Real Estate Market Update - Third Quarter 2022
 

I don't think the Third Quarter Market Update is out yet.

Does anyone have any predictions?

Pre-Owned Homes Pending
Pre-Owned Homes Sold
Average Sales Price
Average Days on the Market

New Homes Pending
New Homes Sold
Average Sales Price
Average Days on the Market

Prices starting to trend downward.

Developer has been pricing new homes for far less than resales. Buckle up

They have always been priced below re-sales at least for the last 5 years and when they get into areas such as DeLuna and Chitty Chatty where there are huge power lines and the Turnpike they are priced considerably lower than resales. If you check their new home open houses in the Daily Sun that are lower in cost you will see that most of them are in the noisy areas of DeLuna. You're not going to see that in villages like Richmond where it's basically a lottery to get an available lot. It's all location.

That is why I am only looking to buy new (hopefully this month) —resale just doesn’t seem to be a good idea right now, as the price of new is far lower than resale.

We are talking 100k less than resales. Not even close

Location, location, location.

And upgrades, upgrades, upgrades...

I totally agree. Anyone who hasn’t expended the time, potential mess and money involved with those upgrades hasn’t a clue what all those extras involve. But they’ll find out when they buy new and dip their toe in the remodeling/upgrade pool.:22yikes:

But the bond doesn’t affect price.
A $30,000 bond on a new house vs a $0 or $10,000 on existing.

I never said that...

Hmm do you have a witness who didnt see you say that?

When 30yr mortgages dipped below 3% it of course stimulated lot of home buying , demand raised prices, now a 30yr mortgage is about twice that lowering demand and prices, my understanding is that all real-estate markets are to one extent or another different and that's true for the Villages as well, the question is where is the bottom for home prices , where's the top of interest rates ? recession or no recession ? , or to what extent, no matter how unique the Villages those factors will tell the tale . Just my opinion 3% = cheep money suggests leverage not a bad idea, 6%+ maybe not

I guess I should have sold both of my homes last year. But if I had, I'd be living on the street now.

What are we comparing? Are prices for new homes less than they were a year ago, comparing similar models in similar neighborhoods?

And fixes, fixes, fixes....

A couple of our friends from UpNort moved down two weeks ago. Brand new house. Talked to them yesterday. I think there've been only two days so far when they HAVEN'T had repair people in to fix shoddy construction issues. Their story is the only one that I know of firsthand, but I've heard enough secondhand like tales of woe to make me wonder just what is going on.

We moved here last year. The first month we had numerous repairmen in. However, every issue was minor and was usually cosmetic. Paint, grout, etc. It was taken care of usually within 2 days of the call. In a pre-owned house, if you find missing paint or grout after you move in, I don’t think the previous owner will come back and fix it.

This is why we hired an inspector before finalizing our sale.

Agreed
 

They have spent a significant amount on new infrastructure.. they have to build and sell and at 7% interest rates, housing markets crashing around the country .. they will price to sell that bubble will burst

Although there are obvious exceptions, so many resale homes I’m seeing still have carpet in the living areas, dark kitchen cabinets, some with popcorn ceilings, outdated master shower, low ceilings, unappealing paint color choices, black kitchen appliances — all these things would need to be switched out on a resale - the minor upgrades needed to a new home are far less than many of the “make-overs” needed in many resales.

Would think that some people will re consider moving to the coastal areas of Florida and this might help sellers in the non coastal areas. This will include fear of hurricanes and +++ insurance premium increase.

Only time will tell, but my best guess is that market will stay good but not gangbusters like past 2 years.

At least your friends should not be paying for the shoddy construction. My biggest beaf is that developer/builders are still selling non solid surface(aka formica) counter tops in 400K+ homes. Most of the re sales do have this upgrade.

Don't forget to add the BOND to the price of the house. New house could be 30 to 40,000. Resale, low or NO bond.

I saw a vinyl sided home south of 44 on the villages website and they are asking $750K. Prices are not falling that quickly

Does not mean they will get their asking price

A house is only worth what someone is willing to pay, We we’re here during the 2007-2008 economic crisis and new home prices and resales in TV only went down about 7-8% give or take. I expect similar in the next six months.

Apples to Kumquats...

Almost two years on our resale (built in 2017) and we haven't had to fix anything (except the damn ice maker!)

Where are you looking? We have none of those issues...

Richmond area is on fire. Been trying for multiple houses without luck so far

Don't understand why Richmond is so appealing. It abuts the tpk. Can anyone venture can explanation?

I would assume that its primary appeal is that it is about 5 minutes from Brownwood and 10 from the stores and restaurants up on 466A. Although it would be nice to hear from people who are buying there.

The Villages seem very attractive to the folks that were wiped out after Hurricane Ian.. many giving up their dreams and headed our way, to live in The Bubble…all cash buyers are welcome anytime

It's easy.

1-Very pretty area
2-Close to Brownwood and close enough to other amenities.
3-Lake Okahumpka Rec Center. If you haven't been there go take a look.
4-Turnpike noise is very OVERRATED. (We live in Citrus Grove)

I think The remaining homes will also sell out quickly, even in "these" times.

Caveat Emptor

a huge amount of the stuff posted in this thread is somewhat misleading or totally wrong.

Don't forget the bond has no impact on sales price. It's a deferred tax you can pass on to the next buyer.

Savvy buyers will calculate the total cost of buying a home.

In the three times we sold, bond does have an impact.

The bond is not a deferred tax. It is the home's share of the cost of the infrastructure for the immediate development sold on the installment plan with nondeductible interest. It is an added cost to the home, not a tax.