[DrMack]

Originally Posted by Justputt

IMO, the only generalizations worth anything are local markets.

Very local, you can’t even group the Villages as a whole. South of the turnpike premium lots are a whole different market than Dabney. We got that market update from the builder, and understand they undercut most pre existing homes to sell new ones. But from what I hear, they have less upgrades too. They are just trying to get buyers.

[jimjamuser]

Originally Posted by DrMack

We had a neighbor that had sold their home about a month ago. The buyer backed out last Friday. IMO it isn’t the time to sell a home.

We may be seeing the beginning of a deep recession.

[Stu from NYC]

Originally Posted by jimjamuser

We may be seeing the beginning of a deep recession.

or not

[Normal]

Originally Posted by jimjamuser

We may be seeing the beginning of a deep recession.

The jobs report may be enough of a jab to get the Fed to at least do a.25 cut on the 18th, but inflation still isn’t under control. Even if we had a cut, I’m not sure our market would see any benefit from it.

[Runway48]

There appears to be a normalization of housing prices. The average cost of housing over the past 30 years has increase around 4.5% but this is an average and includes some wild upwards and downwards swings. We are just exiting a wild upward swing that occurred during the COVID years where sellers were seeking and getting annual increases of 20-40%. Housing in the villages have a high turnover rate. Those who bought in the last 5 years likely paid inflated prices relative to the average and the seller in a buyer's market is always the last to accept the trend. I have seen homeowners on this site talk as though the 20% annual increase is a reasonable expectation. I have also recently seen sellers lower their asking price by over $200K as reality sets in. If you bought recently, you will probably have to wait a while until you can expect to sell it for more than you paid.

[ThirdOfFive]

Originally Posted by Marmaduke

Exactly! We have homes on our street and in our neighborhood that are already listed too low, and are dropping by 40 grand at the influence of their realtors.
The skuttlebutt from neighbors
mock them as being crazy for expecting to find a buyer "at that price."
Granted, it's a Buyers Market, but people are panicing and dropping the price, (instead of by $1000), by 35 and 40 grand, hurting our values, maybe for years to come.

"Hurting values"?

Or just the market readjusting to some ridiculously high prices that were an anomaly in the first place?

Case in point: our home, if one went by the selling prices of similar homes in this and adjacent Villages, appreciated in value something like $130,000 in our first two months here. Good sales tactics and people in a virtual panic to get in here while the getting was good. But I didn't congratulate myself on making some kind of incredibly good deal because we got in under the wire before prices went berserk.

We've been in markets like that before, and if there is one thing we learned it is timing rather than value that is important. Knowing how to ride the roller coaster is what matters.

[Normal]

Originally Posted by DrMack

Very local, you can’t even group the Villages as a whole. South of the turnpike premium lots are a whole different market than Dabney. We got that market update from the builder, and understand they undercut most pre existing homes to sell new ones. But from what I hear, they have less upgrades too. They are just trying to get buyers.

I don’t know of any who group the real estate of the Villages of Florida as “ Villages as a whole”. The weekly video done by David segregates it best. There are four sections: The Northern Section or all homes north of 466 and south of 42. There are Between the 6’s, or the homes between 466 and 466 A. There is the section between 466A and 44. Finally, there is the South with all homes south of 44. Even Goldwingnut has adapted the terms in some of his videos and delivers distinctions between the areas.

We live south of 44 and I can tell you houses do sell, but mostly they sell as view lots or are underpriced compared to the rest of the market. The homes that are priced a 100 to 150 k over the price paid 3 years ago are sitting like crickets chirping in the night air.

[gighilton]

Originally Posted by Normal

Call it the year of cold feet. More than 15% of home purchase agreements fell through in July, the highest percentage for that particular month since the real estate firm Redfin began tracking cancellations in 2017

https://www.msn.com/en-us/money/real...er/ar-AA1LLMHM

We are solidly in a buyer market. Some things to know if you wish to buy a home. Before contracting (where both sides sign a purchase agreement), consider any and all contingencies you want in the contract. There is an ample supply of homes and you can afford to be choosy.

To ensure a smooth home purchase, consider these key elements for a buyer's contingency clause:

Financing Contingency: Make the purchase dependent on securing a mortgage or financing approval.
Home Inspection Contingency: Allow for a professional inspection to identify any significant issues before finalizing the sale.
Appraisal Contingency: Ensure the home appraises at or above the purchase price to protect against overpaying.
Sale of Current Home Contingency: Include a clause that allows you to back out if your current home doesn’t sell by a certain date.
Title Contingency: Verify that the title is clear of liens or disputes before proceeding with the purchase.
Repair Contingency: Require the seller to address specific repairs identified during the inspection before closing.

Most of all enjoy your purchase, you worked hard for every dollar you have earned and deserve good value in today’s market.

Who are you to give Real Estate Advice? You don't even know that its the seller , in Florida, that is responsible to deliver a clear title. You are not qualified to give real estate advice on this site. Or for that matter at all...Please don't listen to this "know it all". You know anything on line is should be taken for an Opinion... and you know what that's worth....

[merrymini]

Zillow is not a good indicator of house value. There is too much they do not know about any individual home. Your own research is always the best.

[BrianL99]

Originally Posted by gighilton

Who are you to give Real Estate Advice? You don't even know that its the seller , in Florida, that is responsible to deliver a clear title. You are not qualified to give real estate advice on this site. Or for that matter at all...Please don't listen to this "know it all". You know anything on line is should be taken for an Opinion... and you know what that's worth....

You must be new to ToTV.

[BrianL99]

Originally Posted by Runway48

The average cost of housing over the past 30 years has increase around 4.5%

The last 75-100 years, has averaged about 4.5%/year. Some years more, some years less.

[shut the front door]

Originally Posted by HappyTraveler

Good post. I will add that if a buyer is paying cash and they know how to use Zillow, Realtor.com, Redfin, etc. to dig into the specifics of comparable properties that have sold in the last 6 months - they don't need to spend the $$ on an appraisal.

I have found appraisers to be mediocre at determining value and some agents, the same, at determining appropriate pricing. It is not difficult to find-out both yourself with some adequate research and analysis. Save yourself $400 or $500.

Zillow appraisals are usually about 30% off. Unfortunately, that's either way.

[Velvet]

And when they hear about the lack of vaccination in Florida, they will not only be backing out, but fleeing…

[BrianL99]

Originally Posted by shut the front door

Zillow appraisals are usually about 30% off. Unfortunately, that's either way.

That's ridiculous.

Zillow & Redfin maintain an accuracy of +/- 2% for on-the-market homes. About 8% for off-market homes.

I'm not saying it's never happened, but I've never seen a Zillow or Redfin estimate be more than 10% off, unless it was a very unusual home or location.

In a market like The Villages, Zillow/Redfin is almost always going to be within about 5% on off-market, closer for homes on-market.