Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Housing prices falling in Florida (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/housing-prices-falling-florida-340756/)

Two Bills 04-23-2023 06:41 AM
Wife and I have bought and sold quite a few properties over the years.
Main reasons houses do not sell quickly, is, location, disrepair, poor presentation, or overpriced.
If you have had no offers within first two to three weeks, one of those reasons is holding back the sale, in which case you hang on and hope, or correct the problem.
Location is the only variable you have no control over.

rsmurano 04-23-2023 06:59 AM
Quote:
Originally Posted by rustyp (Post 2210018)
Stock market low was March 16 2020 - 8 months prior to the last presidential election.
Correct, but the “V” shape recovery was a few months after that, which if you were in the same funds/stocks at the end of 2020, you made a healthy profit.
Compare that market to todays market, well you can’t since we are 10-20% lower today compared to January 2021 and probably go down much lower this year

oldtimes 04-23-2023 07:04 AM
Quote:
Originally Posted by Rainger99 (Post 2210295)
It appears that homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings.

If you have a credit score of 680 or higher you will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000.

If you have a 30 year loan and you have good credit, you will pay an extra $14,400 over the life of the loan!

If you are considering a home loan and you have good credit, should you miss a credit card payment or utility payment to get under 680 and save yourself $14,400??
Interesting thought

rogerrice60 04-23-2023 07:07 AM
Mortgage Rates
 
Quote:
Originally Posted by Papa_lecki (Post 2209906)
House prices are certainly going to drop, with the new 1.00% added to the rate for mortgages of those with good credit

“Starting in May, a new federal rule will upend the current structure of the Loan-Level Price Adjustment (LLPA) matrix. Homebuyers with a good credit score could see their monthly mortgage payment rise by over $60 a month, while riskier borrowers will get more favorable mortgage terms because their fees were reduced. It's a move the Federal Housing Finance Agency (FHFA) hopes will address housing affordability challenges in the U.S., but it's come under scrutiny for being unfair and potentially ineffective.”
Communism has never benefited the masses!

retiredguy123 04-23-2023 07:27 AM
Quote:
Originally Posted by Rainger99 (Post 2210295)
It appears that homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings.

If you have a credit score of 680 or higher you will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000.

If you have a 30 year loan and you have good credit, you will pay an extra $14,400 over the life of the loan!

If you are considering a home loan and you have good credit, should you miss a credit card payment or utility payment to get under 680 and save yourself $14,400??
Question. Why can't mortgage companies lend their own money, without Government mortgage insurance, and charge a lower interest rate to customers who have a good credit rating and make a responsable down payment?

Normal 04-23-2023 07:32 AM
Villages Adaptation at Middleton
 
I’ve noticed the houses at Middleton are be adapted to pricing point viability. They have started 2 story houses and make most of them out of sticks. With price drops, so goes quality? Yet, have the prices really dropped much? Maybe new comparable homes have gone down 2% on a good day. Workers aren’t taking price cuts, materials have only gone up. I don’t see a housing slump anytime soon.

Pres1939 04-23-2023 07:34 AM
Quote:
Originally Posted by Laker14 (Post 2209887)
I am not worried.

Are you?
Not at all. Where would people go? California????

rustyp 04-23-2023 08:02 AM
Quote:
Originally Posted by rsmurano (Post 2210394)
Correct, but the “V” shape recovery was a few months after that, which if you were in the same funds/stocks at the end of 2020, you made a healthy profit.
Compare that market to todays market, well you can’t since we are 10-20% lower today compared to January 2021 and probably go down much lower this year
I'm just like my broker - always measure from the bottom no matter when it occurred. Also he always advises to ride it out. Let's see if I have $100 in the market and the market goes down by 50% I now have $50. Now the V shape miracle occurs and the market increases by 100%. I now have $100. Where is the healthy profit ?

FYI the market is up 10% since Jan 2021 not down. However I do agree with you my guess is the market will be heading down. That will be part of the cure for inflation. And that (back to the original subject) will take away that warm puppy feeling retirees get when they look at their investments and result in postponement of major purchases (like a retirement house) until the stock market booms again. Thus house prices will go down - even in TV. In fact they already have.

coralway 04-23-2023 08:04 AM
Quote:
Originally Posted by Maker (Post 2209982)
Any 5 year prediction is worthless. Look what unpredictable things happened just since the last presidential election. Stock market crashed. Inflation skyrocketed. Interest rates way up. Russia started a war. Gas prices doubled.



lol …… love those “Alternative Facts”

Maker 04-23-2023 09:12 AM
Quote:
Originally Posted by daniel200 (Post 2210301)
Home prices are like the stock market. They go up. They go down. Nothing matters until the day you sell.
Except your tax assessment will go up, but never go back down.

dewilson58 04-23-2023 09:20 AM
Quote:
Originally Posted by Maker (Post 2210448)
Except your tax assessment will go up, but never go back down.

Even if the assessed value went down, the millage rate would increase proportionately and you would pay the same property tax.

Velvet 04-23-2023 09:27 AM
My prediction is there will NOT be a housing slump in The Villages. Because the number three factors in real estate are: location, location and location. TV is ideally suited geographically and master planned for retirees. One of the most significant factors in economic forecasting is demographics. And we have the boomers. With the two I can’t see much of a slump coming any time soon to TV.

charlieo1126@gmail.com 04-23-2023 09:39 AM
When Bruce Williams a great radio guy before all the screamers took over the air waves ,was asked a retirement question some people would say I can get this amount when I sell and Bruce would always say , no no you will get what somebody will pay you when that day comes , all the talk about housing prices and it comes up a lot like dog poop and gates is just that ALL TALK

Chi-Town 04-23-2023 09:59 AM
Quote:
Originally Posted by manaboutown (Post 2210243)
Lenders were forced into making bad loans.

"The evidence is overwhelming that Clinton was the architect of the financial disaster that wiped out trillions of dollars in household wealth. Under his National Homeownership Strategy, Clinton took more than 100 executive actions to pry bank lending windows wide open.

Through executive order, he marshaled 10 federal agencies under a little-known task force to enforce new "flexible" mortgage underwriting guidelines to boost low-income and minority homeownership.

For the first time, banks were ordered to qualify low-income borrowers with spotty credit. The 1994 policy planted the seeds of the mortgage crisis, as lenders eventually abandoned prudent underwriting altogether.


The next year, Clinton set quotas for lending in high-risk neighborhoods under an overhauled Community Reinvestment Act, while adding several hundred bank examiners to enforce the tougher CRA rules. Banks that came up short had expansion plans put on hold — a slow death sentence in an era of bank mergers and acquisitions.

For the first time, CRA ratings were made public, egging on ACORN and other radical inner-city groups, which used the reports to extort banks for $6 trillion in subprime loan set-asides by 2008.

When bankers resisted being saddled with so many risky loans, Clinton tapped Fannie Mae and Freddie Mac to take them off their books, while freeing bankers to originate more of the political loans. He had the Department of Housing and Urban Development nearly double Fannie's and Freddie's quotas for underwriting "affordable" loans, which remained in force throughout the 2000s.

When the mortgage giants pushed back, complaining that it would be hard to meet the higher targets, Clinton pushed them to load up on subprime loans, while authorizing Fannie and Freddie for the first time to buy subprime securities to earn credits toward the HUD goals. The mortgage giants complied to their great detriment.

So Clinton was also responsible for securitizing these loans which combined bad loans with good loans in packages that were sold to Wall Street institutions, including insurance companies. The mix of these junk loans made it impossible for investors to tell good ones from bad, and the markets eventually seized up and crashed."

From: Access to this page has been denied.
What did the following administration do to counter this? Just curious. No cut and paste please.

Normal 04-23-2023 10:00 AM
Taxes went down.
 
Quote:
Originally Posted by dewilson58 (Post 2210454)
Even if the assessed value went down, the millage rate would increase proportionately and you would pay the same property tax.
Except property taxes went down and were decreased across the board last year here in Sumter county.

LuvNH 04-23-2023 10:45 AM
Quote:
Originally Posted by charlieo1126@gmail.com (Post 2210468)
When Bruce Williams a great radio guy before all the screamers took over the air waves ,was asked a retirement question some people would say I can get this amount when I sell and Bruce would always say , no no you will get what somebody will pay you when that day comes , all the talk about housing prices and it comes up a lot like dog poop and gates is just that ALL TALK
So very true. Like dealing in antiques, real antiques, the Road Show can tell you it is worth this and this, when you sell it you will find out what it is worth.

Karmanng 04-23-2023 10:49 AM
I live in AZ right now and this week my realtor had 6 bids on one house and she is also working with 2 buyers Things here have not really slowed all that much and prices have not really come down much either.........hoping to get mine on the market in June so i can move to TV in Fall

Chi-Town 04-23-2023 11:45 AM
Quote:
Originally Posted by Karmanng (Post 2210495)
I live in AZ right now and this week my realtor had 6 bids on one house and she is also working with 2 buyers Things here have not really slowed all that much and prices have not really come down much either.........hoping to get mine on the market in June so i can move to TV in Fall
Be thankful for the Californians.

Bill14564 04-23-2023 11:55 AM
Quote:
Originally Posted by Normal (Post 2210474)
Except property taxes went down and were decreased across the board last year here in Sumter county.
Largely due to the number of new homes. The County rarely (ever?) needs/wants less money from one year to the next but when hundreds of new homes are added the amount each existing homeowner must pay is less. We'll have to see what happens when new home sales slow down.

LianneMigiano 04-23-2023 12:00 PM
Quote:
Originally Posted by Rainger99 (Post 2209878)
The same thing happened to us up north in CT around 2008-9. The almost carbon copy of a home (we added a bedroom and bath) sold for $475K in 2007-8. We put ours on the market for $429K. We kept lowering the price as the market kept dropping. It was costing us $2K a month in expenses (taxes & utilities - vacant HO Ins alone was over $200 mo) and the value was dropping almost $2K monthly also! We used the equity line on it to catch up on a bit of deferred maintenance there and we bought and paid for this home in TV - which needed quite a bit of updating. By the time that was all done the price was down to $330K, we were "under water" on our equity loan with the 5% realtor commission. We ended up "in lieu of foreclosure" - after having had excellent credit all of our lives. The bank sold it for under $300K in 2011. Zillow (I know, an unreliable source) shows it's current value at $496!

jimjamuser 04-23-2023 01:51 PM
Quote:
Originally Posted by Velvet (Post 2210460)
My prediction is there will NOT be a housing slump in The Villages. Because the number three factors in real estate are: location, location and location. TV is ideally suited geographically and master planned for retirees. One of the most significant factors in economic forecasting is demographics. And we have the boomers. With the two I can’t see much of a slump coming any time soon to TV.
A slump could come when people realize that the world has had 8 years of increasing warming (heat) and they begin to realize that Florida is too hot in the summer and has stronger hurricanes. Then they move to the Carolinas.

Velvet 04-23-2023 02:12 PM
The Carolinas! Not the coast… for two decades my family vacationed near Cape Hatteras and without fail we’d be driven 100 miles inland (evacuation order) to escape the hurricanes every year. Never had to that here in TV yet.

JMintzer 04-23-2023 03:35 PM
Quote:
Originally Posted by jimjamuser (Post 2210564)
A slump could come when people realize that the world has had 8 years of increasing warming (heat) and they begin to realize that Florida is too hot in the summer and has stronger hurricanes. Then they move to the Carolinas.
Good thing the hurricanes never hit the Carolinas...

jimjamuser 04-23-2023 05:08 PM
Quote:
Originally Posted by Velvet (Post 2210460)
My prediction is there will NOT be a housing slump in The Villages. Because the number three factors in real estate are: location, location and location. TV is ideally suited geographically and master planned for retirees. One of the most significant factors in economic forecasting is demographics. And we have the boomers. With the two I can’t see much of a slump coming any time soon to TV.
No local area is immune to a deep recession. (if it happens)

jimjamuser 04-23-2023 05:31 PM
Quote:
Originally Posted by Velvet (Post 2210568)
The Carolinas! Not the coast… for two decades my family vacationed near Cape Hatteras and without fail we’d be driven 100 miles inland (evacuation order) to escape the hurricanes every year. Never had to that here in TV yet.
The summer heat in TV Land is the consistent problem. Hurricanes will affect the Florida coast more than here. But, remember our property insurance will go up as the coasts get hit by hurricanes. We here will have stronger thunderstorms, more lightning, and more humidity in the summer. Just miserable weather even IF we do NOT get hit by hurricanes.

dewilson58 04-23-2023 05:40 PM
Quote:
Originally Posted by Normal (Post 2210474)
Except property taxes went down and were decreased across the board last year here in Sumter county.
your statement is irrelevant to my post.

I was explaining to the poster...... it doesn't matter if the assessed value goes down or not (more or less)........the county calculates the tax revenue need and will tax properties accordingly.........no matter what the assessed value is currently.

Normal 04-23-2023 06:14 PM
Quote:
Originally Posted by dewilson58 (Post 2210634)
your statement is irrelevant to my post.

I was explaining to the poster...... it doesn't matter if the assessed value goes down or not (more or less)........the county calculates the tax revenue need and will tax properties accordingly.........no matter what the assessed value is currently.
Um ya, but assessed value had nothing to do with the actual lowering of the tax mileage rate. Sumter County lowered the millage rate from 6.7000 to 6.4309, a savings of $39 for a home with a taxable value of $145,000, Hey that was almost 500 bucks back in the pocket with the tax cuts. It will pay for a dinner at La Cuisine or Stirrups.

dewilson58 04-23-2023 06:18 PM
Quote:
Originally Posted by Normal (Post 2210639)
Um ya, but assessed value had nothing to do with the actual lowering of the tax mileage rate. Sumter County lowered the millage rate from 6.7000 to 6.4309, a savings of $39 for a home with a taxable value of $145,000, Hey that was almost 500 bucks back in the pocket with the tax cuts. It will pay for a dinner at La Cuisine or Stirrups.
Has nothing to do with my post.

:loco::loco:

Normal 04-23-2023 06:21 PM
Quote:
Originally Posted by dewilson58 (Post 2210640)
Has nothing to do with my post.

:loco::loco:
Lol, you would argue with a wall if you could. Enjoy your evening, I know I will. Peace out dude.

kkingston57 04-23-2023 06:27 PM
Quote:
Originally Posted by Maker (Post 2210448)
Except your tax assessment will go up, but never go back down.
Based upon original purchase price of your home. On bright side, if you have a homestead rate of increase is capped.

JMintzer 04-24-2023 07:52 AM
Quote:
Originally Posted by jimjamuser (Post 2210633)
The summer heat in TV Land is the consistent problem. Hurricanes will affect the Florida coast more than here. But, remember our property insurance will go up as the coasts get hit by hurricanes. We here will have stronger thunderstorms, more lightning, and more humidity in the summer. Just miserable weather even IF we do NOT get hit by hurricanes.
Florida is hot in the Summer?

Wow! I'd never though of that!

dewilson58 04-24-2023 08:00 AM
Relative to economists at Moody's Analytics (which expects national home prices to fall 4.2% in 2023) and Fannie Mae (which expects national home prices to fall 1.2% in 2023).

Among the 400 largest regional housing markets tracked by Zillow, 182 remain below their 2022 peak price, while 218 markets, as of March 2023, are back to (or above) their 2022 peak price.

Among the down markets, the majority are located in the Western half of the country.

Kelevision 04-24-2023 09:00 AM
Quote:
Originally Posted by Laker14 (Post 2209887)
I am not worried.

Are you?
I was hoping for that new UF training hospital they were building south of 44 but put it on hold. Apparently doctors don’t want to train in “certain states” now.

Kelevision 04-24-2023 09:02 AM
Quote:
Originally Posted by JMintzer (Post 2210756)
Florida is hot in the Summer?

Wow! I'd never though of that!
As someone who was born and raised here in Leesburg. The temperature is most definitely hotter now than it was.

dewilson58 04-24-2023 09:05 AM
Quote:
Originally Posted by JMintzer (Post 2210756)
Florida is hot in the Summer?
Wow! I'd never though of that!
News at 11.

manaboutown 04-25-2023 08:50 AM
Home prices rose in February.

"Regionally, the cities that saw the largest price increase over last year were in Miami, Tampa, and Atlanta, with year-over-year gains of 10.8%, 7.7%, 6.6%, respectively."

Home prices rose in February, breaking 7-month streak of declines

Velvet 04-25-2023 08:53 AM
Quote:
Originally Posted by manaboutown (Post 2211365)
Home prices rose in February.

"Regionally, the cities that saw the largest price increase over last year were in Miami, Tampa, and Atlanta, with year-over-year gains of 10.8%, 7.7%, 6.6%, respectively."

Home prices rose in February, breaking 7-month streak of declines
Is anyone surprised?

Normal 04-25-2023 08:55 AM
Going up
 
Quote:
Originally Posted by manaboutown (Post 2211365)
Home prices rose in February.

"Regionally, the cities that saw the largest price increase over last year were in Miami, Tampa, and Atlanta, with year-over-year gains of 10.8%, 7.7%, 6.6%, respectively."

Home prices rose in February, breaking 7-month streak of declines
They have to go up. Do you see workers willing to take pay cuts? Do you see the expenses in building a home going down? Door knobs, paint and toilet prices will never lower.

RCJ61 04-25-2023 09:15 AM
The Villages is still very much in Demand. Just go see how fast the new neighborhoods are selling. Upgraded older homes are also selling quickly still. We just bought a new home in the Villages a few months ago and were watching prices closely all over the country. There are areas that are declining a lot, but we did not see that happening much in the Villages. We hope that's the case, but we aren't looking to sell any time soon so it doesn't really matter.
Happy we made the decision.

RCJ


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