The Chamber Breakfast on October 18 featured panel on Real Estate Trends and Opportunities that was comprised of Aimee Stanley of Optima One Realty, Kristin Jamieson of Success Mortgage Partners and Michelle Michnoff of Seacoast Bank. The panel discussed interest rates, the local real estate environment and the need for more affordable workforce housing in Lake County.

The following information was shared by our panelists:

  • Home prices are still on the rise- NAR predict a 4.5% appreciation rate for Lake County in 2020
  • HUD Fair Market Rents for 2020 for Lake County Florida:
    • 2 Bedroom: $1248 (Equates to a $180,000 purchase price with 3% down)
    • 3 Bedroom: $1636 (Equates to a $250,000 purchase price with 3% down)
    • 4 Bedroom: $1956 (Equates to a $320,000 purchase price with 3% down)
  •  Median List Price in Lake County FL: $239,400
  • Medial Household Income in Lake County FL: $49,734
    • 29% of this income for a housing expense = $1201.91 = Appx. $180,000 Purchase Price
    • Currently in Lake County there are 553 Homes for sale in this price range (Single Family Homes, Town Houses, Condos, Manufactured Homes)
    • Currently of the 553 on 278 of them are Single Family Residences d Of the 278 180,000 or below listings for single family residences only 5 of them are in South Lake County
      • 2 in Clermont
      • 1 in Groveland
      • 1 In Minneola
      • 1 in Mascotte
  • Mortgage Bankers Association Interest Rate Predictions:
    • 2018- 4.8%
    • 2019- 3.8%
    • 2020- 3.9% – Election Year
    • 2021- 4.0%

The Chamber thanks our panelists for taking time out of their day to engage in this lively discussion.

 

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