The Villages, Florida is one of the fastest growing communities in the U.S., with thousands of new residents every year. As a result, many of these homebuyers are getting a mortgage to finance their new home that will take them into their retirement years.
If you are unfamiliar with The Villages, it’s a census-designated place located about 60 miles north of Tampa Bay, and one of the biggest and most attractive retirement communities in the world.
Let’s take a closer look at The Villages to understand why this sunny paradise has attracted so many retirees. We’ll dive into the real estate market, and share some tips to get a mortgage in The Villages.
The Villages Real Estate by the Numbers
It’s easy to understand how the stability of a large retirement community influences home prices and growth rates, when examining the real estate stats for The Villages.
Currently, the median home value in The Villages sits at $ 246,300, which is notably higher than the national median of $188,100 and Florida median of $192,600. While home prices in The Villages were hit just as hard as other areas in Florida during the 2006 housing crash, they recovered quickly, and have almost hit pre-crash levels.
While the current median home value in The Villages paints an attractive picture of real estate in the area, there is one other factor to consider before purchasing a home in this quintessential retirement community. Recently, home values have been steady.
Looking at the numbers, it’s clear that buying a home in The Villages isn’t a “get rich quick” plan. But purchasing a home in this community is a great choice for stability, especially for retired individuals living on a fixed income.
Why Real Estate in The Villages Is Desirable
For individuals seeking to live in a retirement community, The Villages offers a little bit of everything.
The Villages operates 39 golf courses, including championship courses designed by some of the top names in the world, executive courses, and driving ranges. There are also 11 parks, in addition to Neighborhood Centers, Village Centers, and Regional Centers.
Several other factors that retired individuals look for in a community are also present in The Villages, including sun-filled days, with The Villages averaging 238 days of sun per year in addition to moderate temperatures year round.
Getting a Mortgage in The Villages
Getting a mortgage in The Villages can be accomplished in less than 30 days from the time you put a contract on a home.
Start by getting pre-qualified for a mortgage, which can be accomplished in just a few minutes over the phone. This will allow you to immediately contact a Realtor and start looking for a home as a qualified buyer.
Then as you look for a home, you can work with your mortgage broker on the longer process of becoming pre-approved for a mortgage.
Once you are pre-approved, the lender will typically request a few more things you’ll need to comply with, then you’ll receive a “clear to close” and the lender will send the paperwork for closing to the title company/closing agent.
Marimark Mortgage is based in Tampa, Florida, and proudly serves homebuyers and homeowners in The Villages.
We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.