[Penglobal]

Hello All - I'm Susan, from Lancaster, single and have finally made the decision to buy a home here in The Villages. I'm currently here in The Villages searching for a home and I'm very amazed by the prices of both new and used homes here.

In the new southern area, homes are selling very quickly, supply is low ( compared to last year ) and new homes prices are just crazy. Used home prices are even worse.

How are you guys dealing with the massive increase in home prices within The Villages?
Should I wait until the prices stabilize?

I can't believe that a new house I saw three years ago when Fenny first became developed is now on sale on the used home market for 40% more in just three years !

I have no idea what to do, please help. Thank You Susan of Lancaster

[dewilson58]

Prices in TV have not and will not drop...............now having said that, sh^t happens.

I can't imagine, waiting will save you money.

Obviously there is a material shortage and this is creating upward pressures, but even with the supply chain catches up, I doubt prices will drop in TV.

Good Luck.

[VApeople]

Yeah, instability makes it very hard to make good long term decisions.

In 2006, housing prices were increasing, but that stopped in 2007. Houses decreased in value and a lot of people just walked out of their house and mailed the keys to the bank. It was called "jingle mail".

You can read what the learned Economists say about the financial situation in our country and what the future holds, but then you have to remember that if you put all of the Economists end-to-end around the world, they would not reach a conclusion.

Another poster said the peak baby-boom year in America was 1958, which means those babies are now 63 years old and looking for a place to retire. Maybe that is why so many perple are moving to The Villages.

[Bill14564]

Originally Posted by dewilson58

Prices in TV have not and will not drop...............now having said that, sh^t happens.

I can't imagine, waiting will save you money.

Obviously there is a material shortage and this is creating upward pressures, but even with the supply chain catches up, I doubt prices will drop in TV.

Good Luck.

How did TV home prices do in the 2008 timeframe? (I've tried looking but haven't found the info yet) I know my house up north lost quite a bit of assessed value during that time.

Prices are currently affected by the pent-up demand from Covid, increased price of building materials, and extra money in savings due to having nowhere to spend it in the last year. I wonder what will happen if material prices drop, will prices come down or will profits increase? How about when the post-Covid shuffle slows and inventory begins to rise? It will be interesting to watch.

[Stu from NYC]

Sorry but my crystal ball has broken

[karostay]

Patients the bubble will bust all the hot air in the mid Atlantic state it's unenviable

[Nucky]

Don't wait. Trust me. Now is the time. Just do it!

[EdFNJ]

We sold our relatively small 50yr old 3/1.5 home in NJ 3 years ago for $295K. That buyer just (3 months ago) resold it for $450K in an area I would never now bring up my children! The furnished 2/2 stick built home we bought here for $170K 3 yrs ago is now going for $250K bare (identical home next door with original everything down to the $10 ceiling fixtures w/zero improvements). It all evens out in the end. Get more for yours, pay more for the next.

[2newyorkers]

Originally Posted by Bill14564

How did TV home prices do in the 2008 timeframe? (I've tried looking but haven't found the info yet) I know my house up north lost quite a bit of assessed value during that time.

Prices are currently affected by the pent-up demand from Covid, increased price of building materials, and extra money in savings due to having nowhere to spend it in the last year. I wonder what will happen if material prices drop, will prices come down or will profits increase? How about when the post-Covid shuffle slows and inventory begins to rise? It will be interesting to watch.

We bought our TV home in 2005. Even in 2008 we never loss the original value of house and if we had sold would have still made a slight profit.

[manaboutown]

Originally Posted by Penglobal

Hello All - I'm Susan, from Lancaster, single and have finally made the decision to buy a home here in The Villages. I'm currently here in The Villages searching for a home and I'm very amazed by the prices of both new and used homes here.

In the new southern area, homes are selling very quickly, supply is low ( compared to last year ) and new homes prices are just crazy. Used home prices are even worse.

How are you guys dealing with the massive increase in home prices within The Villages?
Should I wait until the prices stabilize?

I can't believe that a new house I saw three years ago when Fenny first became developed is now on sale on the used home market for 40% more in just three years !

I have no idea what to do, please help. Thank You Susan of Lancaster

From what I have read and heard when the housing bubble burst around 2006-2008 the sales of new homes in The Villages slowed down some and existing homes held their value far better than homes in most of the rest of the country. IMHO sales in TV slowed only because folks were unable to sell their homes elsewhere for a reasonable price, if at all. Thus, they could not buy in TV and move.

Homes prices in most of the country have gone through the roof. I bought a second home in Northern Idaho for $390K in 9/2017. Zillow now says it is worth $663K, an increase of 70% in less than four years.

[Michread]

Susan,

To our surprise we bought a new home, because it was cheaper than an older home. We got lucky and bought in October 2020 when inventory was high because everyone was afraid. That was the time to buy, you missed it.

None of us are going to live forever, so buy now before prices continue to go up. Just buy, a smaller home that is in your budget.

Best of luck!

[JoMar]

Was just in Lititz with family.....same conversation up there. Met a friend in Montgomery County, her nephew made an offer of 90K over asking price and it was rejected. If you're not buying an investment property but a place to live, time to move forward and start the next chapter.

[Mortal1]

Blah, blah, blah...no one actually knows...if they did they would invest and make zillions. When it comes to many things in life(most everything)then nothing is certain...you throws the dice you take your chances. No guarantees. Such is life.

[Kelevision]

I bought here in Hawkins 2 months ago and there were a bunch of new houses under 200,000. I watched about 3 neighborhoods sell out back in April when i bought my CYV. Now it seems they don’t have much inventory. I’d say wait until a new neighborhood opens up and buy what you’re looking for right away.

[patfla06]

I agree with you.
However the only one who will eventually appreciate this is our Son. 😉

I personally would not buy now.