[frayedends]

Interest rates are high compared to a couple years ago. But historically, we are at a more normal interest rate currently.

[Bilyclub]

Originally Posted by Rainger99

What is the issue in St Johns?? Is it the same issue or a variety of issues?

We had very few problems with the warranty department.

They want to do quick/temporary fixes on everything, sorta like the ceiling seam in the lanais that probably still happens to every new house.

[Stu from NYC]

Originally Posted by frayedends

Interest rates are high compared to a couple years ago. But historically, we are at a more normal interest rate currently.

True about interest rates but people do have short memories. A higher cost per month is still more money folks have to come up with.

[vintageogauge]

For the first 6 months of this year there were 1,690 new homes sold in TV averaging over 9 per day. Interest rates have been artificially low for the last several years. If you search residential mortgage from 1970 through 1999 you will see that they fluctuated from a low of 6+% to a high of 16%, people were earning much less during that period and of course homes were priced much lower but homes were selling. Buyers have just been spoiled for the last several years. I think the resistance is more based on the cost of homes rather than the interest rate as if it goes down re-finance is an option.

[Altavia]

Originally Posted by vintageogauge

For the first 6 months of this year there were 1,690 new homes sold in TV averaging over 9 per day.

...

Correct.

So I don't see why anyone would think the sky is falling with about ten days inventory on the market?

And they tend to release more during snowbird season when some seasonal buyers are less concerned about location.

[Bogie Shooter]

I have often wondered what percentage of old and new homes purchased in The Villages have a mortgage.

[vintageogauge]

Originally Posted by Pballer

I remember 2006-2008 when millions of people agreed that they should buy way overpriced houses.

No, they agreed to buy homes that they could not afford and were "given". the opportunity to have the American Dream, a dream that turned into a nightmare for many of the buyers as well as many financial institutes. Some entity stepped in that should not have stepped in, you have to earn the American Dream, it should not simply be given to anyone.

[Stu from NYC]

Originally Posted by vintageogauge

For the first 6 months of this year there were 1,690 new homes sold in TV averaging over 9 per day. Interest rates have been artificially low for the last several years. If you search residential mortgage from 1970 through 1999 you will see that they fluctuated from a low of 6+% to a high of 16%, people were earning much less during that period and of course homes were priced much lower but homes were selling. Buyers have just been spoiled for the last several years. I think the resistance is more based on the cost of homes rather than the interest rate as if it goes down re-finance is an option.

If interest rates go down, not sure that will happen with the huge debt we face.

[Packer Fan]

Originally Posted by Bilyclub

They want to do quick/temporary fixes on everything, sorta like the ceiling seam in the lanais that probably still happens to every new house.

Wow. I am pretty lucky then. I have TV houses built in 2012 and 2014 and neither has that problem. Heck. I have had zero problems. Oh yeah, I am an Engineer and handle construction for a Fortune 500 company and I will tell you the construction quality is way better than the crap they are building up north but what do I know. You might have to do a little more when you are forced to build a house to withstand hurricane force winds by code. The tilt up concrete they are building look indistructible. There will always be oddball issues, but they seem minimal here.

[Packer Fan]

Originally Posted by Altavia

Correct.

So I don't see why anyone would think the sky is falling with about ten days inventory on the market?

And they tend to release more during snowbird season when some seasonal buyers are less concerned about location.

I agree. I have been watching this market for 15 years and it seems pretty normal to be Honest.

[Randall55]

Originally Posted by vintageogauge

For the first 6 months of this year there were 1,690 new homes sold in TV averaging over 9 per day. Interest rates have been artificially low for the last several years. If you search residential mortgage from 1970 through 1999 you will see that they fluctuated from a low of 6+% to a high of 16%, people were earning much less during that period and of course homes were priced much lower but homes were selling. Buyers have just been spoiled for the last several years. I think the resistance is more based on the cost of homes rather than the interest rate as if it goes down re-finance is an option.

The Villages has many investors buying up CYV and patio villas. 9 per day could mean 9 homes bought for investment. It could also mean 9 homes bought for residential use, or a mix. Since the Designer homes are selling slower, there does seem to be a slump. My wife is an outside realtor and sales have been lagging for months. Right now, the number of preowned homes for sale is relatively small compared to the After Covid boom.

[Pairadocs]

Originally Posted by Stu from NYC

According to happy paper today still selling over 300 new homes a month in 2023.

And also in the paper was legal confirmation of the THOUSANDS of MORE areas near Leesburg the Villages has purchased. Judging by the track record, they seem to have a good handle on what the future market holds ? Maybe more family developments, an area that seems to be in great need of new units ?

[Pairadocs]

Originally Posted by bcsnave

Just because 140,000 people purchased homes in TV, ....it does NOT mean that some folks don't think the houses are overpriced or lower quality.

An "old fashioned" and remarkably reliable touch stone for if a house is over priced is, it doesn't sell, it stays on the market. If it is priced "fairly", or as some would say, "for what it is worth", it sells.... LOL ! Usually fairly quickly !

[Pairadocs]

Originally Posted by frayedends

Interest rates are high compared to a couple years ago. But historically, we are at a more normal interest rate currently.

I have no way of knowing, but my "gut feeling" is planned retirement communities like the Villages "probably" has a much lower number of buyers who take out mortgages. Of course some will, for various tax and other reasons, but I suspect mortgage rates do not affect sales to the degree they do in traditional sub divisions ! ?

[mikeycereal]

In before the lock!

Nuttin' wrong w/my new home. Has already held up to 2 fierce hurricanes! *Crash* What was that?