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Altavia
07-31-2022, 01:02 PM
For those not on the email list, Q2 Real Estate Update from The Villages.

Altavia
07-31-2022, 01:08 PM
Spanish Springs

Altavia
07-31-2022, 01:09 PM
Lake Sumter

Altavia
07-31-2022, 01:11 PM
Brownwood

Altavia
07-31-2022, 01:12 PM
Link to the full document.

Q2 Market Update 2022 (https://www.nxtbook.com/thevillages/TheVillages/q2-market-update-2022/index.php#/p/8)

Altavia
07-31-2022, 01:12 PM
Deleted duplicate post...

larcha
08-01-2022, 07:44 AM
How do you get on the mailing list for these updates?

Stu from NYC
08-01-2022, 08:05 AM
With rising interest rates wonder how much price of homes will come down?

flower7330@gmail.com
08-01-2022, 09:08 AM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

Stu from NYC
08-01-2022, 10:29 AM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

For one thing established landscaping. Also closing to shopping.

Altavia
08-01-2022, 10:48 AM
How do you get on the mailing list for these updates?

Ask a Villages Rep to add you to the mailing list. They don't send a lot of spam.

Altavia
08-01-2022, 10:50 AM
With rising interest rates wonder how much price of homes will come down?

It's been reported up to 80% of home sales here are cash.

coconutmama
08-01-2022, 10:51 AM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

We have added thousands into our home since we had it built. We expect to add a few more eventually. If you purchase a pre owned home you will most likely change a few things, but overall most of the usual upgrades will be done, which will save you time, aggregator & money. A lot of upgrades have gone up in price due to labor & material increases.

For examples, we have upgraded our floors, put sliding glass, electric shades & a/c in our lanai, as well as many other items.

Also our location is super. A stone’s throw to multiple pools, rec centers, dr offices and shopping.

Altavia
08-01-2022, 10:54 AM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

The better locations sell fast, remaining inventory homes tend to have something less desirable about the home or location. They may be discounted as the areas is closed out

Stu from NYC
08-01-2022, 12:06 PM
It's been reported up to 80% of home sales here are cash.

I have heard that but for the other 20% who need a mortgage costs will go up and supply of buyers who can afford this place will go down.

Debfrommaine
08-01-2022, 12:19 PM
Have purchased three new homes over the last several years near Lake Sumter Landing and 466a. At that time we found discounted new build homes because the developer wanted to finish the neighborhood and move onto the next project. There were some good deals to be had.

Babubhat
08-01-2022, 12:27 PM
They are overpriced. Many will need a roof, ac, water heater etc. better off with new

manaboutown
08-01-2022, 12:57 PM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

Location, location, location is a time honored real estate adage.

Flyers999
08-01-2022, 02:07 PM
Link to the full document.

Q2 Market Update 2022 (https://www.nxtbook.com/thevillages/TheVillages/q2-market-update-2022/index.php#/p/8)

What percentage of homes are being bought by real estate investment companies this year?

Boilerman
08-01-2022, 02:46 PM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

It’s not unusual to see a pre owned home with $50k of upgrades. Some listings claim $150k of upgrades. A pre owned home less than 10 years old with a bunch of upgrades is a better value than a brand new home.

Flyers999
08-01-2022, 02:50 PM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

Also either low or no bond on older homes. (Sorry if this has already been mentioned.)

Packer Fan
08-01-2022, 09:29 PM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

Preowned have-
upgrades done - these can be expensive
Some of the bond paid
bigger yards
Closer to shopping and golf courses
NO TOLLWAY NOISE
Closer to more town squares
Sometimes some furnishings or a golf cart.

I have bought one of each, it all equals out

westernrider75
08-02-2022, 06:05 AM
IMO it’s mostly because upgrades like driveway painting, landscaping and interior upgrades have been done. Bond May also be paid, or paid down.

Personally, I don’t want the traffic that all the shopping areas bring, so that would be a negative on my list.

Bay Kid
08-02-2022, 06:12 AM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

Location, location, location.

These stats are on Village sales, does not include Realtor sales.

Papa_lecki
08-02-2022, 06:41 AM
I have heard that but for the other 20% who need a mortgage costs will go up and supply of buyers who can afford this place will go down.

That doesn’t mean the 80% need a mortgage. With mortgage rates at 2 or 3%, you finance, if they jump to 5 or 6%, you pay cash, or finance a much smaller amount.

Papa_lecki
08-02-2022, 07:07 AM
Also either low or no bond on older homes. (Sorry if this has already been mentioned.)

That’s impossible, I’ve read on here MANY times, a house with $0 bond is not worth more than a house with a bond balance

Papa_lecki
08-02-2022, 07:11 AM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

It’s almost impossible to generally compare 2 homes, without knowing the details of what’s included.
With a new home, there are always upgrades that need to be made. Most pre owned homes have many thousands of dollars in upgrades. The area around an existing home is most likely fully build out and already has established traffic routes.

As mentioned, established home MIGHT have replacement/maintenance costs sooner.

Laker14
08-02-2022, 09:10 AM
We are looking at some of the new spec homes in the new areas. The prices have gone up from last year but they still aren't as high as the pre owned homes in other areas of TV. My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

I wasn't aware of this phenomenon. But, as mentioned before, it's tricky to compare prices without looking at the particulars of each home. When I was shopping for a home in TV, I found that pre-owned homes were a better value, IMO, when I factored in upgrades, and bonds. Bonds don't affect the value of the house, unless of course, one can do math.

I also factored in age of roof, HVAC etc etc, and where I wanted to live.

vintageogauge
08-02-2022, 09:16 AM
5 years ago when we bought a new home the re-sales were also higher and our agent said they always are. We looked at both and chose new because there was no wear and tear on anything and at the time you can pick any lot you wanted and they were cheap. Also took into consideration the new home warranty.

Bay Kid
08-03-2022, 06:55 AM
That’s impossible, I’ve read on here MANY times, a house with $0 bond is not worth more than a house with a bond balance

It was to me when I was buying.

Stu from NYC
08-03-2022, 07:15 AM
It was to me when I was buying.

OK but several real estate sales folks have told us not worth paying off bond unless we are sure to stay in our current house for forseeable future so our bond is still there for now.

Bay Kid
08-04-2022, 06:55 AM
OK but several real estate sales folks have told us not worth paying off bond unless we are sure to stay in our current house for forseeable future so our bond is still there for now.

Different strokes for different folks. I look at it as bad debt, like paying interest on a credit card.

Stu from NYC
08-04-2022, 12:08 PM
Different strokes for different folks. I look at it as bad debt, like paying interest on a credit card.

We all spend our money as we see fit.

Thinking it is best to decide if we stay in current house for some time before paying off bond and possibly not getting the money back from our buyer.

retiredguy123
08-04-2022, 12:35 PM
Different strokes for different folks. I look at it as bad debt, like paying interest on a credit card.
The bond is not the same as credit card debt or even mortgage debt. Those debts are debts against an individual that can affect their credit rating and can have other financial consequences, like higher insurance rates. But, the bond is a debt against the property, and does not count as individual debt. The individual homeowner never needs to pay off the bond. But, you do need to pay interest.

Bay Kid
08-05-2022, 06:21 AM
The bond is not the same as credit card debt or even mortgage debt. Those debts are debts against an individual that can affect their credit rating and can have other financial consequences, like higher insurance rates. But, the bond is a debt against the property, and does not count as individual debt. The individual homeowner never needs to pay off the bond. But, you do need to pay interest.

I understand. To me it is like credit card debt because you can't write-off the interest.

Altavia
08-05-2022, 09:25 AM
Here's a thread on Bond discussion.

https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/bond-questions-332983/?highlight=Bond

Bogie Shooter
08-05-2022, 09:52 AM
Here's a thread on Bond discussion.

https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/bond-questions-332983/?highlight=Bond

Doubt that will help, there are only 107 posts on that thread.🤦

Altavia
08-05-2022, 11:54 AM
Doubt that will help, there are only 107 posts on that thread.🤦

Just another Groundhog Day thread... 🤣

Laker14
08-05-2022, 04:35 PM
OK but several real estate sales folks have told us not worth paying off bond unless we are sure to stay in our current house for forseeable future so our bond is still there for now.

The question of whether to pay it off or not is a different question than whether or not the existence of a bond balance has an effect on the purchase price, or attractiveness of the property compared to other properties.

Stu from NYC
08-05-2022, 06:34 PM
The question of whether to pay it off or not is a different question than whether or not the existence of a bond balance has an effect on the purchase price, or attractiveness of the property compared to other properties.

We were told by several real estate professionals that most people will not consider the cost of the bond in deciding on whether to buy a property.

Papa_lecki
08-05-2022, 07:15 PM
We were told by several real estate professionals that most people will not consider the cost of the bond in deciding on whether to buy a property.

So buyers don’t consider the fact that buying an asset, has an additional $0/15,000/$35,000 liability?

ronda
08-05-2022, 07:22 PM
It's been reported up to 80% of home sales here are cash.

That's true, but there is the chain reaction effect. Newcomers have to sell their homes up north to buy in TV. People buying those homes up north will likely have mortgages, and the selling price of those homes may be less due to higher mortgage rates. In turn, the newcomers will have less proceeds to spend on their new home in TV. So they may be more sensitive to what they pay in TV. Trading one home for another of similar price is easier to swallow.

ronda
08-05-2022, 07:27 PM
Preowned have-
upgrades done - these can be expensive
Some of the bond paid
bigger yards
Closer to shopping and golf courses
NO TOLLWAY NOISE
Closer to more town squares
Sometimes some furnishings or a golf cart.

I have bought one of each, it all equals out

Could also be pools. If somone adds a pool to the home it adds a lot to the asking price. I don't know if the developer sells a lot of brand new homes with pools, or the new owners put the pool in after the sale?

ronda
08-05-2022, 07:41 PM
So buyers don’t consider the fact that buying an asset, has an additional $0/15,000/$35,000 liability?

That's a good question. I pondered the same question, before I decided to pay off my bond. I bought a pre-owned home with a $9K bond with like a 4.5% interest rate. Thinking there was like 10 years left on the bond. I was figuring I will have the house for at least 10 years so it was a good bet. Even if I sold after 5 yrs , iI'd probably get my money back.

I think some do and some don't consider the Bond. Some people only look at "what can I afford". If they can afford the bond payment, they don't care. Others, like me add the cost of the bond to the purchase price (in their minds).

I would say having a bond is not a make or break for most buyers. It could be a tie breaker for some people considering comparable houses. In addition, they may not negotiate as hard on the hose without the bond.....but who knows.

retiredguy123
08-05-2022, 07:46 PM
So buyers don’t consider the fact that buying an asset, has an additional $0/15,000/$35,000 liability?
Actually, I don't think the appraiser and the mortgage company factor in the bond when determining the amount that can be borrowed. Also, if you are listing a house with a bond, the listing agent will definitely tell you to not pay it off. Note, that when you buy a house with a bond, you can pay it off or not. But, when you buy a house without a bond, you can't add a bond. So, buying a house with a bond gives you more options. If you are going to sell your house within a few years, there is no doubt that you will benefit by not paying off the bond.

tophcfa
08-05-2022, 08:18 PM
My question is why are the preowned homes so much more expensive than the new homes. It doesn't make sense to me.
Can someone please explain this to me?

Lots of reasons, location, close golf cart ride to everything, lots of Championship golfing options, mature landscaping, no turnpike issues, little or no bond, multiple town squares, many homes have significant upgrades, familiarity with area from visiting friends over the years, etc……. The newer areas will eventually mature and have many of the desirable features of the more mature areas, but at our age we want to maximize the fun factor right now while our window of good health is still wide open.