CONTRACTORS, HANDYMEN, LOAN BROKERS, EVEN FAMILY CAN SCAM OLDER HOMEOWNERS. WHAT TO KNOW

via miamiherald.com—Every few years, federal regulators issue warnings to banks and credit unions about the dangers of senior financial abuse. But it isn’t just up to financial institutions to spot instances of potential fraud. It’s also up to anyone with a family member or friend who’s getting up in years — especially if they own their home. Older homeowners are a prime target for swindlers, and it’s easy to see why. Not only are seniors viewed as vulnerable and trusting, but homeowners 62 and older are sitting atop roughly $14 trillion of housing wealth. Unfortunately, an AARP report says that older adults lose around $28.3 billion annually to some form of financial exploitation. And the Financial Crimes Enforcement Network, part of the U.S. Treasury Department, says banking institutions filed more than 155,000 elder financial victimization reports in the 12-month period ending in June 2023.

These reports don’t break out figures related solely to the housing sector. But financial exploitation can take many forms, as do those who prey on unsuspecting seniors. Sometimes, for example, rogue loan officers or real estate agents persuade an elderly homeowner to sign false loan documents and keep the proceeds for themselves. Sometimes, they even take over the senior’s house. More often, though, the culprit is a family member. Verified cases by the New York State Office of Children and Family Services found that two-thirds of elderly fraud perpetrators were family members. Sons are most likely to rip off a parent or grandparent, according to a MetLife study. But fake paramours, fly-by-night contractors, bogus handymen and shady housing professionals are guilty, too.

Most mortgage lenders, real estate professionals and contractors act lawfully. But some don’t. The message here is clear: If there is an elder in your life who is considering a reverse mortgage, home equity loan or some other type of financing, or is even just hiring someone to remodel a kitchen or bath, gently talk to them about their plans. Make sure it makes financial sense. This, of course, assumes your senior is willing to…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are still twenty-four (24) active listings in the Miami Springs/Virginia Gardens market-- no change from last week. Approximately 33% of the active listings are over $1,000,000! We are seeing a number of price decreases on active listings, which is good for buyers, but sold prices remain strong for sellers. There are still serious qualified buyers looking for the right property and multiple offers still happen in some cases. Timing is everything in this interesting market!

We had been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for some buyers. High interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit. Properties are staying on the market for longer but some houses still quickly sell. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates are just under 7%. Rates are expected to fluctuate between 6-7% in 2025. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 55 days. Eleven (11) of the active listings had a price reduction—two (2) this week! There are two (2) new pending sales this week. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no properties listed under $500,000. There is one (1) listing priced between $500,000-$600,000; five (5) listings are priced between $600,000-$700,000; two (2) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; seven (7) between $1-2 million; and one (1) priced for over $2 million.

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

During the period of January 10, 2025 through January 17, 2025, there were reported 1 new listing, 0 closed sales, 1 pending sale, 1 active with contract, 1 expired listing, 0 cancelled listing, 0 temp off market, 2 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of January 17, 2025. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  [email protected]

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