The market in October has been very strong in our area. 96 single family homes have either sold (48), have a contract and are pending (38), or, have a contract and remain active (10). By contrast, there are 442 single family homes active for sale. These numbers are for homes from SW 88 Street to SW 184 Street, east of US 1.
At the pace of the last 30 days (ending October 22) we have less than five months’ inventory available, overall. For closed sales there are roughly ten months of inventory, and the same for pending and active with contract, combined. We are in the last stretch of the year with an average three homes selling every day. And, it’s getting colder in the north. Welcome back snow birds. Yes, they do buy single family homes, too.
This past month several thoughts came that I wanted to share. One, from a single person in her late 60’s looking at a condo for purchase. Her motivation is to down size from a large single-family home to a low-maintenance living accommodation. She said, “I don’t own the home, the house owns me!” She will live somewhere that is easy with regards to upkeep and will give her the chance to use her most valuable asset, time, to do exactly what she pleases. Be it dinner with a friend or travel to see grandchildren.
Another couple of similar age described their interest in buying a condo as having a “convenient life style.” Much the same motivation as the previous buyer described above.
Speaking of grandchildren, it’s fun to see just how much they fuel the economy, including in real estate. Well, it may instead be a direct effect when it comes to real estate and travel. One grandparent described how much he and his wife travel to New York, where the grandchildren live. Their lives have changed and now revolve around their visits to the kids. Another set of grandparents got a huge smile on their faces with the prospect of moving to Brooklyn, where they can interact with the kids more regularly. Maybe not live on the same block, they said. Surely, the grandkids will benefit from having grandma and grandpa nearby. Last, a recent sale of a single family home freed grandma up to move to Central Florida to be with the kids. Our business truly is that of helping people move to where they really want to live. As sellers who want to move out and buyers that want to move in, or right size. Thank you for the opportunity to be of service.
An alternative thought is “to age in place.” Generally, it means we will invest into our homes to make them more convenient for our current use until the day comes where there is real motivation to “sell this house!” Those that have lived in the same house for many years have the lowest cost basis to make a return on the investment that is required to improve the home. It is satisfying to many beyond any financial calculation. A gentleman described his current situation as being past the point in his life where he needs to do transactions. In fact, he has not had a business card in more than five years. He doesn’t need it to take on the projects he likes, which include serving at his church and restoring old cars and an old home, among other activities.
The great news is that if you have been in your house for many years you have enjoyed watching the value of your home rise and even outperform inflation. That’s also something buyers will consider when making their decision on which house to make their home.
In the meantime, we wish you a very happy and blessed Thanksgiving Day with family, friends and loved ones. Wishing you the gift of faith and the blessing of hope this special day! Thank you for all you do to support our family business.
Frank DeValdivielso, a member the Miami FL Team and The Keyes Company, is based out of 2423 Le Jeune Road, Coral Gables, FL 33134. For more information you can reach Frank at his office, 786 378 8450, or cell, 786 273 8507. You can also email him at RealEstate@MiamiFLTeam.com and please be sure to visit www.MiamiFLTeam.com for the latest listing and news regarding real estate. Call to sign up for a free monthly market report of your zip code.