Quote:
Originally Posted by Craig Vernon
I disagree TV has a problem with speculators, flippers and AIRBNB short term rentals. The thirty percent increase over two to three years was a benefit to short term investors not full-time residents or individuals. TV has an excellent history of 6% a year in value growth if property values drop by 10% of the 30% they gained in the last few years it only takes incentives from short term investors and hopefully removes some of the speculators from the market. IMHO.
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We actually are seeing a decline in home values for last month. The Developer created a huge inventory that isn’t moving. Retirees haven’t absorbed the financial impact of fixed income versus active workforce. Obviously continued active workforce buyers aren’t generally buyers in most cases for a retirement community. This is being exasperated by the continued recall of workers back to their offices.
IMHO this isn’t the time to buy, look to the Spring of 2024. Buyers now would likely see financial loss. The downward correction will last until at least the early summer of next year.
Major losers ironically will be small home Villa owners. Investment properties will take the largest hit since they are the surplus in existing sales and inventory.
If you are a buyer, it’s advisable to use the home value metric of price per square foot and compare it the existing market. Comps are out the window. Banks are savvy to previous problems after 08 with lagging comp value calculations.
Speculators absolutely will take the largest hit during this crash. Be very cautious if you are a buyer.