Home values on historic side & District 1
 

It looks to me that home asking prices are continuing to decline.
I just saw a sale that Zillow reported was 17% below Zillow price estimates from 2 years ago.
I don’t think the bottom has been reached yet. I continue to receive emails from brokers dropping the asking price by 15k on various properties.

IMO that would most houses everywhere all over United States. After the outrageous spike during dark Covid years, then interest hikes, and then flood of the market (especially here with south build glut) resale market has nowhere to go but down? When I got here those majority of those older homes ran around 100K plus, patio villas around 150k, and CYV’s around 200K, designers around 225K plus. I see market overpriced right now, expect 25% drop with flood houses on market with no buyers, and that’s most areas in Untied States. Prices effects premier homes less cause they have limited market and price range which takes out average retiree buyers.

There HUGH amount of resales on market right now and majority not moving. If you sold house in this market IMO consider yourself lucky….

Zillow estimates are only that...estimates. Personally, I wouldn't gauge anything from an estimate.

Having said that, as usual, both sellers and listing agents have been slow to realize the necessary lower pricing needed after the "Covid buy bubble period".

Having looked in that area 6 months ago it was pretty appalling how overpriced some of the homes were considering the condition they were in. You can't get top dollar for a house that needs expensive repairs, like a roof or flooring or upgrades. The manufactured homes are also very difficult to insure. We eventually bought a small patio villa.

Just a thought. There is a huge difference in the “historic side” and CDD 1 south of 441/27. There are some manufactured homes on the extreme north end near Spanish Springs town square but the vast majority south of 441 are not.

As stated, home prices are falling EVERYWHERE. In the Villages, this includes the majority of homes no matter which village, old or new. A friend who sells real estate told me those who bought during the Covid explosion are getting hit the hardest. Too much competition and the owners paid top dollar. Buyers will no longer pay more than a house is worth. The days of reaping huge profit after one year of ownership are over.

And let us not forget high mortgage interest rates...

And let's not forget... mortgage rates aren't high, they are normal.:thumbup:

We just bought a new build. The resales are still Covid inflated. We found a 7-year-old house with no upgrades at $246 per sq ft. A comparable new build with warranties was $222 per sq ft. Both properties will require about 10K after purchased so it was a no brainer for us!

and yet, besides nearly every desirable lot, water, golf, preserve etc there is only a lottery pool' s chance to obtain one to put a house on. Tv is in the bubble. Its been demonstrated time and time again. Talk to new villagers about the angst they experienced trying to get a home here.

Definitely a buyers market in the Villages and many parts of FL. The inventory is huge! Interests rates aren’t helping but not as big a factor as people just reassessing where they want to live in retirement. Lots of people thought FL is where they wanted to be but once here between the storms, high summer heat and high insurance rates are starting to look elsewhere.

Ours goes up and down by $,000's most months.

The estimates are based on sales in the area so one "good" sale (maybe due to new kitchen and bathrooms) and my house goes up in "value". Just hope all my neighbors upgrade and sell their homes when it comes time for me to cash out.

Zillow is not a good way to value your home, only good if something in your neighborhood has sold recently.

Zillow estimates aren’t bad. They are pretty accurate given the information the company has to work with. Zillow doesn’t know if your home has fourteen year old carpet and linoleum and roof, HVAC system and water heater and appliances and garage door opener and a bond to pay off. It doesn’t know that in the past year you’ve spent $50,000 updating all those things. Its estimates are based on the sales prices of comparable homes. But again, it doesn’t necessarily take into account the condition of those homes. Also, these days, Zillow seems to keep a home value at what was paid for it for several years.

As for the Historic Villages, much of it is surprisingly nice, with wider streets and bigger lawns, and often kept neatly. If you’ve never driven around there, you should. But a lot of the homes are single or double wide mobile homes with carports. Everything about them is built to be light enough to be moved on a road: pipes, faucets, cabinets, drywall, insulation, etc. if you are okay with that and just want to get by on your Social Security income, there are good buys there unless something breaks. Which it will. Some people remove the old houses and have new ones built. I’m not sure if that’s really a good use of funds, given the neighborhood, which is wearing down and has more residents who are younger and poorer and using drugs and getting arrested. (Just being honest. I don’t mean YOU!) so, a drop of 17% could be due to someone seeing the house and having it inspected and that inspection turning up something serious. Or maybe it was overpriced to begin with, and the seller has come to realize that. Where I live, I put in an offer at asking price the day the asking price was lowered by 10%. It was now a fair price, given what needed to be done, so I bought it. I’m glad I did.

Yep. The market is correcting itself. Three houses on my street for sale, two directly across the road from me, and they've been sitting there for a while. Hardly anyone is showing up to look at them. Location has a big impact as well. Prices are still high in some areas but Florida is not one of them.

I wouldn't expect prices to rebound either, not for a long time. Luckily for me I bought my house up north in 2011 for dirt cheap, right at the end of the housing crisis. I sold it at the top of the market in 2023 came out with a lot of equity. If I would've just rented an apartment for two years when I moved down here in 2023, I could've bought low again. :/ oh well, two out of three ain't bad. If I decide to sell here I may have to eat some of that equity.