Housing prices falling in Florida

[Rainger99]

Florida Housing Market Predictions 2023 | Next 5 years | Will it Crash? (https://www.noradarealestate.com/blog/florida-housing-market/)

[Bill1701]

I doubt prices here will fall very much, but don't expect them to rise much either. Many people are trying to sell at prices they may have gotten a year ago, but they can't get that now.

[Laker14]

Florida Housing Market Predictions 2023 | Next 5 years | Will it Crash? (https://www.noradarealestate.com/blog/florida-housing-market/)

I am not worried.

Are you?

[Rainger99]

I am not worried.

Are you?

I am not selling. If I were, I would be concerned. There are a number of houses in my neighborhood that have been for sale for several months. Two years ago, they would have sold in a few days or weeks.

[Laker14]

I am not selling. If I were, I would be concerned. There are a number of houses in my neighborhood that have been for sale for several months. Two years ago, they would have sold in a few days or weeks.

those were crazy times. Obviously that couldn't last forever, and I'm guessing we are seeing a little regression to the norm.

Very much like the S&P 500 being at 4100 now instead of 4700.

[Papa_lecki]

House prices are certainly going to drop, with the new 1.00% added to the rate for mortgages of those with good credit

“Starting in May, a new federal rule will upend the current structure of the Loan-Level Price Adjustment (LLPA) matrix. Homebuyers with a good credit score could see their monthly mortgage payment rise by over $60 a month, while riskier borrowers will get more favorable mortgage terms because their fees were reduced. It's a move the Federal Housing Finance Agency (FHFA) hopes will address housing affordability challenges in the U.S., but it's come under scrutiny for being unfair and potentially ineffective.”

[Pairadocs]

Florida Housing Market Predictions 2023 | Next 5 years | Will it Crash? (https://www.noradarealestate.com/blog/florida-housing-market/)

Well I believe this is the 2nd or 3rd month in a row now that prices and sales have declined nation wide; even states like Florida and Texas. What might be worth a worry or two, is the what the effect of the administration's "Home Act" (presently stalled out in congress) might have eventually on the entire real estate market nation wide... the old ripple effect, if it does get passed. Personally I am not as convinced as others are concerning the equity in mortgage plan. Will lowering the rates for those with poor credit, and raising the rate 1.75 % for those with excellent credit, really work out ? While it is a worthy goal to help low wage earners to become home owners, after the last sub-par fiasco I'm leery of "eliminating" bias in home lending by penalizing those who have been meticulous in their financial matters. Guess another "wait and see" if the effects will be negative or positive, but I think it takes effect soon.

[RICH1]

The sky is falling ! We have a shortage of 3 to 5 million houses in the United States.. Florida Housing is in demand …updated houses sell! Wash your Balls and go Golfing

[Maker]

Any 5 year prediction is worthless. Look what unpredictable things happened just since the last presidential election. Stock market crashed. Inflation skyrocketed. Interest rates way up. Russia started a war. Gas prices doubled.

[CoachKandSportsguy]

as an extrapolation of the current situation and generalized economic theory, and the future / predictions is never factual, even though its based on current facts. Its also meaningless unless you are in the market because you want / need to move, and even then 1-3% is not enough to make a significant difference if you have to move.

[rustyp]

Any 5 year prediction is worthless. Look what unpredictable things happened just since the last presidential election. Stock market crashed. Inflation skyrocketed. Interest rates way up. Russia started a war. Gas prices doubled.

Stock market low was March 16 2020 - 8 months prior to the last presidential election.

[Bilyclub]

House prices are certainly going to drop, with the new 1.00% added to the rate for mortgages of those with good credit

“Starting in May, a new federal rule will upend the current structure of the Loan-Level Price Adjustment (LLPA) matrix. Homebuyers with a good credit score could see their monthly mortgage payment rise by over $60 a month, while riskier borrowers will get more favorable mortgage terms because their fees were reduced. It's a move the Federal Housing Finance Agency (FHFA) hopes will address housing affordability challenges in the U.S., but it's come under scrutiny for being unfair and potentially ineffective.”

Giving mortgages to unworthy credit risks worked great in 2008. Socialism at it's finest.

[Velvet]

From today’s Wall Street Journal:

“Rising Mercury, Rising Home Prices

The Tampa metro area, which includes cities such as Clearwater and St. Petersburg, had overall inflation well above the national rate of 5% and the highest of any region the Labor Department measured in March. It trailed only Phoenix among places that the department regularly surveys. The largest Arizona metro registered a whopping 8.9% increase in prices in February over the prior year.
…

Southbound migration in search of jobs, sunshine and less expensive housing isn’t new, but was turbocharged during the pandemic. That increased pressure on housing markets, pushing up rents and home prices. But when housing is removed from the index, inflation in those areas is near the national average.

In Phoenix, the median rent payment rose by 26% over the prior year in February on a six-month moving average, and in Tampa the median rent payment jumped 23%, according to an analysis of financial data by the Bank of America Institute. Northern cities such as Chicago, Boston and New York saw equivalent rent payment increases of under 10%.”

Comparatively Florida area (Miami data was not available) seems to be increasing in demand.

[Two Bills]

Giving mortgages to unworthy credit risks worked great in 2008. Socialism at it's finest.

Or was it capitalism at its greediest and worst?:shrug:

[Aces4]

Stock market low was March 16 2020 - 8 months prior to the last presidential election.

Yes, the beginning of covid caused that low, thank you to another country who was afraid of the USA at that point. Let’s remember that.

[dewilson58]

One prediction.

:shrug:

[Hape2Bhr]

Or was it capitalism at its greediest and worst?:shrug:

I would not classify Rep. Frank and those regulating Fannie Mae and Freddie Mac as capitalists. :ohdear:

[rustyp]

Yes, the beginning of covid caused that low, thank you to another country who was afraid of the USA at that point. Let’s remember that.

Here is my prediction:

If things are good I get the credit
If things are bad it was my predecessor

As for housing prices lumber futures
4/1/19 < $400
4/1/21 $1500
Today < $400

Mortgage rates on the rise

Employers are starting to force employees back into the office. This could have a negative effect on areas like Florida where people migrated when they could work from home. If you want to keep your job with the same firm you may have to return.


I'll bet housing prices go back maybe as far as prices 4 years ago.

[Babubhat]

The only house price that matters is the one you are buying or selling. Broad statement is meaningless

[Chi-Town]

View sights seem to be holding, others not as much. Location etc.

[Laker14]

it's all the other guy's fault.

[kkingston57]

Giving mortgages to unworthy credit risks worked great in 2008. Socialism at it's finest.

Banks got greedy and did not do the proper underwriting.

[Velvet]

This new mortgage rule is so nonsensical I thought the poster writing about it was kidding. Turns all economic teaching upside down sort of like saying let’s’ s try 1 plus 1 as 3 the second “1” needs to subsidize the first “1”.

[Normal]

Here is my prediction:

If things are good I get the credit
If things are bad it was my predecessor

As for housing prices lumber futures
4/1/19 < $400
4/1/21 $1500
Today < $400

Mortgage rates on the rise

Employers are starting to force employees back into the office. This could have a negative effect on areas like Florida where people migrated when they could work from home. If you want to keep your job with the same firm you may have to

Forcing offices to open back up would increase prices. If you can’t work from home, the boss has to pay the overhead costs of a larger business building etc.

[manaboutown]

Banks got greedy and did not do the proper underwriting.

Lenders were forced into making bad loans.

"The evidence is overwhelming that Clinton was the architect of the financial disaster that wiped out trillions of dollars in household wealth. Under his National Homeownership Strategy, Clinton took more than 100 executive actions to pry bank lending windows wide open.

Through executive order, he marshaled 10 federal agencies under a little-known task force to enforce new "flexible" mortgage underwriting guidelines to boost low-income and minority homeownership.

For the first time, banks were ordered to qualify low-income borrowers with spotty credit. The 1994 policy planted the seeds of the mortgage crisis, as lenders eventually abandoned prudent underwriting altogether.


The next year, Clinton set quotas for lending in high-risk neighborhoods under an overhauled Community Reinvestment Act, while adding several hundred bank examiners to enforce the tougher CRA rules. Banks that came up short had expansion plans put on hold — a slow death sentence in an era of bank mergers and acquisitions.

For the first time, CRA ratings were made public, egging on ACORN and other radical inner-city groups, which used the reports to extort banks for $6 trillion in subprime loan set-asides by 2008.

When bankers resisted being saddled with so many risky loans, Clinton tapped Fannie Mae and Freddie Mac to take them off their books, while freeing bankers to originate more of the political loans. He had the Department of Housing and Urban Development nearly double Fannie's and Freddie's quotas for underwriting "affordable" loans, which remained in force throughout the 2000s.

When the mortgage giants pushed back, complaining that it would be hard to meet the higher targets, Clinton pushed them to load up on subprime loans, while authorizing Fannie and Freddie for the first time to buy subprime securities to earn credits toward the HUD goals. The mortgage giants complied to their great detriment.

So Clinton was also responsible for securitizing these loans which combined bad loans with good loans in packages that were sold to Wall Street institutions, including insurance companies. The mix of these junk loans made it impossible for investors to tell good ones from bad, and the markets eventually seized up and crashed."

From: Access to this page has been denied. (https://www.investors.com/politics/editorials/hillary-and-bill-cause-of-housing-financial-crisis/)

[Aces4]

Lenders were forced into making and loans.

"The evidence is overwhelming that Clinton was the architect of the financial disaster that wiped out trillions of dollars in household wealth. Under his National Homeownership Strategy, Clinton took more than 100 executive actions to pry bank lending windows wide open.

Through executive order, he marshaled 10 federal agencies under a little-known task force to enforce new "flexible" mortgage underwriting guidelines to boost low-income and minority homeownership.

For the first time, banks were ordered to qualify low-income borrowers with spotty credit. The 1994 policy planted the seeds of the mortgage crisis, as lenders eventually abandoned prudent underwriting altogether.


The next year, Clinton set quotas for lending in high-risk neighborhoods under an overhauled Community Reinvestment Act, while adding several hundred bank examiners to enforce the tougher CRA rules. Banks that came up short had expansion plans put on hold — a slow death sentence in an era of bank mergers and acquisitions.

For the first time, CRA ratings were made public, egging on ACORN and other radical inner-city groups, which used the reports to extort banks for $6 trillion in subprime loan set-asides by 2008.

When bankers resisted being saddled with so many risky loans, Clinton tapped Fannie Mae and Freddie Mac to take them off their books, while freeing bankers to originate more of the political loans. He had the Department of Housing and Urban Development nearly double Fannie's and Freddie's quotas for underwriting "affordable" loans, which remained in force throughout the 2000s.

When the mortgage giants pushed back, complaining that it would be hard to meet the higher targets, Clinton pushed them to load up on subprime loans, while authorizing Fannie and Freddie for the first time to buy subprime securities to earn credits toward the HUD goals. The mortgage giants complied to their great detriment.

So Clinton was also responsible for securitizing these loans which combined bad loans with good loans in packages that were sold to Wall Street institutions, including insurance companies. The mix of these junk loans made it impossible for investors to tell good ones from bad, and the markets eventually seized up and crashed."

From: Access to this page has been denied. (https://www.investors.com/politics/editorials/hillary-and-bill-cause-of-housing-financial-crisis/)

In a nutshell!

[rustyp]

Forcing offices to open back up would increase prices. If you can’t work from home, the boss has to pay the overhead costs of a larger business building etc.

Those buildings already existed and owned. What do they do with the real estate that the company has at 20% capacity ? This will be the most realistic case of trickle down economics one has encountered in our time.

[JMintzer]

Stock market low was March 16 2020 - 8 months prior to the last presidential election.

You mean when Covid first hit? Ummm... Okay...

[rustyp]

You mean when Covid first hit? Ummm... Okay...

100% correct and the market has steadily increased 73% since that low of March 16 2020. FYI Covid hit the USA January 2020 - 3 months before the market low point.

[Rainger99]

100% correct and the market has steadily increased 73% since that low of March 16 2020. FYI Covid hit the USA January 2020 - 3 months before the market low point.

The shutdown started on March 13, 2020. That was when we shut down travel to and from Europe and people were sent home for two weeks to “flatten the curve.”

[rustyp]

You mean when Covid first hit? Ummm... Okay...

100% correct and the market has steadily increased 73% since that low of March 16 2020. FYI Covid hit the USA January 2020 - 3 months before the market low point.

The shutdown started on March 13, 2020. That was when we shut down travel to and from Europe and people were sent home for two weeks to “flatten the curve.”

And that is correct also - The USA shutdown travel after 40 other worldwide countries had already shutdown their travel.

[Stu from NYC]

Banks got greedy and did not do the proper underwriting.

And now the govt will help to find more homes to sell to people who cannot afford them.

Makes no sense.

[Rainger99]

“Starting in May, a new federal rule will upend the current structure of the Loan-Level Price Adjustment (LLPA) matrix. Homebuyers with a good credit score could see their monthly mortgage payment rise by over $60 a month, while riskier borrowers will get more favorable mortgage terms because their fees were reduced.

It appears that homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings.

If you have a credit score of 680 or higher you will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000.

If you have a 30 year loan and you have good credit, you will pay an extra $14,400 over the life of the loan!

If you are considering a home loan and you have good credit, should you miss a credit card payment or utility payment to get under 680 and save yourself $14,400??

[Koapaka]

House prices are certainly going to drop, with the new 1.00% added to the rate for mortgages of those with good credit

“Starting in May, a new federal rule will upend the current structure of the Loan-Level Price Adjustment (LLPA) matrix. Homebuyers with a good credit score could see their monthly mortgage payment rise by over $60 a month, while riskier borrowers will get more favorable mortgage terms because their fees were reduced. It's a move the Federal Housing Finance Agency (FHFA) hopes will address housing affordability challenges in the U.S., but it's come under scrutiny for being unfair and potentially ineffective.”

My people call it socialism.

[daniel200]

Home prices are like the stock market. They go up. They go down. Nothing matters until the day you sell.

[Velvet]

My people call it socialism.

And other people call it punishment for good behavior. How dare you have good credit! What were you thinking when you payed your bills on time? And what about working hard so you can afford those bills in the first place?

Generally, people are fined for bad behavior, they didn’t stop at a stop sign etc. This new policy fines people for good behavior, for doing what they are supposed to do. What could possibly go wrong?

[MX rider]

Home prices are like the stock market. They go up. They go down. Nothing matters until the day you sell.

Exactly.
But home prices are leveling off pretty much everywhere. As far as TV go, I don't see prices dropping very much at all. Except for the people overpricing their homes thinking they can still ride the wave.

There's still a lot of boomers out there retiring or getting ready to retire like us. i think Florida will have a very vibrant real estate market for a while, just not white hot like it was a year ago.

[jimdecastro]

Florida Housing Market Predictions 2023 | Next 5 years | Will it Crash? (https://www.noradarealestate.com/blog/florida-housing-market/)

Including here. I am building a home in Newell. Took 90 days and SEVERAL price drops to sell.

[Laker14]

Including here. I am building a home in Newell. Took 90 days and SEVERAL price drops to sell.

that information, by itself, does not tell us much.

For example, a few blocks from me, there is a home that has been on the market since November, and has had several price drops, from 460K, now down to 390K. However, upon looking at the price history, one learns that it was sold in November of 2017 for 260K.

Asking for 460K, 5 years later, is asking for a 77% increase in 5 years. Not succeeding in such a lofty goal is far from a "crash". Even now, after several "price drops", should they succeed in getting the current asking price, that would represent a 50% increase in 5 years.

True, that might have worked 2 years ago, but regressing from a "bubble" to more realistic, yet still quite handsome returns, does not a "crash" make.

[Two Bills]

Including here. I am building a home in Newell. Took 90 days and SEVERAL price drops to sell.

Bet you still made a profit though!

[Two Bills]

Wife and I have bought and sold quite a few properties over the years.
Main reasons houses do not sell quickly, is, location, disrepair, poor presentation, or overpriced.
If you have had no offers within first two to three weeks, one of those reasons is holding back the sale, in which case you hang on and hope, or correct the problem.
Location is the only variable you have no control over.

[rsmurano]

Stock market low was March 16 2020 - 8 months prior to the last presidential election.

Correct, but the “V” shape recovery was a few months after that, which if you were in the same funds/stocks at the end of 2020, you made a healthy profit.
Compare that market to todays market, well you can’t since we are 10-20% lower today compared to January 2021 and probably go down much lower this year

[oldtimes]

It appears that homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings.

If you have a credit score of 680 or higher you will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000.

If you have a 30 year loan and you have good credit, you will pay an extra $14,400 over the life of the loan!

If you are considering a home loan and you have good credit, should you miss a credit card payment or utility payment to get under 680 and save yourself $14,400??

Interesting thought

[rogerrice60]

House prices are certainly going to drop, with the new 1.00% added to the rate for mortgages of those with good credit

“Starting in May, a new federal rule will upend the current structure of the Loan-Level Price Adjustment (LLPA) matrix. Homebuyers with a good credit score could see their monthly mortgage payment rise by over $60 a month, while riskier borrowers will get more favorable mortgage terms because their fees were reduced. It's a move the Federal Housing Finance Agency (FHFA) hopes will address housing affordability challenges in the U.S., but it's come under scrutiny for being unfair and potentially ineffective.”

Communism has never benefited the masses!

[retiredguy123]

It appears that homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings.

If you have a credit score of 680 or higher you will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000.

If you have a 30 year loan and you have good credit, you will pay an extra $14,400 over the life of the loan!

If you are considering a home loan and you have good credit, should you miss a credit card payment or utility payment to get under 680 and save yourself $14,400??
Question. Why can't mortgage companies lend their own money, without Government mortgage insurance, and charge a lower interest rate to customers who have a good credit rating and make a responsable down payment?

[Normal]

I’ve noticed the houses at Middleton are be adapted to pricing point viability. They have started 2 story houses and make most of them out of sticks. With price drops, so goes quality? Yet, have the prices really dropped much? Maybe new comparable homes have gone down 2% on a good day. Workers aren’t taking price cuts, materials have only gone up. I don’t see a housing slump anytime soon.

[Pres1939]

I am not worried.

Are you?
Not at all. Where would people go? California????

[rustyp]

Correct, but the “V” shape recovery was a few months after that, which if you were in the same funds/stocks at the end of 2020, you made a healthy profit.
Compare that market to todays market, well you can’t since we are 10-20% lower today compared to January 2021 and probably go down much lower this year

I'm just like my broker - always measure from the bottom no matter when it occurred. Also he always advises to ride it out. Let's see if I have $100 in the market and the market goes down by 50% I now have $50. Now the V shape miracle occurs and the market increases by 100%. I now have $100. Where is the healthy profit ?

FYI the market is up 10% since Jan 2021 not down. However I do agree with you my guess is the market will be heading down. That will be part of the cure for inflation. And that (back to the original subject) will take away that warm puppy feeling retirees get when they look at their investments and result in postponement of major purchases (like a retirement house) until the stock market booms again. Thus house prices will go down - even in TV. In fact they already have.

[coralway]

Any 5 year prediction is worthless. Look what unpredictable things happened just since the last presidential election. Stock market crashed. Inflation skyrocketed. Interest rates way up. Russia started a war. Gas prices doubled.




lol …… love those “Alternative Facts”

[Maker]

Home prices are like the stock market. They go up. They go down. Nothing matters until the day you sell.

Except your tax assessment will go up, but never go back down.

[dewilson58]

Except your tax assessment will go up, but never go back down.


Even if the assessed value went down, the millage rate would increase proportionately and you would pay the same property tax.

[Velvet]

My prediction is there will NOT be a housing slump in The Villages. Because the number three factors in real estate are: location, location and location. TV is ideally suited geographically and master planned for retirees. One of the most significant factors in economic forecasting is demographics. And we have the boomers. With the two I can’t see much of a slump coming any time soon to TV.

[charlieo1126@gmail.com]

When Bruce Williams a great radio guy before all the screamers took over the air waves ,was asked a retirement question some people would say I can get this amount when I sell and Bruce would always say , no no you will get what somebody will pay you when that day comes , all the talk about housing prices and it comes up a lot like dog poop and gates is just that ALL TALK

[Chi-Town]

Lenders were forced into making bad loans.

"The evidence is overwhelming that Clinton was the architect of the financial disaster that wiped out trillions of dollars in household wealth. Under his National Homeownership Strategy, Clinton took more than 100 executive actions to pry bank lending windows wide open.

Through executive order, he marshaled 10 federal agencies under a little-known task force to enforce new "flexible" mortgage underwriting guidelines to boost low-income and minority homeownership.

For the first time, banks were ordered to qualify low-income borrowers with spotty credit. The 1994 policy planted the seeds of the mortgage crisis, as lenders eventually abandoned prudent underwriting altogether.


The next year, Clinton set quotas for lending in high-risk neighborhoods under an overhauled Community Reinvestment Act, while adding several hundred bank examiners to enforce the tougher CRA rules. Banks that came up short had expansion plans put on hold — a slow death sentence in an era of bank mergers and acquisitions.

For the first time, CRA ratings were made public, egging on ACORN and other radical inner-city groups, which used the reports to extort banks for $6 trillion in subprime loan set-asides by 2008.

When bankers resisted being saddled with so many risky loans, Clinton tapped Fannie Mae and Freddie Mac to take them off their books, while freeing bankers to originate more of the political loans. He had the Department of Housing and Urban Development nearly double Fannie's and Freddie's quotas for underwriting "affordable" loans, which remained in force throughout the 2000s.

When the mortgage giants pushed back, complaining that it would be hard to meet the higher targets, Clinton pushed them to load up on subprime loans, while authorizing Fannie and Freddie for the first time to buy subprime securities to earn credits toward the HUD goals. The mortgage giants complied to their great detriment.

So Clinton was also responsible for securitizing these loans which combined bad loans with good loans in packages that were sold to Wall Street institutions, including insurance companies. The mix of these junk loans made it impossible for investors to tell good ones from bad, and the markets eventually seized up and crashed."

From: Access to this page has been denied. (https://www.investors.com/politics/editorials/hillary-and-bill-cause-of-housing-financial-crisis/)

What did the following administration do to counter this? Just curious. No cut and paste please.

[Normal]

Even if the assessed value went down, the millage rate would increase proportionately and you would pay the same property tax.

Except property taxes went down and were decreased across the board last year here in Sumter county.

[LuvNH]

When Bruce Williams a great radio guy before all the screamers took over the air waves ,was asked a retirement question some people would say I can get this amount when I sell and Bruce would always say , no no you will get what somebody will pay you when that day comes , all the talk about housing prices and it comes up a lot like dog poop and gates is just that ALL TALK

So very true. Like dealing in antiques, real antiques, the Road Show can tell you it is worth this and this, when you sell it you will find out what it is worth.

[Karmanng]

I live in AZ right now and this week my realtor had 6 bids on one house and she is also working with 2 buyers Things here have not really slowed all that much and prices have not really come down much either.........hoping to get mine on the market in June so i can move to TV in Fall

[Chi-Town]

I live in AZ right now and this week my realtor had 6 bids on one house and she is also working with 2 buyers Things here have not really slowed all that much and prices have not really come down much either.........hoping to get mine on the market in June so i can move to TV in Fall

Be thankful for the Californians.

[Bill14564]

Except property taxes went down and were decreased across the board last year here in Sumter county.

Largely due to the number of new homes. The County rarely (ever?) needs/wants less money from one year to the next but when hundreds of new homes are added the amount each existing homeowner must pay is less. We'll have to see what happens when new home sales slow down.

[LianneMigiano]

Florida Housing Market Predictions 2023 | Next 5 years | Will it Crash? (https://www.noradarealestate.com/blog/florida-housing-market/)
The same thing happened to us up north in CT around 2008-9. The almost carbon copy of a home (we added a bedroom and bath) sold for $475K in 2007-8. We put ours on the market for $429K. We kept lowering the price as the market kept dropping. It was costing us $2K a month in expenses (taxes & utilities - vacant HO Ins alone was over $200 mo) and the value was dropping almost $2K monthly also! We used the equity line on it to catch up on a bit of deferred maintenance there and we bought and paid for this home in TV - which needed quite a bit of updating. By the time that was all done the price was down to $330K, we were "under water" on our equity loan with the 5% realtor commission. We ended up "in lieu of foreclosure" - after having had excellent credit all of our lives. The bank sold it for under $300K in 2011. Zillow (I know, an unreliable source) shows it's current value at $496!

[jimjamuser]

My prediction is there will NOT be a housing slump in The Villages. Because the number three factors in real estate are: location, location and location. TV is ideally suited geographically and master planned for retirees. One of the most significant factors in economic forecasting is demographics. And we have the boomers. With the two I can’t see much of a slump coming any time soon to TV.
A slump could come when people realize that the world has had 8 years of increasing warming (heat) and they begin to realize that Florida is too hot in the summer and has stronger hurricanes. Then they move to the Carolinas.

[Velvet]

The Carolinas! Not the coast… for two decades my family vacationed near Cape Hatteras and without fail we’d be driven 100 miles inland (evacuation order) to escape the hurricanes every year. Never had to that here in TV yet.

[JMintzer]

A slump could come when people realize that the world has had 8 years of increasing warming (heat) and they begin to realize that Florida is too hot in the summer and has stronger hurricanes. Then they move to the Carolinas.

Good thing the hurricanes never hit the Carolinas...

[jimjamuser]

My prediction is there will NOT be a housing slump in The Villages. Because the number three factors in real estate are: location, location and location. TV is ideally suited geographically and master planned for retirees. One of the most significant factors in economic forecasting is demographics. And we have the boomers. With the two I can’t see much of a slump coming any time soon to TV.
No local area is immune to a deep recession. (if it happens)

[jimjamuser]

The Carolinas! Not the coast… for two decades my family vacationed near Cape Hatteras and without fail we’d be driven 100 miles inland (evacuation order) to escape the hurricanes every year. Never had to that here in TV yet.
The summer heat in TV Land is the consistent problem. Hurricanes will affect the Florida coast more than here. But, remember our property insurance will go up as the coasts get hit by hurricanes. We here will have stronger thunderstorms, more lightning, and more humidity in the summer. Just miserable weather even IF we do NOT get hit by hurricanes.

[dewilson58]

Except property taxes went down and were decreased across the board last year here in Sumter county.

your statement is irrelevant to my post.

I was explaining to the poster...... it doesn't matter if the assessed value goes down or not (more or less)........the county calculates the tax revenue need and will tax properties accordingly.........no matter what the assessed value is currently.

[Normal]

your statement is irrelevant to my post.

I was explaining to the poster...... it doesn't matter if the assessed value goes down or not (more or less)........the county calculates the tax revenue need and will tax properties accordingly.........no matter what the assessed value is currently.

Um ya, but assessed value had nothing to do with the actual lowering of the tax mileage rate. Sumter County lowered the millage rate from 6.7000 to 6.4309, a savings of $39 for a home with a taxable value of $145,000, Hey that was almost 500 bucks back in the pocket with the tax cuts. It will pay for a dinner at La Cuisine or Stirrups.

[dewilson58]

Um ya, but assessed value had nothing to do with the actual lowering of the tax mileage rate. Sumter County lowered the millage rate from 6.7000 to 6.4309, a savings of $39 for a home with a taxable value of $145,000, Hey that was almost 500 bucks back in the pocket with the tax cuts. It will pay for a dinner at La Cuisine or Stirrups.

Has nothing to do with my post.

:loco::loco:

[Normal]

Has nothing to do with my post.

:loco::loco:

Lol, you would argue with a wall if you could. Enjoy your evening, I know I will. Peace out dude.

[kkingston57]

Except your tax assessment will go up, but never go back down.

Based upon original purchase price of your home. On bright side, if you have a homestead rate of increase is capped.

[JMintzer]

The summer heat in TV Land is the consistent problem. Hurricanes will affect the Florida coast more than here. But, remember our property insurance will go up as the coasts get hit by hurricanes. We here will have stronger thunderstorms, more lightning, and more humidity in the summer. Just miserable weather even IF we do NOT get hit by hurricanes.

Florida is hot in the Summer?

Wow! I'd never though of that!

[dewilson58]

Relative to economists at Moody's Analytics (which expects national home prices to fall 4.2% in 2023) and Fannie Mae (which expects national home prices to fall 1.2% in 2023).

Among the 400 largest regional housing markets tracked by Zillow, 182 remain below their 2022 peak price, while 218 markets, as of March 2023, are back to (or above) their 2022 peak price.

Among the down markets, the majority are located in the Western half of the country.

[Kelevision]

I am not worried.

Are you?

I was hoping for that new UF training hospital they were building south of 44 but put it on hold. Apparently doctors don’t want to train in “certain states” now.

[Kelevision]

Florida is hot in the Summer?

Wow! I'd never though of that!

As someone who was born and raised here in Leesburg. The temperature is most definitely hotter now than it was.

[dewilson58]

Florida is hot in the Summer?
Wow! I'd never though of that!

News at 11.

[manaboutown]

Home prices rose in February.

"Regionally, the cities that saw the largest price increase over last year were in Miami, Tampa, and Atlanta, with year-over-year gains of 10.8%, 7.7%, 6.6%, respectively."

Home prices rose in February, breaking 7-month streak of declines (https://finance.yahoo.com/news/home-prices-rose-in-february-breaking-7-month-streak-of-declines-131504095.html)

[Velvet]

Home prices rose in February.

"Regionally, the cities that saw the largest price increase over last year were in Miami, Tampa, and Atlanta, with year-over-year gains of 10.8%, 7.7%, 6.6%, respectively."

Home prices rose in February, breaking 7-month streak of declines (https://finance.yahoo.com/news/home-prices-rose-in-february-breaking-7-month-streak-of-declines-131504095.html)

Is anyone surprised?

[Normal]

Home prices rose in February.

"Regionally, the cities that saw the largest price increase over last year were in Miami, Tampa, and Atlanta, with year-over-year gains of 10.8%, 7.7%, 6.6%, respectively."

Home prices rose in February, breaking 7-month streak of declines (https://finance.yahoo.com/news/home-prices-rose-in-february-breaking-7-month-streak-of-declines-131504095.html)

They have to go up. Do you see workers willing to take pay cuts? Do you see the expenses in building a home going down? Door knobs, paint and toilet prices will never lower.

[RCJ61]

The Villages is still very much in Demand. Just go see how fast the new neighborhoods are selling. Upgraded older homes are also selling quickly still. We just bought a new home in the Villages a few months ago and were watching prices closely all over the country. There are areas that are declining a lot, but we did not see that happening much in the Villages. We hope that's the case, but we aren't looking to sell any time soon so it doesn't really matter.
Happy we made the decision.

RCJ