Buyer’s Market in the Villages

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With a real buyer’s market emerging in the Villages Florida, you may want to seriously watch any contracts you might be pressured into signing. Be prepared to write contingency requirements on any contract if you do take the plunge on a buy during the fall winter sales seasons when sales are at their lowest point.

Florida leads the nation on CANCELLED CONTRACTS. Neighboring Orlando is ranked number one in buyers cancelling with cold feet before a close.


In Orlando, about 900 home-purchase agreements were canceled in June, equal to 20.8% of homes that went under contract that month—the highest percentage among the 50 most populous U.S. metropolitan areas. Next came Jacksonville (20.5%), Tampa (20.5%), Las Vegas (20.2%) and San Antonio (19.9%).

Note, Florida has the top 3 spots. Make sure you aren’t stuck on the hook for a foolish impulse buy. Prices are taking the plunge right now.


Homebuyers Backed Out of Deals at a Record Rate in June (https://www.redfin.com/news/home-purchase-cancellations-june-2024/)

[vintageogauge]

Anticipation of lower interest rates in the near future. Cash deals which are about half of the transactions in TV are closing quickly.

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Anticipation of lower interest rates in the near future. Cash deals which are about half of the transactions in TV are closing quickly.

You can demand almost anything from a seller now and yes, cash is king.

[justjim]

You can demand almost anything from a seller now and yes, cash is king.

Demand almost anything from a seller? Really?

[Velvet]

Demand almost anything from a seller? Really?

Well, they are allowed to demand… now whether they get anything, that’s a different story.

[Normal]

Well, they are allowed to demand… now whether they get anything, that’s a different story.

Yes, there are hundreds of other homes for sale if the seller chooses not to offer concessions.

Prices are down and inventory is quite high.

[vintageogauge]

Yes, there are hundreds of other homes for sale if the seller chooses not to offer concessions.

Prices are down and inventory is quite high.

We sold our home quickly, it was not a fire sale price, the buyer made a fair offer and after 7 years we had a "net" gain of 83% after everything we did in improvements, the buyer did not ask for concessions, it is not a buyers market for homes on premium lots,

[Normal]

We sold our home quickly, it was not a fire sale price, the buyer made a fair offer and after 7 years we had a "net" gain of 83% after everything we did in improvements, the buyer did not ask for concessions, it is not a buyers market for homes on premium lots,

Yes, view lots are a whole different ball game. A designer house with a kissing lanai, court yard villa or other average home, has a lot more difficulty on the market than a golf or pond view. With home listings up almost 100% from last year at this time, it makes it rougher on the average home. You still have some who think they can make a quick buck, even though they bought last year and prices are off 2 dollars a square foot from this same time a year ago.

[Snakster66]

Tell that to the premium lots that struggle to sell. Yes, they exist. I've seen quite a few during the course of the year. Sitting for months and incorporating large price drops. I've even seen one or two taken off the market after a few months.

For houses priced appropriately, they will sell quickly. Appropriate can be an 80% margin on last sell price. But I guarantee you that last sale wasn't in 2022. Is it a "buyer's market"? I don't know, but I can say it's a good time to be a buyer. Lot's of choices.

[justjim]

I don’t have real numbers at my fingertip but there appears to be more resale inventory than a few months ago. Many resales have been overpriced IMHO and prices are trending lower. It doesn’t appear to me that new home sales have slowed much if any. With lower interest rates, new homes and resales will continue to sell well in The villages. All is good.

[vintageogauge]

Tell that to the premium lots that struggle to sell. Yes, they exist. I've seen quite a few during the course of the year. Sitting for months and incorporating large price drops. I've even seen one or two taken off the market after a few months.

For houses priced appropriately, they will sell quickly. Appropriate can be an 80% margin on last sell price. But I guarantee you that last sale wasn't in 2022. Is it a "buyer's market"? I don't know, but I can say it's a good time to be a buyer. Lot's of choices.

There is only one 4 bedroom home on water for sale and only twenty six 3 bedroom homes on water for sale via TV agents, they are not struggling to sell. I agree that homes on interior lots are struggling as there are so many of them available both re-sale and new.

[MX rider]

I don’t have real numbers at my fingertip but there appears to be more resale inventory than a few months ago. Many resales have been overpriced IMHO and prices are trending lower. It doesn’t appear to me that new home sales have slowed much if any. With lower interest rates, new homes and resales will continue to sell well in The villages. All is good.

I would agree it's buyers market now. Lots of homes for sale.
We just sold our very nice 2 and 2 ranch after being on the market for about 3 months. It was built in 09 and had a new roof. We took an offer that was lower than what we liked but we came out ok. We bought it 2 years ago and did some nice upgrades.
Since we bought it when the market was hot, we were happy to pretty much break even on what we paid. And they were a cash buyer, so we close in 3 weeks.
Our realtor worked hard for us and was doing open houses twice a week every week. Some with very few visitors. She said many of her collegues said they were seeing that as well.

We moved into a 3 bedroom ranch with a corner lot and could't be happier.
We love TV.

[Normal]

I don’t have real numbers at my fingertip but there appears to be more resale inventory than a few months ago. Many resales have been overpriced IMHO and prices are trending lower. It doesn’t appear to me that new home sales have slowed much if any. With lower interest rates, new homes and resales will continue to sell well in The villages. All is good.

MLS listings this time last year (Sept 4, 2023 ) were at 287. MLS listings yesterday (Sept 5 of 2024) were at 481. Last year the average per square foot in the Villages was 258 dollars a square foot. Last year a square foot cost 260 dollars. Prices are trending lower.

[CarlR33]

MLS listings this time last year (Sept 4, 2023 ) were at 287. MLS listings yesterday (Sept 5 of 2024) were at 481. Last year the average per square foot in the Villages was 258 dollars a square foot. Last year a square foot cost 260 dollars. Prices are trending lower. MLS or VLS? You’re hanging your hat on $2 a square foot lower price, LOL

[FloridaGuy66]

MLS or VLS? You’re hanging your hat on $2 a square foot lower price, LOL

Talk about pushing a narrative based on extremely suspect data.

I don't even understand why some of these current TV homeowners are obsessed about being doomers with the market here. If you already bought, who cares about what the new prices are or how well the new homes are selling? I bought 3 years ago and I personally don't really care one way or the other. That would like like number 1000 of the things that I would care about.

[Plinker]

Talk about pushing a narrative based on extremely suspect data.

I don't even understand why some of these current TV homeowners are obsessed about being doomers with the market here. If you already bought, who cares about what the new prices are or how well the new homes are selling? I bought 3 years ago and I personally don't really care one way or the other. That would like like number 1000 of the things that I would care about.

Totally agree. The only two people who care about the value of our home is our daughters.

[graciegirl]

With a real buyer’s market emerging in the Villages Florida, you may want to seriously watch any contracts you might be pressured into signing. Be prepared to write contingency requirements on any contract if you do take the plunge on a buy during the fall winter sales seasons when sales are at their lowest point.

Florida leads the nation on CANCELLED CONTRACTS. Neighboring Orlando is ranked number one in buyers cancelling with cold feet before a close.


In Orlando, about 900 home-purchase agreements were canceled in June, equal to 20.8% of homes that went under contract that month—the highest percentage among the 50 most populous U.S. metropolitan areas. Next came Jacksonville (20.5%), Tampa (20.5%), Las Vegas (20.2%) and San Antonio (19.9%).

Note, Florida has the top 3 spots. Make sure you aren’t stuck on the hook for a foolish impulse buy. Prices are taking the plunge right now.


Homebuyers Backed Out of Deals at a Record Rate in June (https://www.redfin.com/news/home-purchase-cancellations-june-2024/)

More people are trying to buy in Florida than any other place as well. I read something different in this;

Buyers backing out of deals in record numbers as market shifts (https://www.realestatenews.com/2024/07/24/buyers-backing-out-of-deals-in-record-numbers-as-market-shifts)

[Normal]

More people are trying to buy in Florida than any other place as well. I read something different in this;

Buyers backing out of deals in record numbers as market shifts (https://www.realestatenews.com/2024/07/24/buyers-backing-out-of-deals-in-record-numbers-as-market-shifts)

https://www.**************.com/2024/09/06/out-of-compliance-home-listed-for-425000-in-the-villages/

Great Article!

Read this morning. Investment group lost money on their recent Villages home purchase. Paid 481,500 a couple years ago, but now are selling it for 425,000. The Villages real estate market certainly is not a get rich quick investment. If you want to move here, don’t focus on real estate profit, focus on life style where it doesn’t matter if you gain or lose value on your home.

Most of us love living here! It just bothers me when some paint it all a bed of roses. It isn’t. It’s what you make it. There is nothing wrong with having ups and downs. Right now if you are a buyer, you rule in negotiations.

[vintageogauge]

Timing. In any investment that is the key word.

[Snakster66]

There is only one 4 bedroom home on water for sale and only twenty six 3 bedroom homes on water for sale via TV agents, they are not struggling to sell. I agree that homes on interior lots are struggling as there are so many of them available both re-sale and new.

Premium lots are not just water lots (golf course lots count).
VLS is not the only place these are sold.
I assure you, there are/have been homes on premium lots that have struggled to sell this year.

[Jayhawk]

https://www.**************.com/2024/09/06/out-of-compliance-home-listed-for-425000-in-the-villages/



Most of us love living here! It just bothers me when some paint it all a bed of roses. It isn’t. It’s what you make it.

I guess some of us are "glass half full" people. I look at this deal as a property bought by an investment firm to RENT it out, which is just what they did apparently for 2 years. If they averaged $2,400+ per month(their last posted amount), they may have generated $60,000 +/- in income. And as a rental, they could depreciate the cost of the home for all the time they own it. Not impossible that they end up making $20-40,000 including tax treatment on their investment for a bit over 2 years.

[Velvet]

Yes, there are hundreds of other homes for sale if the seller chooses not to offer concessions.

Prices are down and inventory is quite high.

So, how many people in “the inventory” are desperate to sell? Maybe some estate sales… why would investment buyers sell now with rents so high…

[DrMack]

I guess some of us are "glass half full" people. I look at this deal as a property bought by an investment firm to RENT it out, which is just what they did apparently for 2 years. If they averaged $2,400+ per month(their last posted amount), they may have generated $60,000 +/- in income. And as a rental, they could depreciate the cost of the home for all the time they own it. Not impossible that they end up making $20-40,000 including tax treatment on their investment for a bit over 2 years.

We are renting our house out. It isn’t all it cracked up to be. Taxes and the District bill eat up a lot. The rental management eats up some and we still have taxes for Leesburg, Lake county and the school district. I promise you, they didn’t or aren’t going to make out.

[vintageogauge]

Premium lots are not just water lots (golf course lots count).
VLS is not the only place these are sold.
I assure you, there are/have been homes on premium lots that have struggled to sell this year.

I'm was only referring to water front properties, they are very scarce and sell quickly. The homes on other "premium" lots are harder to sell.. I've lived on a golf course as well as water front and much prefer the water. With many or most of the golf course lots you lose privacy as well as peace and quiet from the golfers, their gas carts, the maintenance crews, etc. all just beyond the lanai. They seem to develop lots along the cart paths and at tees and greens. If you are lucky enough to find one away from the paths, etc. you will pay dearly for it. This is just my opinion after living on both, many people enjoy the constant flow of golfers while relaxing on their lanais, I enjoy quiet nature.

[Snakster66]

I'm was only referring to water front properties, they are very scarce and sell quickly. The homes on other "premium" lots are harder to sell.. I've lived on a golf course as well as water front and much prefer the water. With many or most of the golf course lots you lose privacy as well as peace and quiet from the golfers, their gas carts, the maintenance crews, etc. all just beyond the lanai. They seem to develop lots along the cart paths and at tees and greens. If you are lucky enough to find one away from the paths, etc. you will pay dearly for it. This is just my opinion after living on both, many people enjoy the constant flow of golfers while relaxing on their lanais, I enjoy quiet nature.

Thank you for the clarification. On this I believe we agree.