Villages Real Estate Market Update - 2021 Fourth Quarter and 2022 Fourth Quarter

[Rainger99]

2021

Q4 Market Update 2021 (https://www.nxtbook.com/thevillages/TheVillages/q4-market-update-2021/index.php#/p/1)

New homes $401,000 8 days on market
Pre-owned $427,000 16 days on market.

2022

Q4 Market Update 2022 (https://www.nxtbook.com/thevillages/TheVillages/q4-market-update-2022/index.php#/p/1)

New homes $408,000 15 days on market.
Pre-owned $486,000 47 days on market.

[Babubhat]

Next statistics will be more interesting now that Richmond is almost sold out

[vintageogauge]

Do you feel that all the buyers are walking away because Richmond is sold out?

[JMintzer]

Do you feel that all the buyers are walking away because Richmond is sold out?

"All"? Nope. Some? Maybe...

But I think part of the reason for the slowdown is the dramatic rise in interest rates...

Yes, I know that many buyers pay cash, but they may be having a harder time selling their previous home, which will delay them buying their retirement home...

[VApeople]

Yes, I know that many buyers pay cash, but they may be having a harder time selling their previous home, which will delay them buying their retirement home...

That is a very good point.

In our case, we paid cash for our new house in The Villages six years ago, but we got our money because some nice young buyers in Virginia took out a loan to buy our previous house.

[JMintzer]

That is a very good point.

In our case, we paid cash for our new house in The Villages six years ago, but we got our money because some nice young buyers in Virginia took out a loan to buy our previous house.

We took a 70% mortgage, because rates were ridiculously low at the time... (under 2.8%)...

We probably could have paid cash, but actually did much better leaving that money in our investment portfolio (even with the crappy year we had last year)...

But with rates now over 7%, we may have changed our plans if we had to do it today...

We'll eventually sell our home up north and maybe buy a small condo so we can visit the kids on a regular basis, but we'll cross that bridge when we get there...

[Laker14]

"All"? Nope. Some? Maybe...

But I think part of the reason for the slowdown is the dramatic rise in interest rates...

Yes, I know that many buyers pay cash, but they may be having a harder time selling their previous home, which will delay them buying their retirement home...

Agree. Many buyers still have a home up north. Like you, many buy BEFORE they actually retire, and either rent the TV home out, or visit when they can.

DW and I waited until we retired, but want to snowbird. So we did not have that pocket full of cash. Interest rates were a critical part of what allowed us to buy here. At today's rates, I wouldn't have done it.

Anyone who thinks rising interest rates don't have any effect on the TV market is looking at the situation though their own teeny-tiny filter, and ignoring the fact that not everyone is in their circumstance.

The effect may be somewhat muted, compared to housing marketed to young working families, but it has an effect.

[TomPerry]

2021

Q4 Market Update 2021 (https://www.nxtbook.com/thevillages/TheVillages/q4-market-update-2021/index.php#/p/1)

New homes $401,000 8 days on market
Pre-owned $427,000 16 days on market.

2022

Q4 Market Update 2022 (https://www.nxtbook.com/thevillages/TheVillages/q4-market-update-2022/index.php#/p/1)

New homes $408,000 15 days on market.
Pre-owned $486,000 47 days on market.
None the less, most places in the rest of the United States would kill for those 2022 statistics!!!

[RICH1]

My opinion , comparing the houses in The Villages to other Retirement Communities in Florida, and other parts of the country, this place is unbelievably affordable…Many homeowners in the Villages don’t do the updates that the newer houses have, and that is a major reason homebuyers seek out the new Built homes on the Southside… They compromise the location with noise and smells for Brand New… just my observation Either way it’s Very affordable

[Mcnuke]

Next statistics will be more interesting now that Richmond is almost sold out

This is Newell, currently as far as Meggison goes south.

Yellow dots are Pending, Black are New ready for sale.
Many homes not ready for sale yet.
Neighborhood is growing fast.

[Papa_lecki]

Oh no, another real estate crash in the Villages, don’t we read about that every 18 months?