[Bill14564]

Originally Posted by Aces4

I understand the different charges and I think an extra $250 ISH on a tax bill is nothing at which to sneeze.

It turns out my maintenance fee is more like $600. I still don't see that as a high maintenance charge but it is more than the $250 I had previously written.

$600 maintenance fee is 15% of my annual tax bill or about 2 mills (compared with 10 mills for property, school, and water management taxes)

[Aces4]

Originally Posted by rustyp

Perhaps they are planning for the future based upon past experience. Supporting my statement I find it barely plausible they are selling due to currency rate solely. The rate is not far off of historical values and or swings that a Canadian senior with 50 plus years of monitoring US currency rates. 90% of Canadians live in border towns. I am a snowbird living through the same inflation. I am not selling anything. Then again I don't have a mortgage or a loan on anything I own. I never subscribed to the strategy of investing my money would make more than the interest on a loan. That is fine until a market downturn. Then you still have the mortgage payment to contend with. So let's ask again what is driving our Canadian friends to sell at a higher rate than US citizens - if that is a true statement ?

Yes, maybe that would be a good place to start, determining that the Canadians are selling at a higher rate than US citizens.

Our Canadian friends are pretty well heeled.. in Canada and are able to afford mortgage free homes here. There is always an awareness of how much less their spending dollars buy here than the American dollar. The gap now is even worse and when they turn 80, the extra health insurance jab they had to pay for coverage in the USA was substantial.

Why not go back to Canada and live in comfort and enjoy the amenities of their nation without the financial stretch. (Our friends also felt The Villages had become very congested, had difficulty with their groups getting desired tee times and travel to Florida was much busier.)

[Aces4]

Originally Posted by Bill14564

It turns out my maintenance fee is more like $600. I still don't see that as a high maintenance charge but it is more than the $250 I had previously written.

$600 maintenance fee is 15% of my annual tax bill or about 2 mills (compared with 10 mills for property, school, and water management taxes)

I thought that was extremely low for the maintenance fee but I didn't know your location in The Villages. $600. tacked on to the total makes it look like the real estate taxes are heftier than they are. Not everyone does a bill readout, they just pay and grumble.

[Philipd411]

Originally Posted by Normal

Inventory on Zillow for the Villages has climbed another 7% for preowned homes in less than a month (Feb to March)as of today and up 50% for the past year (2024-2025). I’m wondering when the state of Florida is going to do something about insurance costs and property taxes? Two items they can work on but seem to have no interest in accomplishing? We just get more hot air from Tallahassee about what could be, but nothing is done.

There seems to be some aggressive price cutting on homes, but the bleed continues.

The mortgage interest rates are double the amount of what they were when I bought my home. When interest rates go down, home sales will go up.

[Normal]

Originally Posted by Philipd411

The mortgage interest rates are double the amount of what they were when I bought my home. When interest rates go down, home sales will go up.

They are a problem, but add complexity. Fewer homes went on the market in 2023 because many or most mortgaged buyers were sitting on 2.3 percent interest rates that are locked for the life of their loan. But as time has gone on some of these “owners” have decided to merge back into the selling market thereby increasing inventory. This is important to note as most are much better off to not pay off their mortgages with returns on invested funds being much better than an interest penalty on their 2.3 percent loan. The same banks that loaned funds at 2.3% are now paying 4.5% out on their CD rates.

The homes are now going on market at higher rates and it could add to foreclosure problems.

[Philipd411]

Originally Posted by Normal

They are a problem, but add complexity. Fewer homes went on the market in 2023 because many or most mortgaged buyers were sitting on 2.3 percent interest rates that are locked for the life of their loan. But as time has gone on some of these “owners” have decided to merge back into the selling market thereby increasing inventory. This is important to note as most are much better off to not pay off their mortgages with returns on invested funds being much better than an interest penalty on their 2.3 percent loan. The same banks that loaned funds at 2.3% are now paying 4.5% out on their CD rates.

The homes are now going on market at higher rates and it could add to foreclosure problems.

That is why I wont sell my house or pay it off any time soon. My interest rate is just too low.

[rustyp]

Originally Posted by Aces4

Yes, maybe that would be a good place to start, determining that the Canadians are selling at a higher rate than US citizens.

Our Canadian friends are pretty well heeled.. in Canada and are able to afford mortgage free homes here. There is always an awareness of how much less their spending dollars buy here than the American dollar. The gap now is even worse and when they turn 80, the extra health insurance jab they had to pay for coverage in the USA was substantial.

Why not go back to Canada and live in comfort and enjoy the amenities of their nation without the financial stretch. (Our friends also felt The Villages had become very congested, had difficulty with their groups getting desired tee times and travel to Florida was much busier.)

FYI by executive order Canadians staying in the US greater than 30 days will now be required to register with the US government and be fingerprinted.
"Under the new provision, all "aliens" 14 years of age or older who were not fingerprinted or registered when applying for a U.S. visa and who remain in the U.S. for 30 days or longer must apply for registration and fingerprinting."

[CoachKandSportsguy]

Originally Posted by Jandj1987

You NAILED it!
So, is buying a home in TV a good investment? I don’t want to overpay and have a house that’s worth half in the end.

Houses are not investments. Houses are shelter costs, which you must incur, either in outright ownership, in debtor ownership or in rent. Doesn't matter if the cost of your house goes up or down, but insisting on increasing house prices is also a recipe for increased costs of insurance, taxes, and repairs. If your house is worth 50% less at the end, so is everyone else's, and you are still at the same economic position as everyone else. And at the end, it doesn't matter any more, as you won't be here. I am not sure why anything matters at the end. . you won't be fretting about your house price in hospice.

Retirement is all about your financial assets ex house, and the cost of your lifestyle. It has very little to do about the change in value of your house.

The current house we live in was purchased in 2004, and it has been underwater for the last 15 years. . so what? doesn't matter what so ever to our ability to live here, nor enjoy our lives. in general over the long term, houses appreciate at about the rate of real GDP, which is about 1-3% per year. . . so that is not any type of investment, but a dependency.

So, since you have a fear of buying an overvalued house, how much can you spend on a house, with increased expenses, and not impact your current life style? That's all you can control. . and even that, you can't control your employment status, except in few and far between cases, ie the top 1% types.

So worry about income persisting, rather than an out of your control fluctuation of your shelter, which everyone else is experiencing as well, but still working and enjoying life.

[MJteacher]

During the pandemic Zillow had LOTS of spare cash, and they knew TV was a good place to invest it. They bought up many lots when they were released and had the homes built. Actual residents in the areas where Zillow bought, and it's not just Zillow but Redfin and AirBnb also, can't establish a community because their "neighbors" are seasonal renters or the homes are empty most of the year. Now, 3-4 years later, the demand for those homes has dwindled due to the interest rate rise. Home sales across the nation are down, and Zillow, etc needs money to keep their operation funded. Hence, they are putting their homes up for sale and TV inventory is going up.

[TeresaA]

Originally Posted by Normal

Inventory on Zillow for the Villages has climbed another 7% for preowned homes in less than a month (Feb to March)as of today and up 50% for the past year (2024-2025). I’m wondering when the state of Florida is going to do something about insurance costs and property taxes? Two items they can work on but seem to have no interest in accomplishing? We just get more hot air from Tallahassee about what could be, but nothing is done.

There seems to be some aggressive price cutting on homes, but the bleed continues.

We have been looking for a preowned home for the past 2-3 years. Started out being very interested in a Courtyard Villa. At the time (2.5 years ago), it was $370,000. Now I see the CV are in the $400’s. Some very close to $500,000. I would never pay over $400,000 for a Courtyard Villa. We are glad someone ended up outbidding us and we didn’t follow through with the sale. I think a lot of homes on the market aren’t selling because people are being greedy and trying to make way too big of a profit off a home that’s clearly not worth it. I don’t see many upgrades in these homes and that has been disappointing. I won’t buy a home with three different types of flooring, which I understand that’s old school ways of thinking and decorating. A lot of the homes just aren’t worth the money that people are asking. It’s just an honest opinion that I feel about the homes on the market now.

[TeresaA]

I love your perspective. A few years ago we put in an offer in for a courtyard villa for $370,000 and we got outbid. We ended up being very thankful for that, because in our opinion, a courtyard Villa is not worth in the 4’s. We are now going to keep saving our money for the next couple of years and wait to retire in the villages. Great minds think alike! Have a great day 😎

[Normal]

Originally Posted by TeresaA

We have been looking for a preowned home for the past 2-3 years. Started out being very interested in a Courtyard Villa. At the time (2.5 years ago), it was $370,000. Now I see the CV are in the $400’s. Some very close to $500,000. I would never pay over $400,000 for a Courtyard Villa. We are glad someone ended up outbidding us and we didn’t follow through with the sale. I think a lot of homes on the market aren’t selling because people are being greedy and trying to make way too big of a profit off a home that’s clearly not worth it. I don’t see many upgrades in these homes and that has been disappointing. I won’t buy a home with three different types of flooring, which I understand that’s old school ways of thinking and decorating. A lot of the homes just aren’t worth the money that people are asking. It’s just an honest opinion that I feel about the homes on the market now.

I see them all over the place for well south of 350 and in most cases in the 200 price range. I guess it all depends on the location you want. The least expensive is at 208k.

[Markus]

Originally Posted by Philipd411

The mortgage interest rates are double the amount of what they were when I bought my home. When interest rates go down, home sales will go up.

The two pronged sword.... when interest rates go down prices go up.

[bob47]

Originally Posted by CoachKandSportsguy

Houses are not investments. Houses are shelter costs, which you must incur, either in outright ownership, in debtor ownership or in rent. Doesn't matter if the cost of your house goes up or down, but insisting on increasing house prices is also a recipe for increased costs of insurance, taxes, and repairs. If your house is worth 50% less at the end, so is everyone else's, and you are still at the same economic position as everyone else. And at the end, it doesn't matter any more, as you won't be here. I am not sure why anything matters at the end. . you won't be fretting about your house price in hospice.

Retirement is all about your financial assets ex house, and the cost of your lifestyle. It has very little to do about the change in value of your house.

The current house we live in was purchased in 2004, and it has been underwater for the last 15 years. . so what? doesn't matter what so ever to our ability to live here, nor enjoy our lives. in general over the long term, houses appreciate at about the rate of real GDP, which is about 1-3% per year. . . so that is not any type of investment, but a dependency.

So, since you have a fear of buying an overvalued house, how much can you spend on a house, with increased expenses, and not impact your current life style? That's all you can control. . and even that, you can't control your employment status, except in few and far between cases, ie the top 1% types.

So worry about income persisting, rather than an out of your control fluctuation of your shelter, which everyone else is experiencing as well, but still working and enjoying life.

I agree and have always treated a house as an expense, one of the costs of living. If you don't own a house, you have to rent an apartment. If you happen to make money when you eventually sell the house, that's a bonus.

[Aces4]

Originally Posted by rustyp

FYI by executive order Canadians staying in the US greater than 30 days will now be required to register with the US government and be fingerprinted.
"Under the new provision, all "aliens" 14 years of age or older who were not fingerprinted or registered when applying for a U.S. visa and who remain in the U.S. for 30 days or longer must apply for registration and fingerprinting."

Good idea. I wouldn't mind that stipulation if it was required of me in that situation.