[margaretmattson]

Originally Posted by frayedends

Not quite a buyers market. Because of the high interest rates people aren’t selling. Of course if they are moving to Florida to pay cash they will sell. But that’s not most people. People don’t want to trade their 3% mortgage for a 7%. So there is very low inventory. Seeing multiple offer situations a lot. Spring market is picking up as people are realizing these rates are the new normal.

There is NOT LOW inventory in the Villages. VLS and MLS preowned homes combined have approx 1000 homes available. Denham and Dabney are moving at a snails pace. Moultrie Creek lots are also moving slowly. The enclave still has many lots available.

[CarlR33]

Originally Posted by Normal

As far as cash buyers from out of state, that is what is needed. The real issue is people in other states have to sell their homes in many cases and that is in a market where buyers are paying a 7% mortgage. It’s a buyer’s market in most cases..

In the North it’s a sellers market because most home owners are sitting on low interest rate loans on homes that have appreciated in value the last few years and with low(or non existent) home inventory it’s a sellers market there. So those people are able to bring cash to a suppliers market here.

[margaretmattson]

Originally Posted by vintageogauge

You are mistaken about prices and selling in Fenney, they homes there are still commanding high prices and are selling quickly some within a week or two with the exception of those that are on undesirable lots which is the case in any village.

While looking to purchase a home, our experience has been the opposite. We see VERY FEW homes being sold within a week or two. My daughter has walked through many homes and passed for one reason or another. DAILY, she is receiving lists of homes that have been discounted between $5,000 and $75,000.

She has put the brakes on buying. The market is showing her that prices are coming down. Overpaying for a home may lead to the same trouble sellers are now experiencing. She wants to avoid having to sell at a loss if the need arises. The days of "We'll just buy now . If we don't like it, we can easily sell in one year." Are gone! Today, a buyer has to be knowledgeable and careful. Or, they may be stuck with a home they cannot sell.

[CarlR33]

Originally Posted by margaretmattson

While looking to purchase a home, our experience has been the opposite. We see VERY FEW homes being sold within a week or two. My daughter has walked through many homes and passed for one reason or another. DAILY, she is receiving lists of homes that have been discounted between $5,000 and $75,000.

She has put the brakes on buying. The market is showing her that prices are coming down. Overpaying for a home may lead to the same trouble sellers are now experiencing. She wants to avoid having to sell at a loss if the need arises.

Well it ain’t bothering the agents selling the two new never lived in private owned homes we saw this week. Both were marked up 2-300K from the price the owner originally paid. One was less than a year old (not to sell until June) and the other was just over 2 years old. I would bet they get a part of that higher than paid asking price but who knows.

[margaretmattson]

Originally Posted by CarlR33

Well it ain’t bothering the agents selling the two new never lived in private owned homes we saw this week. Both were marked up 2-300K from the price the owner originally paid. One was less than a year old (not to sell until June) and the other was just over 2 years old. I would bet they get a part of that higher than paid asking price but who knows.

I'm certain this happens. But! Do you believe the buyers of these homes are going to have the same result if A NEED to sell arises? Paying too much can lead to danger later on. We are seeing this across the board. Those who paid TOO MUCH are experiencing a loss.

This shocked us, at first. But, we see this is happening often. My daughter is taking her time to learn the market. She doesn't want to buy in a needless rush only to regret it. There are thousands of homes available in the Villages. She is willing to take her time. It is very unlikely an agent is going to convince her to buy a home $200,000 above current market pricing. I believe MOST BUYERS would also walk away.

[frayedends]

Originally Posted by margaretmattson

There is NOT LOW inventory in the Villages. VLS and MLS preowned homes combined have approx 1000 homes available. Denham and Dabney are moving at a snails pace. Moultrie Creek lots are also moving slowly. The enclave still has many lots available.

Margarett, bless your heart. If you read the post I quoted they said it was a buyers market "in other states". My post was a response to that and not about the market in the Villages at all.

[frayedends]

Originally Posted by CarlR33

In the North it’s a sellers market because most home owners are sitting on low interest rate loans on homes that have appreciated in value the last few years and with low(or non existent) home inventory it’s a sellers market there. So those people are able to bring cash to a suppliers market here.

Yes, exactly what I said in an earlier post.

[frayedends]

Okay now that I love these realty threads, and I have a few cocktails in me I'm gonna post an OPINION.

It's my OPINION and no need to fight me on if I'm right or wrong. I could absolutely be 100% wrong. But the market crash people are waiting for isn't happening. Sorry, it's not.

This is not 2008. There are not a bunch of sub prime mortgages. What we have is a crappy interest rate compared to ridiculously low interest rates a few years ago. Things have slowed a tiny bit because people are hoping that the drop will happen. Nope, not what I'm seeing. People are now starting to see this is the new normal. Rates at 7 aren't the end of the world. Waiting for the crash may be a losing endeavor.

Some of us remember interest rates in the high teens. If you see where you want to live, buy now. I think it's actually a benefit that TV is selling bare bones but allowing some stretches. You can't make your house bigger but you can always add crown molding. So buy the cheap spec home, add the square footage you can and pay a contractor less for the upgrades. You'll make a killing on resale. If the crash happens, wait. Real estate is like the weather in Massachusetts. If you don't like it now, wait an hour.

[kkingston57]

Originally Posted by frayedends

Okay now that I love these realty threads, and I have a few cocktails in me I'm gonna post an OPINION.

It's my OPINION and no need to fight me on if I'm right or wrong. I could absolutely be 100% wrong. But the market crash people are waiting for isn't happening. Sorry, it's not.

This is not 2008. There are not a bunch of sub prime mortgages. What we have is a crappy interest rate compared to ridiculously low interest rates a few years ago. Things have slowed a tiny bit because people are hoping that the drop will happen. Nope, not what I'm seeing. People are now starting to see this is the new normal. Rates at 7 aren't the end of the world. Waiting for the crash may be a losing endeavor.

Some of us remember interest rates in the high teens. If you see where you want to live, buy now. I think it's actually a benefit that TV is selling bare bones but allowing some stretches. You can't make your house bigger but you can always add crown molding. So buy the cheap spec home, add the square footage you can and pay a contractor less for the upgrades. You'll make a killing on resale. If the crash happens, wait. Real estate is like the weather in Massachusetts. If you don't like it now, wait an hour.

On point especially about problems in 2008. On other side nobody in the string brought this up. This is a typical supply/demand scenario and it looks like we are now getting back to a more normal interest rate especially for people who want a safe investment like CD's which can get around 5%. If rates do go back down, mortgage brokers will have a huge smile on their face and all should HOPE that some of the crazy mortgages do not come back.

[margaretmattson]

Originally Posted by frayedends

Margarett, bless your heart. If you read the post I quoted they said it was a buyers market "in other states". My post was a response to that and not about the market in the Villages at all.

I understood your post. I was emphasizing the market in the Villages is different. There are an abundance of homes to choose from with many sitting for months. Retired, out-of-state homeowners cannot buy in the Villages because they are having difficulties unloading their homes. Kinda like a cause and effect scenario.

[dhdallas]

Originally Posted by vintageogauge

Many of these "price drop" homes also have "feature drops" such as eliminating shower doors, smaller showers, dual sinks in master, blinds, washer/dryer, minimal number of electrical outlets, much less finished outdoor space, smaller and cheaper trim, shorter garages, undesirable lots/locations, lower quality everything in them. It's all smoke and mirrors and you get only what you pay for. They still build higher quality units with more features in them but you'll pay more per sq. ft. for them. Take a good look.

You are exactly right. A friend of ours just bought a new house comparable to ours and it lacks many, many features that were included with ours. It's all a subterfuge.

[margaretmattson]

Originally Posted by dhdallas

You are exactly right. A friend of ours just bought a new house comparable to ours and it lacks many, many features that were included with ours. It's all a subterfuge.

Yes, new homes have bare minimum upgrades. Even premiere homes. They are now designer homes with pools and a view. No larger rooms or additions like the older versions.

[Randall55]

Originally Posted by frayedends

Okay now that I love these realty threads, and I have a few cocktails in me I'm gonna post an OPINION.

It's my OPINION and no need to fight me on if I'm right or wrong. I could absolutely be 100% wrong. But the market crash people are waiting for isn't happening. Sorry, it's not.

This is not 2008. There are not a bunch of sub prime mortgages. What we have is a crappy interest rate compared to ridiculously low interest rates a few years ago. Things have slowed a tiny bit because people are hoping that the drop will happen. Nope, not what I'm seeing. People are now starting to see this is the new normal. Rates at 7 aren't the end of the world. Waiting for the crash may be a losing endeavor.

Some of us remember interest rates in the high teens. If you see where you want to live, buy now. I think it's actually a benefit that TV is selling bare bones but allowing some stretches. You can't make your house bigger but you can always add crown molding. So buy the cheap spec home, add the square footage you can and pay a contractor less for the upgrades. You'll make a killing on resale. If the crash happens, wait. Real estate is like the weather in Massachusetts. If you don't like it now, wait an hour.

I have flipped several homes in the Villages. I agree with most of what you have said. But, very few people are making a killing nowadays. I would hate to see anyone make expensive upgrades hoping for a great return. Probably not going to happen in today's market.

My advice is to keep things simple. Pay close attention to the color of cabinets and floors. The more neutral; the better. Example: White cabinets- oak-colored floors. Perfect! Buying a home with unique colors will be difficult to sell. Paint your walls the same color throughout. A light shade will make the rooms appear bigger. Keep landscaping minimal. Most people hate to take care of high maintenance lawns. Do not add a built-in. Turning your 3rd bedroom into a permanent office will reduce the amount of interested buyers. If your plans are to make money on a home, you do not have to spend a lot on upgrades. Upgrades are not a guarantee that you will make more money on the resale.

[Altavia]

Big savings are on the way for realtor "fees."

The 6% commission, a standard in home purchase transactions, is no more.

For the average-priced American home for sale — $417,000 — sellers are paying more than $25,000 in brokerage fees. Those costs are passed on to the buyer, boosting the price of homes in America. That fee could fall by between $6,000 and $12,000, according to TD Cowen Insights’ analysis.

The agreement effectively will destroy the current homebuying and selling business model, in which sellers pay both their broker and a buyer’s broker, which critics say have driven housing prices artificially higher.

By some estimates, real estate commissions are expected to fall 25% to 50%, according to TD Cowen Insights. This will open up opportunities for alternative models of selling real estate that already exist but don’t have much market share, including flat-fee and discount brokerages. ok

[margaretmattson]

Originally Posted by frayedends

Okay now that I love these realty threads, and I have a few cocktails in me I'm gonna post an OPINION.

It's my OPINION and no need to fight me on if I'm right or wrong. I could absolutely be 100% wrong. But the market crash people are waiting for isn't happening. Sorry, it's not.

This is not 2008. There are not a bunch of sub prime mortgages. What we have is a crappy interest rate compared to ridiculously low interest rates a few years ago. Things have slowed a tiny bit because people are hoping that the drop will happen. Nope, not what I'm seeing. People are now starting to see this is the new normal. Rates at 7 aren't the end of the world. Waiting for the crash may be a losing endeavor.

Some of us remember interest rates in the high teens. If you see where you want to live, buy now. I think it's actually a benefit that TV is selling bare bones but allowing some stretches. You can't make your house bigger but you can always add crown molding. So buy the cheap spec home, add the square footage you can and pay a contractor less for the upgrades. You'll make a killing on resale. If the crash happens, wait. Real estate is like the weather in Massachusetts. If you don't like it now, wait an hour.

A crash is harsh wording. You must admit this is a difficult market. If you buy a home at ask price today, a few months later, the exact model is now $50,000 less. And, the same preowned models are sitting on MLS and VLS for months. We are not anticipating a crash. We are waiting for the market to stabilize. Right now, it is much better to invest your money instead of purchasing a home with cash. The real estate market is showing losses.