Home Buying in The Villages>Question Details

Jae & Rick L…, Home Buyer in 32256

Property values are going down in the Villages. Is it better to wait until summer to buy an investment home?

Asked by Jae & Rick Leggett, 32256 Sat Jan 17, 2009

Concerned about the trends, but want to buy in the Villages as an investment. Golf villas are too small. What suits renters best? We will need an exutive home in the future.

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No matter what you do now or later there will always be a better deal. The best advice I can offer is decide what you want and how much you are willing to spend. Then consult a Realtor and see if he/she can help you make your desires a reality. And, if you can't get want you want at the amount you want to invest, a good agent will keep you abreast of the market and you can base further decisions on the actual market and not just a dream.
0 votes Thank Flag Link Thu Apr 16, 2009
One thing you can be sure, prices come down slowly but go up very quickly....Look at gas...I wish I had a Crystal Ball.
0 votes Thank Flag Link Tue Mar 10, 2009
You got some bad avice here.

John told you in 1/09: "You can find good deals in the Villages you just need to look and keep looking until you find the ONE! "

Meanwhile prices went down even more.

Bad advice. You would have lost money.
0 votes Thank Flag Link Mon Mar 9, 2009
Jae and Rick ,
Now is the busy market for The Villages. Things slow down after Easter and many folks remove their homes from the market. There are currently some great buys in The Villages. Are you paying cash or getting a mortgage. There is currently no norm for this type of market. I will say The Villages is one of the strongest markets in the country. Homes are selling and people are still buying!!!!

Crystal McCall Keller Williams Realty 352 427 1010
0 votes Thank Flag Link Sun Jan 18, 2009
Jae & Rick,

Although you don't want to pay too much for a home, thereby losing money on your investment at the outset, you need to do what is right for you and your future plans. Trying to speculate on what the difference will be in buying now and buying this summer is difficult at best. You are looking at what I assume is a long term investment, purchasing a home now to rent out now and later live in as a primary residence. So even if you were to buy now and home values drop for the next six months you will continue to own the home as values increase, which they will begin to do eventually.

You need to purchase smartly -- look at the neighborhood as a whole. The Villages homes are mostly owned by seniors as a primary residence. These owners for the most part did not purchase with subprime lending practices and therefore are somewhat buffered from the foreclosure situation which is rapidly declining property values in other areas. One or two foreclosures in a neighborhood is okay, when more than ten percent of the homes in a neighborhood are in some stage of foreclosure buying in that neighborhood would be a risky investment.

You also need to look at what type of home is going to provide you with a steady rental income until it comes time to live in the home yourself. I would look at homes with 3 bedrooms and at least 1500 square feet of living area to suit a wide variety of renters. I would also take into special consideration the age of the home and maintenance records. If you are going to be a long-distance landlord you want to make sure you aren't going to have to be arranging for major repairs and/or appliance breakdowns on a regular basis. You also need to consider Home Owners Association fees and what they cover. And keep in mind the costs of maintaining the home, taxes, mortgage costs, insurance, and HOA fees when determining what amount of rent you are going to charge. Make sure the rent covers your expenses without pricing yourself out of the rental market.

All in all deciding whether to buy now or wait until summer depends on you and your situation. Six months ago I would have told you the market had pretty much corrected itself and not to worry about home prices declining much more. Today I will tell you it is an excellent time to purchase a home as long as you are considering a long term investment and you really do your homework.

I suggest you hire a REALTOR to work with. A REALTOR can give you the best advice based on your particular situation and find homes for your consideration that would be the best investment for you.

If you have additional questions feel free to contact me.

Thank You,
JoEllen
0 votes Thank Flag Link Sat Jan 17, 2009
Yes, at last the Villages are starting to react to the market. While they still have lots of incoming buyers, the fact other homes in the area are far cheaper is starting to have effect. The Village Realtors are doing their best to hold up prices. They are the listing agents after all.

You can find good deals in the Villages you just need to look and keep looking until you find the ONE!

Also, you might look at several other areas.

Give me a call and we can set up some searches that will get you listings when they come on the market. This way you will see all that is going on as it happens.

John

352-978-4539
0 votes Thank Flag Link Sat Jan 17, 2009
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