THE HOUSING MARKET
MEETS THE 'SANDWICH GENERATION'

via themortgagepoint.com—The Merriam-Webster Dictionary defines the “sandwich generation” as a generation of people who are caring for their aging parents while supporting their own children—and according to new research by Realtor.com, 17% (or one-in-six Americans) of Americans fall into this designation who are taking care of children under 18, and their parents/grandparents; an impact which has surprisingly led them to homeownership.

The report also examines how the current Sandwith Generation has received support to help save for retirement or afford a home of their own.

“Unfortunately for home shoppers, affordability is still a big challenge in the current housing market, but for the Sandwich Generation, family support is providing a helping hand when it comes to finances,” said Laura Eddy, VP Research and Insight for Realtor.com. “Over half of adults within the Sandwich Generation who receive financial support from family members report that this support is helping them to afford a home, while a little less than half (47%) said the support helped them save for retirement.”

Being in the Sandwich Generation is equal part negative and helpful

The ongoing lack of available inventory has kept home prices high and competition intense among buyers. For the Sandwich Generation, nearly half (47%) say their caregiving circumstances have impacted their finances, including...READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-six (36) active listings in the MS/VG market this week. Almost 40% of the listings are over $1,000,000.00! Two of the listings are spec houses that have not yet been built. One is listed for a whopping $3.2 million! We do not use spec listings in calculating market values for this report. Inventory has hovered around 30+/- listings these last months. Increased inventory is better for Buyers, but prices remain strong for Sellers. We are truly in a unique market! Though the market appears to be slowing down a bit, prices remain strong in Miami Springs and Virginia Gardens and demand continues despite high interest rates and high prices. Please refer to the articles posted on our website.

There are fourteen (14) active listings over one million dollars. Thirteen (13) of the active listings have had a price reduction; one (1) this week. There are two (2) pending sales this week. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for Buyers. The high interest rates, however, 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 and properties are staying on the market for longer. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates are just under 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are more common again. The number of days properties are staying on the market is averaging 56 days. There are no properties listed under $500,000. The limited options for entry-level homes, higher interest rates, and homeowner insurance costs make it difficult for first-time Buyers. There is one (1) listing priced between $500,000-$600,000; eight (8) listings are priced between $600,000-$700,000; five (5) are priced between $700,000-$800,000; three (3) are priced between $800,000-$900,000; five (5) are priced between $900,000-$1,000,000; twelve (12) between $1-2 million; and two (2) spec houses listed for over $2.5 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of June 21, 2024 through June 28, 2024, there were reported 5 new listings, 2 closed sales, 2 pending sales, 1 active with contract, 1 expired listing, 0 cancelled listings, 0 temp off market, 1 price reduction, 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 June 28, 2024. 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:  charlie@leonardrealestategroup.com

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