreciate in value. However, if you do not own the land and you pay “lot rent,” then your home mobile home is more comparable to a vehicle and will depreciate in value much like a car.
Question 5: Is now a good time to look for a Home Equity Loan or a Home Equity Line of Credit?
YES! With interest rates so low now is a great time to get a loan and start making improvements to your home.