Should I have concerns about moving full time to TV?
 

We've lived in the Tampa area for 13 years. We moved to Savannah last year to support my son in the Military. He is now almost ready for discharge in the next year and we are seeking an ideal place to live back in Florida. We've been watching tons of Youtube videos, reading forum posts, looking at homes, etc etc doing our research about TV. We absolutely want to embrace the lifestyle and make friends and embrace the activities. We are waiting until we get closer to his discharge before we do a lifestyle visit where we can pull the trigger on a home purchase (pre-owned preferrably).

However, I am concerned. I'm seeing many many homes for sale. Prices are dropping and I see auction and foreclosures. I'm seeing the developer drop the prices of the new homes down above Eastport, and those new homes which are going up are going to dilute the market.

Is there something I should know about before we decide to make TV our permanent home?

Please no flames or do I wish to start any negativity with my post; I am genuinely doing my due diligence and research.

Thanks and Regards,
Al

Real estate fluctuates. Always has. always will. If you think that prices are dropping, then it seems to me that "Now is a good time" could be your thinking. BTW - New home sales are still strong. Come on down and have a look.

OP if you are only looking for preowned you needn’t worry about homes 40 minutes from you. TV is vast and an hour cart ride will be the norm to get to new areas from the northern older builds.

Sometimes watching Utube doesn’t give you great insight on TV, and sometimes even on this site you may find unhappy residents giving you less than great information.

Some homes will sit no matter what the mortgage percentage, but you may find we have very small % of foreclosures. Sometimes it’s a death and goes to probate. Interest is high and some of the homes n the market are from a resident moving to a different area. It’s common, to downsize, increase size, bigger garage, or younger neighbors, and a new house.

Many pay cash, or use OPM with high mortgage, then 30 days later drop large cash amounts to bring down principal.

The best way to find your bearings in TV stay for 7-30 days, drive to different areas. Then talk to people, trust me you will find many that are willing to give you insight, tell you their Village is the best. Then look at other retirement housing and compare. But where else will you see 400 homes a month sold?

Moving to The Villages...
 

The Villages new home market peaked in 2022 (Covid-based supply chain issues) and has come down. The new "spec" home interior finish materials are not as expensive (tile vs fiberglass showers) as before, so lower costs are creating some of price reduction. You can, however, find a lot, pick a floor plan and spec out the interiors to a much higher level - I have friends and family that did this last year and are VERY happy.

I don't have the data to compare the quantity of pre-owned homes for sale now vs pre-Covid, so to say that there are a lot, doesn't necessarily indicate a bad market. The rental market is strong here - both "in season" and long term. I have a friend that has decided to simplify his life - retire from property rentals here. In the last 2 months, he's closed on a house sale, has two houses under contract and has 5 more to sell (having just cancelled the leases).

We moved here March 2020. It is an absolutely amazing, friendly and healthy life here, if you've not experienced it, I'd suggest a "lifestyle visit". If you would like to speak to the real estate agent that has handled 33 transactions for friends and family, you can contact Andrew Mitchell -- andrew.mitchell@thevillages.com -- 352-615-7485

Just.buy the house.

LOL, come down between Jan-March and let us know how you feel about the joint.

Come down and rent a house for a month, hopefully with a golf cart. Go out and research by visiting every village, asking questions from everyone you meet, and going to all of the Recreation Centers. You should know by the end of the month whether this is the right place for you.

This makes no sense. Why would anyone pay all the loan origination fees only to pay down the principal 30 days later? If they don't need a mortgage why take one unless interest rates are super low? Which they are not currently.

Where are you seeing Auctions and foreclosures?

The developer hasn't ! dropped the prices of the new homes above Eastport because none have been sold.

Decent lots above Eastport sold first day in auction. No homes have been sold yet but many will be sold by lottery first day available.

That area is particularly attractive because it is closer to established business and squares, as well as future Eastport/Middleton.

behavioral economics: people aren't rational actors as 1950's economics assumes. you are welcome

Your concerns are misdirected. Nobody has a crystal ball that shows the future of the real estate market. Focus on the known, like becoming a full time resident at a place that already doesn’t have adequate accessible quality health care to service the largest retirement community in the world. It’s not reasonable to expect things to improve any time soon at the incredible rate of growth happing, with no end in sight.

Come on down and see for yourself. The RE market is always fluid.

The developer did lower prices on many new homes that hadn’t sold, they will.

I too was surprised at the number of foreclosures and pre-foreclosures. I’m considering one. I would not let this deter you.

Have you looked at margaritaville on HHI? Not as large, nicer homes for the $, near beach.

This is a different world since say pre 2021 - when the 1st turnpike bridge opened.
Developer was building new homes south of 44 and TP, but they weren’t really going all out. Once the turnpike bridge opened and they bought all that land moving south, things changed.
There will always be a significant number of new construction available from the developer - at least for the next 20 years.
That, in turn puts pressure on the existing re-sales. This market equilibrium will last into the foreseeable future.
Interest rates are around 6/7/8%, not 2% like in 2020, but still low.
Don’t worry about timing the market, just come and enjoy.

I too spent months searching for my new home in the Villages. My daughter and her husband are taking much longer to decide. The market in the Villages is EVERYWHERE. Some are making a fortune reselling their homes while others struggle to get buyers to look at their home. The developer has no problem selling homes with great views or nice lots. After several months on the market, his undesirables are reduced in price. This can be a few or hundreds of homes depending on the location. Foreclosures seem to be with homes in which the owner has passed, is widowed, or ill. Remember, this is an aging community. Many heirs do not want to take on the responsibility of paying for a home they have no intention of living in. Sadly, some children refuse to help their parents when they need them the most.

Your best bet is to find a home you can see yourself living in until you leave this world. This means not only looking at the price of a home. Write down your must haves. Pay close attention to the surroundings. Is the home close to things you value? How close to necessities, medical, recreation, golf, church, etc. Some prefer to live in a neighborhood with most in their age bracket. If this applies to you, you may want to do drive bys often to get a feel of your new neighbors. Visit during high season to completely understand what you are in for. Things can get crowded around here! If you do this, you can narrow your search.

As we age, medical will be a necessity. Is the home close to a VARIETY of doctors, hospitals, and urgent care? Seeking medical care is MUCH EASIER in some parts of the Villages. Sad but true.

When you find THE ONE, you will never want to move. You can relax and enjoy your remaining years with no worries. Good luck and happy hunting!

The Villages was supposed to be a place where retirees could enjoy an active lifestyle without having to be wealthy. Under the Developer's offspring the friendly home town has become a sprawling metropolis with homes as high as $4,000,000 and now multigenerational neighborhoods.