Quote:
Originally Posted by BrianL99
Both Zillow & Redfin estimate resale homes in The Villages have declined in Selling Price, between 12-15% since the peak 3 years ago. In a huge % of cases, Zillow won't provide a Zestimate of current value, because of a lack of sales data and the volatility of the market.
If your home selling price depreciated by 15% in the last 2.5 years, when you add in a 5% Broker's Commission to sell it, you just lost 20% of your value.
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Edit: my original post was killed because it had a link to a graph
Hello all, we are closing on a home on Feb 3rd and find this interesting. Also, this is my first post!!!!!!!
As others have pointed out, the Villages is a its own bubble and not the real world. In 2008, it was largely immune from the housing crisis (my in-laws lived here then and still do). When talking about data on home prices, it is a little difficult because most homes get sold on TVs VLS and not the global MLS. VLS is TVs closed loop real estate arm and doesn't get reflected in the data pulled from MLS.
The chart depicts prices decreasing marginally since 2022. When taken in fuller context, the current prices are still above the 5-year trend line. So, for a two year period from 2020 to the peak in 2022 home prices soared 50% to $400k. I would argue they are still about 12% or so above a longer trend line. Anyhow, this marginal drawdown (I'd say normalization) on prices over the last 3 years is actually the market saying people got a lil bit crazy in 2022. Nothing systematically wrong.
Regards,
The Refugee