Home Values Sure To Keep Rising

The Cherry Group, The Coconut Grove Realtors, received a report a few moments ago from our Broker, Coldwell Banker. Look out! Inventory, on average, in Miami is down to 6.3 months from its high of 36 months of inventory at the height of the housing crisis in 2008. Broward County has about 5.4 months. Shorter supply means prices are moving up. Beginning to get calls from Art Basil visitors wanting to see properties, especially with lots of wall space.

Still Have to Patient When Listing

The Cherry Group, The Coconut Grove Realtors, is often asked by clients, "Are these people looking at my home serious"? The answer comes from how long they've been looking and how specific they are in communicating their wants and needs. The National Association of Realtors reports the median home search is 12 weeks. So when I ask a buyer how long have they been looking, it's an important question. If they just started their search, we might not see them again for a few months, if ever. When a buyer tells us he's not sure what community he wants to live in, we know he has a long way to go before coming back. On the other hand, should he say "I want Coconut Grove, a 4/3 mid-century modern with a bigger lot and great pool (have one like that a 3941 Crawford in the Grove), we know he's ready to get serious. Time looking and specific wants and needs mean a lot to a seasoned Realtor. By the way, average days on market in Miami-Dade is now down from 116 to 106 days.

Baby Boomers Coming to the Plate

There are 79 million baby boomers, and this year, the oldest boomers turn 65. Their impact on the economy is enormous, so looking at the home buying trends of this group highlights interesting differences between older and younger boomers. A new survey from Coldwell Banker reveals that younger baby boomers are interested in purchasing a second home (34 percent) as compared to their older boomer counterparts (22 percent). Here are some highlights of what we learned:
Not surprisingly, 87 percent of 1,300 agents and Brokers polled agree that the economy is delaying baby boomers’ plans to sell their homes.
However, the desire to own one or more homes in this generation remains strong. 87 percent of the respondents have boomer-aged clients who already own or are looking to own and investment property.
80 percent of respondents said that older boomers (age 56-64) are more likely to want to downsize than younger boomers, but it’s not all about money: 49 percent said the primary reason boomers in general are downsizing is for a simpler lifestyle.
More than one-third (34 percent) of agents say younger baby boomers (ages 47-55) are interested in purchasing a second home, and 31 percent of respondents say they are working with younger boomers selling and looking for larger homes The Cherry Group, the Coconut Grove Realtors, hasn't seen any noticeable influx in single family home sales here with this demographic. All of our sales have been with International, all-cash buyers in their forties and fifties.

The Cherry Group, The Coconut Grove Realtors, Takes Another Great Grove Home Pending

The Cherry Group, The Coconut Grove Realtors, brought the international, all-cash buyer to it's listing at 3512 Bayshore Villas Drive. Asking $1,735,000, the three story single family home is the ultimate in European elegance and one of 25 homes in the gated enclave , Bayshore Villas. The Cherry Group at Coldwell Banker was selected by CitiGold, CitiBank's high equity client division, as its exclusive Realtors. Through that relationship and significant investments in international marketing, The Cherry Group has repeatedly brought cash buyers to its listings.

The Cherry Group, The Coconut Grove Realtors, Shares Its Latest Newsletter

Enjoy our Florida statewide and national HOUSING TRENDS NEWSLETTER http://thecherrygroup.housingtrendsenewsletter.com/ . Among other items you'll see is that in most markets, it still makes more sense to own than to rent. The Cherry Group, The Coconut Grove Realtors, always has the latest data to enable you to make informed decisions if you're selling here or buying anywhere in the United states.