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/)
-   -   Should I have concerns about moving full time to TV? (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/should-i-have-concerns-about-moving-full-time-tv-352845/)

RoseyRed 09-10-2024 05:47 AM
Sometimes paying cash for a house will trigger large tax payments, therefore some folks perfer to have the mortgage. Not sure why they would pay down principal 30 days after purchase. Would be interested to hear the logic on that.

nn0wheremann 09-10-2024 05:50 AM
Quote:
Originally Posted by kbrkr (Post 2368995)
We've lived in the Tampa area for 13 years. We moved to Savannah last year to support my son in the Military. He is now almost ready for discharge in the next year and we are seeking an ideal place to live back in Florida. We've been watching tons of Youtube videos, reading forum posts, looking at homes, etc etc doing our research about TV. We absolutely want to embrace the lifestyle and make friends and embrace the activities. We are waiting until we get closer to his discharge before we do a lifestyle visit where we can pull the trigger on a home purchase (pre-owned preferrably).

However, I am concerned. I'm seeing many many homes for sale. Prices are dropping and I see auction and foreclosures. I'm seeing the developer drop the prices of the new homes down above Eastport, and those new homes which are going up are going to dilute the market.

Is there something I should know about before we decide to make TV our permanent home?

Please no flames or do I wish to start any negativity with my post; I am genuinely doing my due diligence and research.

Thanks and Regards,
Al
Look at real numbers. Yes, prices have retreated from the pandemic era peaks. Time on the market seems to have returned to more normal intervals. My Marion County tax bill indicates a slightly lower assessed valuation from the previous year’s bill. Good time to buy.

Insurance rates are up, but lower here than in most of Florida because this place is better engineered for storm mitigation. We don’t flood. We don’t, at least SECO customers don’t lose power. Good place to buy.

nn0wheremann 09-10-2024 05:52 AM
Quote:
Originally Posted by RoseyRed (Post 2369114)
Sometimes paying cash for a house will trigger large tax payments, therefore some folks perfer to have the mortgage. Not sure why they would pay down principal 30 days after purchase. Would be interested to hear the logic on that.
Buy with a mortgage on the new home, close sale on the old home, pay down principal and recast the mortgage on the new home.

Rwirish 09-10-2024 05:58 AM
Never do a stay and then buy a house, big mistake. Take your time, check things out for a year or two and then make a informed decision.

BlueStarAirlines 09-10-2024 06:09 AM
I wish I was allowed to post the link, but it starts with **************.

Just had an post about a house that was originally bought for $622k in 2020, then sold a year later for $830k, and sold this year for $1,235,000....so doubled in 4 years.

I know this is a one-off, but the point being is if it is in a desirable location home prices are not declining. The declines that I see are internal home sites that are feet from their neighbor or in another location that are generally viewed unfavorably.

I'd like to see a link to one of those auctions or foreclosures that OP referenced. I follow real estate pretty close and I haven't seen one in years.

clwahlstrom 09-10-2024 06:27 AM
I love the Tampa area. Why not go back?

coleprice 09-10-2024 06:35 AM
If you are an active person over the age of 55, then I don't think that you can find a better place to live than The Villages. My wife and I are year-around residents who moved here 4 years ago and we love it! We took up golf, play various things at rec centers (Bocci, Water Volleyball, etc.) and go dancing to Live Bands at the Town Squares. Plus, we have great neighbors. Come for a visit to check it out for yourself.

rvalukonis 09-10-2024 06:53 AM
Quote:
Originally Posted by Pugchief (Post 2369068)
This makes no sense. Why would anyone pay all the loan origination fees only to pay down the principal 30 days later? If they don't need a mortgage why take one unless interest rates are super low? Which they are not currently.
I bought another house before I sold and closed on my former property. When I did get the equity, I put it against the new mortgage. For a small fee the bank recalculated the monthly payment based on the new balance.

opinionist 09-10-2024 06:53 AM
I would not be concerned about a drop in home prices. The Villages is HUGE, and total activity versus a smaller community can be misleading. Many people prefer to be snowbirds to get away from the summer heat and humidity. I have no problem with the summers here and enjoy the location year-round. Finding your best location in the Villages would be your most challenging problem.

asianthree 09-10-2024 07:21 AM
Quote:
Originally Posted by RoseyRed (Post 2369114)
Sometimes paying cash for a house will trigger large tax payments, therefore some folks perfer to have the mortgage. Not sure why they would pay down principal 30 days after purchase. Would be interested to hear the logic on that.
Interest rate, is the reason for quick pay down. Many buy the house then sell current one after move. Bonus our banks offer little or no closing costs.

A mortgage at $400,000 with 7% interest rate can rack up $3000 a month in interest. One also has to wait until first payment has been paid to pay down principal. If you are making more money on investment, no brainer where your money should be.

Your financial guy can help with how your money works for you. In high interest rate years we take out mortgage, then pay down.
Once one of our other homes sell, we invest, pay cash for home improvements, pay down mortgage. All of our mortgages never longer than 7 years.

My parents freaked at ever having any debt, once their advisor stated making them more money than interest, they became more comfortable making money with their money. Our financial team has been very beneficial according to our tax accountant

airstreamingypsy 09-10-2024 07:24 AM
"We moved to Savannah last year to support my son in the Military. He is now almost ready for discharge in the next year and we are seeking an ideal place to live back in Florida."

It sounds like you are bringing your son with you? If so, I doubt he will enjoy it here.

Justputt 09-10-2024 07:26 AM
Quote:
Originally Posted by kbrkr (Post 2368995)
We've lived in the Tampa area for 13 years. We moved to Savannah last year to support my son in the Military. He is now almost ready for discharge in the next year and we are seeking an ideal place to live back in Florida. We've been watching tons of Youtube videos, reading forum posts, looking at homes, etc etc doing our research about TV. We absolutely want to embrace the lifestyle and make friends and embrace the activities. We are waiting until we get closer to his discharge before we do a lifestyle visit where we can pull the trigger on a home purchase (pre-owned preferrably).

However, I am concerned. I'm seeing many many homes for sale. Prices are dropping and I see auction and foreclosures. I'm seeing the developer drop the prices of the new homes down above Eastport, and those new homes which are going up are going to dilute the market.

Is there something I should know about before we decide to make TV our permanent home?

Please no flames or do I wish to start any negativity with my post; I am genuinely doing my due diligence and research.

Thanks and Regards,
Al
Are you buying to invest or retire and enjoy life? If the latter, this is a great place. We purchased last Nov., and I fully retired in April. In the 4 months we've lived here fulltime my wife and I have met more people than in any place we've ever lived and without even trying. Do a week Lifestyle visit, spend time in the town squares, rec center pools (adult pools are great to meet folks), play a couple rounds of golf, etc. As for home prices, they peaked during Covid, the builder is steady building regardless of anything else, so supply swings wild depending on many things like interest rates. The builder will not negotiate prices, but they will make market adjustments globally to move inventory.

MX rider 09-10-2024 07:27 AM
We just sold our 2 bedroom ranch after 3 months on the market. We bought a 3br with a corner lot and love it.
I would say it's a buyers market right now. We bought 2 years ago when the market was hot. We took a little less than we had planned and pretty much broke even on this sale, although we did spend money on some improvements.

That said, after 1 snowbird season we decided TV was the best place for us to spend an active retirement. Our Indiana home is for sale now, and we'll be moving there full time in Oct.

TV isn't a good fit for everyone, it depends on what you want out of your retirement.

SaucyJim 09-10-2024 07:35 AM
Quote:
Originally Posted by Pugchief (Post 2369068)
This makes no sense. Why would anyone pay all the loan origination fees only to pay down the principal 30 days later? If they don't need a mortgage why take one unless interest rates are super low? Which they are not currently.
A bridge loan until they sell their previous house. Allows them to make offers without that contingency.

PurePeach 09-10-2024 07:45 AM
We don’t, at least SECO customers don’t lose power. Good place to buy.[/QUOTE]

I’m a SECO customer in the northern end and we have lost power twice in the past 5-6 weeks, but only for a short period of time and once during our first year (2021) for several hours, but none were weather related.


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