Inventory of preowned homes going up ?
 

I don’t have the data to say that preowned homes sales in the Villages have come to a slow down. However, there are now a lot more homes listed for sale on the Villages internet sales site. Has anyone else noticed this? A few homes that I have been tracking have also reduced their listing price. This situation is quite a change for just three months ago.

I believe that's what's happening for two reasons. First, this time of year inventory typically increases and Second, intrest rates have gone up so there are less people looking for homes, especially overpriced homes.

I agree. It is nothing to hear "price reduced" multiple times on properties advertised on WVLG.

Reality is setting in, I think.

Yes we are settling back to more normal stats.

Same thing in MLS listings, asking prices are being marked down.

Facts & Data would tell.

But what the hell, let's jus speculate.............it's more fun.

:a040:

When homes in my village take a month or more to sell compared to months ago sell within days that is a good indication the market has slowed.

Here is some sales data from 5/27/22
https://www.youtube.com/watch?v=IcOPKM-WSAE

Will be interesting to hear him talk again with current June sales data!

Here is June 3rd update!

https://www.youtube.com/watch?v=tSSKRTgaBuo

a new renter next door to me was looking to purchase a home in the villages. The realtors were "told" to PUSH the new construction homes first and hold back on pre-owned homes. They were getting very mad because they wanted an area in the Northern end of the Villages not the Southern. The realtors kept "pushing" the newer homes..etc.. the couple canceled the realtors and purchased a house through "sale by owner"... how true this is, beats me.

Not many new home on the market either. We have purchased 4 homes here, told our guy where we wanted to live and that’s what our Villages rep took us.
Maybe the newer reps want to sell new, it’s less work. But if you tell them preowned only, and they say no, they have a boss to complain to, and you can have a different rep in a heartbeat

Sounds like they were dealing with Villages agents who are notorious for pushing new builds. The same thing happened to me so I know first hand. Only Villages agents can sell new builds. Villages agents are NOT Realtors.

In print. Average days on the market April 22, May 14 no info available for June yet. Inventory for sale April to May down 11%. Average price down less than 1%. These are MLS figures only and do not included The Villages new or used homes, they had the figures in the Daily Sun a week or so ago and I believe the new homes were averaging 10 per day in May which was near the April figures, I can't remember the re-sales but they were also close to the April figures. If you look at The Villages re-sales in the daily paper that have been on the market long enough to have it advertised you will notice that there are far more for sale north of 44 than south but there are a lot more homes north of 44. I don't think they're going down on price much, we just sold one of our properties here and our agent told us to list it for more than I was thinking and it sold for more than I was thinking about 2 weeks ago. It seems that the homes that are obviously over priced sit for awhile but those priced where they should be go very quickly. I have noticed that patio villas with full 2 car garages go almost immediately as do 4 bedroom designers with either 2 plus a golf car garage or a 3-car garage. Now with interest going up it might slow down somewhat.

Been here since 2002, this is an urban legend.

Have 6 in my village sitting for weeks with no price cuts. Trajectory is down

Having first hand experience can say not an urban legend. The only preowned houses our sales agent took us to North of 44 were ones we picked out.

Must be in a bad neighborhood LOL, the ones around us are gone in a matter of a few days.

Just the opposite for us, we told our Villages Sales Professional, Beth Pope where we wanted to look which was around 466A, she took us to several homes, some we found, some she found, there was something we didn't like about all of them. The next day she picked us up and took us to the new homes, we bought one within 30 minutes. It was good to do it that way as we were able to see how much more we were getting for a lot less money by choosing a new home.

I don't think that some people realize that you don't have to go through realtors who work for The Villages, if you are buying a pre-owned home IN The Villages. We bought ours from a semi-retired contractor who listed the home with an independent realtor after giving it a thorough face-lift: new flooring, new roof, new paint job, etc. North of 466, quiet neighborhood. Couldn't be happier.

The Good Houses sell and The Tax Assessor drools…..but of course the New Homes in “The Marsh” need a sales push

Just a speculative thought: Many Re-sale homes were purchased years ago when prices were considerably lower, so owners have the option to lower pricing and still make a decent profit. New construction is stuck with exorbitantly high construction costs and does not have the same ability to discount heavily and retain the profit margins they expect. A new “Villages Built” home, say priced at $700K, might easily be found in a comparable resale at $100K+ less. With this scenario “The Villages” could sell fewer new homes, thus they steer lookers to new, to avoid showing buyers the better deal with resale.

I believe the opposite. Resales are overpriced. In a year new homes will cost less to build. Resales are full of capital maintenance costs people don’t factor in. I will buy new and get what I want

The economy is already collapsing. Just look at your stocks today

I guess that's why there's a waiting list for homes and lots to be released in "The Marsh" 10 new builds sold a day every day of the month, must be something good going on down in "The Marsh"

Agree, new homes are still priced lower than a comparable re-sale.

Re: home pricing, We own our home purchased roughly ten years ago. We are neither buying or selling but wow they have gone up.

It is interesting New Homes are priced at like 485, 339. Whatever happened to prices ending in 990? Heck we've seen reduced by 20,000 so it is now 465,339.

More subtle bashing of the new areas………..

We live in interesting times. Mortgage interest rates are finally returning to "normal", about 6% per annum - at least for now. Interest rates may in the near future go higher. This will soften residential real estate sales in most of the country both in price and number of units sold. That means that many potential frogs won't receive as high a price as they may have a month or two ago and it may take months instead of days to sell their homes. On top of that the financial markets are (finally) heading south which likely will affect the savings and retirement accounts of many people hoping to retire in the near future. What impact will this have on the prices and number of homes sold in The Villages? Will it be like 2007 - 2008?

"2008: 2,238 New Home Sales

2007: 2,403 New Home Sales

Ah, 2007. Not exactly my best year, nor was it for The Villages.

This year The Villages saw the largest drop in year-over-year sales, by selling 1,560 fewer homes than in 2006.

December 2007 marks the “official” start of The Great Recession, but all you had to do to know that a recession was going on before then was to be selling real estate in Florida like I was.

2006: 3,963 New Home Sales

2005: 4,263 New Home Sales"

From: The Villages New Home Sales: 2003-Present | Inside The Bubble

Buying a home is strange indeed. For most people it is the most expensive thing they have ever bought or sold. No two houses are the same. It might be the same exact home. same condition but they are not in the same place.

Then there is the buyer mood. I'm tired of looking. Bargain that works at least two ways. Would you know a bargain when you see it? One is beautifully furnished. The other you hate the carpet, the wall color and can't stand the furniture. When they remove the furniture you will see clearly the carpet is worn and you will surely need to or want to paint. The other meaning of bargaining. If, you go with a broker they will prevent you from talking to the seller. What is truly important to the seller? No pressure about when they need to be out-that can be a plus. A quick closing, can be a plus. Cash no need to worry about the buyer not getting a mortgage can be a plus.

Our home-we came to the villages 3x before buying. I wanted used, wife wanted new.
Of course we bought new. We have good neighbors a big plus.

The villages sales people, they are not brokers. They seem to push new. Perhaps easier. No price negotiation, decorated models available to show most anytime-no setting up appointments with sellers. No risk of the builder attempting to beat them out of earned commission.

Jealousy will do that Bogie.

Far as interesting times, mentioned before I have a sort of hobby reading old books.
We think our problems are new, they have always been.

I recall reading that Davey Crocket left Kentucky to go to Texas, he died at the Alamo, because it was getting too crowded in Kentucky. I looked it up. If I recall the population of Kentucky was around 4 million.

It is 2022 the good old days are gone and past. I made good money in sales. I know I could not do it today. Did a lot of driving/ We are all aware of the cost of gasoline today.

What was, was. We have no choice but to deal with what is whether it makes us happy or not.

There are choices besides the villages. TEASING A LITTLE, our values are going up due to so many wanting to move here. It is growing in population perhaps like Kentucky getting crowded. Texas? The news says record heat. I've been there. Texas seems to have more pretty women per capita than any other state in the union.
For now we are here. Moving? Last move was well over 200 boxes and I still regret leaving some of my STUFF behind.

Village sales agent sell what they are told to by their managers. The exception is some of the older sales agents who are big producers.

In any case mortgages are going to get more and more expensive.

I've been following the listings on Trulia for a few years. Especially between 466 and 466A, and inside, or in near proximity of the Odell-Bailey Trail loop. There are definitely more homes on the market listed in that broad area now than there ever were, from Spring of '21, through January or February of '22. And I'm seeing more price reductions. Some of the price reductions seemed to me to be from incredibly ridiculous down to very optimistic. It's hard to say for sure because I don't walk through the houses. Maybe there is something really special that just didn't come through in the listing. I doubt it. More likely to me is the idea that folks were hearing about crazy prices, and thought they might as well cash in. Maybe 6-8 months ago, but not now.

You are right, but you should not publish your address, many are upset.

Villages Real Estate agents are licensed real estate agents. But they are under exclusive contract with the Villages, and can't represent sellers of homes outside the Villages. But since they are the contracted agents, they have the exclusive rights to selling Villages-owned properties (meaning - have never been sold to anyone yet). Non-Villages Real Estate agents are not allowed to sell NEW homes in the Villages, but can represent homeowners to sell pre-owned homes in the Villages.

Since Villages agents have exclusive rights to never-owned property, it's in their best interest to focus their sales efforts on those homes. It's also in the Villages Developer's best interest, since they're the ones who profit from the sale. The Villages developers don't profit from sales of pre-owned homes, UNLESS it's one of their own agents selling the home. But their own agents have to compete with other agencies for those homes.

Our "buyers' agent" was a Villages real estate agent. We had the lifestyle visit down across from Brownwood in the villas there. I was 100% NOT interested in looking for a new home anywhere near it, and was disappointed when they said we couldn't do a lifestyle visit in the Sumter Landing area (the cottages used to be lifestyle visit properties). We wanted to look anywhere from "near" Sumter Landing and points north of that. So the agent and we had to waste a lot of time travelling.

Thankfully we found what we wanted online a year later in the "historic" section, and our agent was happy to help us navigate the sale.

And my first hand experience was the exact opposite. Yes, we toured South of 44 (mainly to be able to see what some of the models looked like in real life), but when we decided we wanted to be between 44 and 466A, South of 44 was never mentioned again... (nor was North of 466A)...

Pretty much the same as any job, anywhere. Normal workplace behavior.

Yeah. Some are jealous..

On the MLS (zillow, realtor.com and others), there were 91 properties for sale in The Villages as of 3/1/2022. As of today, there are 212. On the VLS (The Villages Website) 131 were for sale as of 3/1/2022. Today, 266. Of which, 69 are new construction. FSBO have stayed fairly constant.

Wonder if/when the developer slows down building new homes?

If the high interest rates are here for a year or more, or, as they quite reasonably could do, increase over the next year or two, it has to have an effect in at least two ways, it seems to me. Retirees up north won't get as much for their homes as they sell them, and their budgets will be less as they shop down here.
I bought my home in TV with a 2.75% 30 year fixed rate mortgage. Current rates are about twice that, so the same purchase price would carry nearly twice the monthly payment. Ouch.