Lake City FL Real Estate & Community News

Nov. 7, 2022

Market Monday - November 7th 2022

Happy Monday! 

This week, we say a slight drop in average rate drops! 

30 year fixed rate is down 0.8 points to 6.95%

15 year is down 1.2 points to 6.29%

5/1 year is down 0.2 5.95%. 


Oct. 31, 2022

Monday Market - October 31st, 2022

Happy Halloween!

Happy Monday! Here is he update of this past weeks listing stats, as well as updated rates per Freddy Mac!

A 30 year fixed rate mortgage is up 0.8 points to 7.08%

15 year rates are up 1.4 points to 6.36%

5/1 year rates are up 0.3 points to 5.96.

This is the fist time we've seen rates over 7%, but it doesn't look like it'll stop rising. 


Oct. 24, 2022

Monday Market - October 24th 2022

Happy Monday,

Average mortgage rates as of October 24th are up!

30 year fixed rate mortgages are up 0.9 points to 6.94%

15 year fixed rate mortgages are up 1.1 points to 6.23%

5/1 year fixed rate mortgages are up 0.4 points to 5.71% 

The market has seen more inflation, which is affecting interest rates, and the amount of buyers in the market. The market for the last two years has been a sellers market, with sellers receiving multiple offers on their homes, and many going under contract for much more than the list price of the home. This trend has led to an inflated house market, but low interest rates meant buyers where still able to buy expensive homes with low monthly mortgages. 

In the last few months; however, interest rates have began to rise. Right now, they are double what we saw a year ago. Higher interest rates mean buyers are seeing hundreds of dollars increase on their average monthly payment, making many of them less willing to buy a home, unless they really have to. 

Many sellers are also noticing that they aren't able to list their homes at such high prices, and many have had to drop their list price while their home is listed in order to obtain any offers at all.

Oct. 17, 2022

Monday Market - October 17th 2022

Good afternoon, and welcome to a new week! 

Mortgage rates are up! Last week, we saw a small drop in rates, which we all hoped would be the start of the trend, but rates are back up this week. Lets take a look:

A year ago, interest rates stayed almost consistently between 2.5% and 3.5%, so for buyers that have been in the market for a while, these numbers might seem discouraging. However, we think it is very important that buyers know that they should not be discouraged! Most lenders are now working on don payment assistant programs for their borrowers to combat buyers that need a place to live, but do not have the funs needed for a down payment to buy. 

While we are experiencing inflation in gas prices, groceries, eating out, homes are the one asset that also inflate, but in your favor when you own! Did you know, nationwide, home sales have dropped 25% is year? In Lake City, we saw 73 new listings 2 weeks ago, and 65 this past week. 64 homes went under contract in the last 7 days, compared to 57 the week before. and for closings, we saw 59 last week, and 59 the week before. 

Thanks for reading!

Oct. 3, 2022

Monday Market - October 3rd, 2022

Happy Monday! 


This month is the start of the final quarter of the year! 3 months left means we are working as hard as we can to blow through are yearly goals, and we hope you are too. Take a look at the graphs below so we can talk about the current rates, and take a look back at the month of August. 



Lets take a look back at the market during August.



Have a great week!

Sept. 26, 2022

Monday Market - September 29th, 2022

Happy Monday! 

We are back with our fourth Monday Market update, and rates have gone up almost a full percentage in the last 4 weeks! Interest rates haven't been like this in over a decade. It is expected that the Fed will increase rates 2 more times before the year is over, in hopes of cooling the market. The average home price has dropped 6%, due to less active buyers. 

Here's what you should do if you're getting ready to buy a home:

• Talk to multiple lenders! It is recommended that you talk to 3 lenders before choosing the one you decide to go with.
• Talk to lenders within a 14-45 day period, and rather than getting multiple credit hits, they'll only hit your report as 1.
• Ask your preferred lender if they offer any down payment assistance programs.
• Look at your finances. If you have a good credit score, you'll get a better rate than if you have a low credit score. Looking for ways to boost your credit score, or saving extra cash to put down could change the terms of your loan for the better.
• Lower your debt-to-income ratio. Try cancelling those extra subscriptions you don't use as much, and cut back on extra expenses.


This weeks listing stats:

* This information is from the Lake City Board of Realtors 


All info above is deemed reliable but in not guaranteed. 



The North Florida Board of Realtors

Sept. 19, 2022

Monday Market - September 19th, 2022

Happy Monday! 

How is it that we are already halfway through September? While time seems like it is moving along way to fast - we are excited for fall weather, bonfires, and lots of football! And we live in Florida, so when we say fall weather, we mean high 70's and a little less humidity. We'll take what we can get.

A new week is here, and with that comes a new real estate market and new interest rates, and we're here to talk about it. In the last 12 months, consumer index prices have risen by 8.3%. This is the largest rate increase we have seen since 2008. While interest rates are giving some of use very uneasy flashbacks, the market here in North Florida is still holding steady. This last week alone, 9/12 - 9/19, we have had 75 new residential listings, 63 homes have been put under contract, and 60 homes have closed. 

Mortgage rates are also up, but the rise is slow.

As of today, September 19th, average fixed rates look like:

A 30-year mortgage is up 25 basis points to 6.213%

A 30-year FHA mortgage is 5.458%

A 30-year VA mortgage is 5.463% 

A 15-year mortgage is up 4 basis points to 5.395%

A 5-year mortgage remains steady at 5.340%


If you're looking to buy a home, these rates are still great! If rising interest rates scare you, consider locking in a rate now and starting your home search before they get to much higher. Florida has no limit on how much landlords can raise rent, so rather then getting your rent doubled, a mortgage will offer you a set monthly payment for the next couple years. 

How to make sure you are getting the best mortgage rate:

• Talk to multiple lenders. It is recommended that you talk to 3 lenders before choosing the one you decide to go with. If you talk to multiple lenders, typically they'll each do a credit check. Rather than having multiple hits, credit checks made with lenders will only count on your credit as one hit - as long as they're done within the same 14 to 45 days.

• Look at your finances. If you have a good credit score, you'll get a better rate than if you have a low credit score. Looking for ways to boost your credit score, or saving extra cash to put down could change the terms of your loan for the better.

• Lower your debt-to-income ratio. Try cancelling those extra subscriptions you don't use as much, and cut back on extra expenses. According to lenders, a good rule of thumb is to keep your monthly expenses under 36% of your monthly income.


Thanks for reading, and have a great week! 


This information has come from multiple sources and is deemed reliable but not guaranteed.


Sept. 12, 2022

Monday Market - September 12th, 2022

Happy Markit (Sold) Monday! 🤪
Today is September 12th, 2022, which means we are in a new market week, so lets talk about todays interest rates.
Buying a home is a HUGE step, and if you're planning on getting a loan, you've probably been keeping an eye on interest rates for the last few months. And as we all know, they have been rising very continuously. Did you know, interest rates are the highest they have been since 2008! 😯
While that may seem scary on paper, there's no need to start worrying yet. Homes are still being listed as they have been, and if other buyers are taking a step back from looking, then active buyers have a better chance of going under contract at list price. Pros: less bidding wars! Cons: less bidding wars 😢 (kidding, that's a pro)
Lets walk through the numbers:
Today, the average fixed rate 30-year mortgage rate is 6.029%
The average 15- year fixed rate mortgage is 5.268%
The average 5-year fixed rate mortgage is 5.240%
A 30 year mortgage is 5 points higher than it was a week ago, and 318 points higher than it was a year ago.
The FED is making it harder for banks to loan money, which in return makes it harder for consumers for obtain reasonable loans. These rate increases can also affect car loans, bank loans, and more, but right now we are seeing the biggest fluxation in home loan rates. Rates may continue to go up, or flatten out as the days go on, but we are confident that the Real Estate market throughout Florida is going to be better than anywhere else.
Thanks for reading!
*Each point equals one percent of the loan amount
This information has come from multiple sources, and is deemed reliable but not guaranteed.
May 5, 2022

530 SW Hamlet Circle

Look at this home! It is the perfect place to call home. The home is located in a quiet and gorgeous neighborhood, right off of Highway 47. As it is right off of 47, you have incredibly quick access to gas, food, and more importantly, Interstate 1-75! The roof and AC unit where recently redone. Vinyl plank flooring runs through all the living areas, there is a stone wood burning fireplace in the formal living room, both a dining room and a breakfast room, and more! The shed in the backyard has a garage door prefect for mowers and golf carts, and the other side has been converted into an office! The home sits on right at 2 and a half acres, and is full of large trees, in a quiet neighborhood.

The full video walkthrough can be found on YouTube:

Posted in Buying a Home
Oct. 7, 2021

Sale Pending!

✨Sale Pending! 🏡195 SE Tevis Ave is under contract! If you are looking to sell your home contact me at 386-288-9378. With the Mark Cook Team, you get the best marketing and real estate experience possible. We have a whole team dedicated to helping you throughout the whole process of selling your home truly giving you a one-of-a-kind experience!
Request the value of your home to get started⬇⬇
Posted in Sold Homes