Quote:
Originally Posted by vintageogauge
For the first 6 months of this year there were 1,690 new homes sold in TV averaging over 9 per day. Interest rates have been artificially low for the last several years. If you search residential mortgage from 1970 through 1999 you will see that they fluctuated from a low of 6+% to a high of 16%, people were earning much less during that period and of course homes were priced much lower but homes were selling. Buyers have just been spoiled for the last several years. I think the resistance is more based on the cost of homes rather than the interest rate as if it goes down re-finance is an option.
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The Villages has many investors buying up CYV and patio villas. 9 per day could mean 9 homes bought for investment. It could also mean 9 homes bought for residential use, or a mix. Since the Designer homes are selling slower, there does seem to be a slump. My wife is an outside realtor and sales have been lagging for months. Right now, the number of preowned homes for sale is relatively small compared to the After Covid boom.