[frayedends]

Just anecdotal evidence, but my house in Lake Denham, which I close in less than 2 weeks, was on the market for about 3 weeks. We don't know exactly, and surprisingly the realtor doesn't have that info. But we were able to figure it out from the date of termite cert, and some other listings.

Before we visited and purchased (August 14) there were maybe 10 homes released in our neighborhood. 3 of them preserve sites we were interested in. We bought 1, the other 2 plus most of the interiors are now sold. Seemed like a bunch went under contract the same week as we did.

I don't know if that's normal. A lot more in the area have been released in the last 2 weeks. The preserve sites are selling fast. There are a few that maybe are too close to Meggison, or just interior small lots, that are still not sold.

Based on our Lake Denham Facebook page, they are selling quickly. I'm guessing people have enough time to hop on a plane and check out the house before they buy, rather than buying site unseen. But it doesn't seem like a slow down.

[JMintzer]

Originally Posted by Pairadocs

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 ! ?

As has been said, Interest rates affect the sales of the home they're selling in order to move to TV.

If they can't sell their home, it can make buying a new home in TV more difficult...

[GoRedSox!]

Originally Posted by JMintzer

As has been said, Interest rates affect the sales of the home they're selling in order to move to TV.

If they can't sell their home, it can make buying a new home in TV more difficult...

In Fairfield County, Connecticut, the lack of inventory has caused an imbalance of supply and demand. Despite any interest rate concerns, available houses here are selling very quickly and the prices are at an historical high. Few folks are putting their homes on the market because the vast majority of people have a fixed mortgage less than 4%, and not many want to enter a highly competitive buying market where the next mortgage is over 7%.

There are some YouTube videos that are put up by realtors on the MLS that include the number of cash purchases vs. conventional mortgages for Villages resales. The number of cash purchases is over 60% of resales in all the videos I've seen.

[vintageogauge]

Originally Posted by JMintzer

As has been said, Interest rates affect the sales of the home they're selling in order to move to TV.

If they can't sell their home, it can make buying a new home in TV more difficult...

There is a shortage or re-sale homes just about everywhere and unless they are trying to get way above market price they are selling very fast, The interest rates are holding back sellers, not buyers. For 30 years,1970 to 2000, 7% was a good rate to have on a 30 year mortgage, well below the average for that period, 3% was a temporary situation and most likely will never be back.

[Stu from NYC]

Originally Posted by vintageogauge

There is a shortage or re-sale homes just about everywhere and unless they are trying to get way above market price they are selling very fast, The interest rates are holding back sellers, not buyers. For 30 years,1970 to 2000, 7% was a good rate to have on a 30 year mortgage, well below the average for that period, 3% was a temporary situation and most likely will never be back.

3% will likely come back but by than most of us will be gone

[JMintzer]

Originally Posted by GoRedSox!

In Fairfield County, Connecticut, the lack of inventory has caused an imbalance of supply and demand. Despite any interest rate concerns, available houses here are selling very quickly and the prices are at an historical high. Few folks are putting their homes on the market because the vast majority of people have a fixed mortgage less than 4%, and not many want to enter a highly competitive buying market where the next mortgage is over 7%.

There are some YouTube videos that are put up by realtors on the MLS that include the number of cash purchases vs. conventional mortgages for Villages resales. The number of cash purchases is over 60% of resales in all the videos I've seen.

That's Fairfield Connecticut... One of the wealthiest towns in America...

Luckily, I'm just outside of DC, in Montgomery County, MD. Also one of the highest per capita income areas in the country. My neighbor across the street, two doors down put her house up for sale a few months ago on a Sunday. She had an over asking price contract on Tuesday...

We're the luck ones. There are -plenty- of areas where to people selling are not as lucky...

[JMintzer]

Originally Posted by vintageogauge

There is a shortage or re-sale homes just about everywhere and unless they are trying to get way above market price they are selling very fast, The interest rates are holding back sellers, not buyers. For 30 years,1970 to 2000, 7% was a good rate to have on a 30 year mortgage, well below the average for that period, 3% was a temporary situation and most likely will never be back.

Yes, but 7% vs under 3% is keeping many from entering the housing market...

My middle daughter and son in law are currently house hunting. They make a very good income. They are having a hell of a time finding an affordable home. The interest rate difference prices them out of almost everything in the area. With the higher rates, It'll cost close to 50% of their take home pay for the mortgage...

[Stu from NYC]

Originally Posted by JMintzer

Yes, but 7% vs under 3% is keeping many from entering the housing market...

My middle daughter and son in law are currently house hunting. They make a very good income. They are having a hell of a time finding an affordable home. The interest rate difference prices them out of almost everything in the area. With the higher rates, It'll cost close to 50% of their take home pay for the mortgage...

Wow. Makes me wonder how the area they live in can support such high housing costs.

[Randall55]

Originally Posted by Stu from NYC

Wow. Makes me wonder how the area they live in can support such high housing costs.

All around the Villages are plenty of apartment buildings. Home prices have knocked a lot of people out of the market, everywhere.

[manaboutown]

Originally Posted by Stu from NYC

3% will likely come back but by than most of us will be gone

3% on a 30 year mortgage was a once in a lifetime opportunity IMHO. 6% has been the norm during my lifetime. I remember rates as high as 17%.

[JMintzer]

Originally Posted by Stu from NYC

Wow. Makes me wonder how the area they live in can support such high housing costs.

You and me both! But that's DC for you... If you want to be Metro accessible, you gotta' pay thru the nose...

[Stu from NYC]

Originally Posted by JMintzer

You and me both! But that's DC for you... If you want to be Metro accessible, you gotta' pay thru the nose...

I know very well daughter and her family lives there. Not cheap at all.

[JMintzer]

Originally Posted by manaboutown

3% on a 30 year mortgage was a once in a lifetime opportunity IMHO. 6% has been the norm during my lifetime. I remember rates as high as 17%.

I agree. But prices were much more reasonable then. We had a 10.25% mortgage on our first house (in 1986). Of course, we only paid $104,500 for a 3 BR 2.5 BA single family home... About 25-30% of my income at the time...

The PITI was less than our 2 BR 2 BA apartment...

[JMintzer]

Originally Posted by Stu from NYC

I know very well daughter and her family lives there. Not cheap at all.

Where do they live? DC, MD, VA? 2 of my kids are in Arlington...

[vintageogauge]

Originally Posted by JMintzer

Yes, but 7% vs under 3% is keeping many from entering the housing market...

My middle daughter and son in law are currently house hunting. They make a very good income. They are having a hell of a time finding an affordable home. The interest rate difference prices them out of almost everything in the area. With the higher rates, It'll cost close to 50% of their take home pay for the mortgage...

Then they are looking out of their price range. One of my granddaughters and husband just bought their first home and got the keys for it on Saturday. They had no trouble getting a loan and finding a home, he is an engineer and she is a school psychologist both 27 years old, they looked at a price range that they could easily afford and had a choice of several homes that they liked. 3% will never come back so those needing mortgages should go after one before it goes even higher.