The South Lake Chamber of Commerce featured a panel discussion on Real Estate Trends and Opportunities at its October breakfast meeting. Aimee Stanley of Optima One Realty was the commentator and Kristin Jamieson of Success Mortgage Partners and Michelle Michnoff of Seacoast Bank 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 the panelists:
- Home prices are still on the rise: National Association of REALTORS® predicts 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
- Lake County currently has 553 Homes for sale in this price range (Single Family Homes, Town Houses, Condos, Manufactured Homes)
- Of the 553 homes, currently, only 278 are Single Family Residences. Of the 278 single-family homes, listing at $180,000 or below 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%
(this information is subject to change)
