New Home Prices
 

Hello. I came down to The Villages and I came close to buying a new home in the village of Dunedin. This was in 2016. The home model was the Whitney Villa. 3bd/2bath.

The price then was $229,000 plus a remaining bond of $16,244.

Now a similar home is about $279,000 plus bond. I know, of course, home prices have risen but is this rise about right over the last 4-5 years? Or is price of lumber and raw materials risen that much to drive the price up to his extent?

And with the bond on a new home, the prices may have risen beyond what I can afford.

What are your thoughts on new home prices? Thank you. MarvinH

That seems about right, that's just around a 5% average of an 11,000 gain per year over the last 4 to 5 years.

The only saving grace is that mortgage rates are lower these days so maybe your monthly payments might not be as apples to apples comparison with the home price increase.

It is called Supply and Demand, basic Economics 101, DA

I have no thoughts about home prices.

It is what it is. Deal with it.

There are several mobile home communities nearby, most of them nicer than the one where I spent some very enjoyable years growing up.

There are new homes listed in the low $200s still. If you look around you can find a 2-3 bedroom Villa for that price. Not sure how high the bonds are. Moving forward you can easily find prices going up with lumber prices.

Home prices are high everywhere right now.

my thoughts?

Ruh Roh, another dreamer who took too long to make a decision. . .

Higher? than a previous time period, yes
High? all depends on your financial situation

some forget that the future is always uncertain. . . and sometimes if you don't make a decision the opportunity passes by

that has happened enough times in my life for being too conservative or too slow. . .

quick draw mcgraw

Here is another take.

The babyboomers peak birth year was not 1946 or anytime in the 1940s or early 1950s. It was 1958. Those peak year boomers and boomers who can retire early are now looking for homes here in TV.

If you superimpose birth year rates on the current building rush to completion here in TV it makes complete sense. If I am correct there will be seven years of building at break neck speed.

HEY! I resemble that remark! lol

I bought early as well. It was the smartest thing to do at the time, and still is.

Having said that, a little research and you can find homes still affordable. If you're dead-set on a new home, well, that's the price...

Last I heard just the cost of lumber for a typical new home has gone up about $35,000 since lumber prices took off.

I went to thevillages.com to find a reasonably priced home and link it, and was unable to find the information. I called and asked why and was told their site is having difficulties and they don't know why. It has been unable to show homes yesterday and today.

My first jump to a conclusion is that it could have been hacked.

Which makes me worry about a lot of stuff.

I do know that new homes are still available at around $200,000, the last I checked which was probably about a month or two ago.

I hope you find a home you love here. We love it here.

I hope thevillages.com gets restored soon to functioning.

It still is a beautiful day in The Villages. AND I don't work for them...no more mean private messages. sheesh.

The home price increase in The Villages are out of control.
Example-
A homeowner purchased his home new for 400,000 and listed his home for sale by owner for about 599,000 for approximately a week. The house was taken off the market and relisted with a real estate agent for 699,000 and sold within 10 days for near ask. What is going on with these prices???

Well, wish I had bought at least two...

A rising tide lifts all ships.

The housing prices in Coeur d'Alene, Idaho went up 47% in one year as of April, 2021. America's hottest housing market is a lakeside town in Idaho | Daily Mail Online

According to Zillow the house in which my son and his family reside in Sandpoint, Idaho is up 62% in three years.

A friend of mine's daughter contracted to have a home built in a Boise suburb at a cost of $750 K. By the time it was built it appraised at $1 M.

Florida is in a similar situation to Idaho in that working people (in addition to retirees) are migrating here in huge numbers. Inflation has been hitting us hard since the pandemic started although it has not been mentioned in the news until literally days ago.

Extremely appropriate quote!