Quote:
Originally Posted by Penglobal
Hello All - I'm Susan, from Lancaster, single and have finally made the decision to buy a home here in The Villages. I'm currently here in The Villages searching for a home and I'm very amazed by the prices of both new and used homes here.
In the new southern area, homes are selling very quickly, supply is low ( compared to last year ) and new homes prices are just crazy. Used home prices are even worse.
How are you guys dealing with the massive increase in home prices within The Villages?
Should I wait until the prices stabilize?
I can't believe that a new house I saw three years ago when Fenny first became developed is now on sale on the used home market for 40% more in just three years !
I have no idea what to do, please help. Thank You Susan of Lancaster
|
The chief way people afford houses here is buying them ten or twenty years ago. Then, if they want to move elsewhere in The Villages, as their home has gained in value, maybe even doubling, they can afford the upgrade. Lots of people come here and pay cash for homes because they sold their home elsewhere after owning it a couple decades and had a lot of equity to put on a new home.
Or say you are married, and you and your spouse each earned $75,000 a year, and combined, you now have $5,000 a month in Social Security. If you also have a couple hundred thousand in home equity, you can afford most houses in The Villages with a mortgage. Or say you are single and have $3,000 a month in Social Security and a pension of $2,000 a month. Again, if you have owned a home for years and have a lot of equity, you can afford most homes here.
If you are single and have $2,000 a month in Social Security and no home equity and no pension or investments, then it would be very difficult to live here. There are plenty of people here who live on that, but they moved here years ago and live pretty frugally. Also, a lot of people take jobs as, say, waitresses or check-out clerks or guards at the gates or at the front desks in recreation centers. Many clear $1,000 to $2,000 a month that way and enjoy the activity and meeting people. Some do that into their eighties.