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Originally Posted by SoCalGal
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As the article you attached says, “The typical value of a home in Florida went up by roughly 60 percent over the past five years, according to data from Reventure App. In November 2019, the typical value of a home in the Sunshine State was $243,000; in November 2024, it was $389,000. At the same time, mortgage rates went up from 3.7 percent to 6.8 percent.”
I’d say that in The Villages, home prices went up much more than was to be expected for a couple years. When mortgage rates climbed, homes kept selling, but they took longer to sell, though sales prices haven’t dropped much. They have mostly stayed steady or climbed slower. I know that when I bought my first house here almost five years ago, my mortgage was 3.5%. At 6.8%, I wouldn’t have been buying a home. Someone is buying, though.
My first home here, 1600 sq ft with pool and on a golf course, I sold two years later and made $85,000 on it (before fees, which were a lot). I bought a 1200 courtyard Villa and was able to pay cash. I’m glad I made that profit on the first house, but it was just luck, really. At present, I would lose money on my current house after my improvements. I don’t think careful people buying here are likely to have to sell for less than they paid, but their home values are not likely to shoot up in the next few years the way mine did. Living here is worth it, though.