#1 Question I get from long term residents: “Where will I go if I sell?”
10 Reasons to Sell Your home and downsize:
Long term residents have significant equity in their homes: Your property's value has likely appreciated substantially, offering a considerable return on your initial investment. The average 3 bedroom house in Miami Shores prior to 2000 sold for around $300,000; 2015 for around $650,000; compared to now for $1,500,000+.
Market Conditions: While Miami Shores home prices have seen a slight decrease, they remain strong in Miami Shores. Although homes are selling around 91% of list price, the average 3 bedroom home is still up over 50% since 2020 in the 33138 zip code.
Buyer Demand: Homes are selling faster, averaging 53 days on the market, indicating sustained buyer interest for homes that are priced right. There is a shortage of inventory at this time.
Downsizing Opportunities: Selling now allows you to capitalize on your home's value and transition to a residence that better fits your current lifestyle needs. Why wait until you have to move due to a physical or medical reason? Preparing allows you to make an educated decision about where to move.
Lower Maintenance: A smaller home or a property in a community with maintenance services can reduce the physical and financial burden of upkeep. Older homes require expensive updates such as roof, plumbing etc. Condo’s require very little maintenance. Although the condo market has been undergoing certification and reserve assessments, there are buildings in compliance.
Tax Advantages: Utilizing the capital gains tax exemption for primary residences can result in significant tax savings.
Diversify Investments: Proceeds from the sale can be invested in various financial instruments to generate income and diversify your portfolio, making funds liquid and available to travel and enjoy.
Lifestyle Change: Relocating can bring you closer to family, healthcare facilities, or preferred recreational activities, also for traveling and a more flexible lifestyle.
Avoid Market Volatility: Selling in a stable market can protect you from potential future downturns. In 2008 home owners couldn’t sell for many years due to loss of equity.
Simplify Living: Transitioning to a community designed for older adults can offer amenities and social opportunities tailored to your interests. There are many different types in Miami and Sth Florida catering to a diverse range of needs and interests. For example a consider downsizing to a smaller home, condo, assisted living, over 55 community, gated community or with a family member.
🏡 Where to Move: Local & Sth Florida Area Options
Local Options in Miami Shores & Surrounding Areas
Purchasing a condo or smaller home in the area: Many Miami Shores residents enjoy moving to Quayside, Jockey Club and Cricket Club so they can continue to enjoy the Miami Shores community. Although these complexes do have high association fees, they offer a lifestyle that is social and active including gym, restaurant, tennis, pickleball etc.
Renting: The average rent in Miami Shores is approximately $3,846 per month Downsizing to a rental property can offer flexibility and reduce responsibilities. The equity from the sale of your home can be put in more liquid investments, allowing flexibility.
55+ Communities: Consider retirement communities, there are many varieties in Sth. Florida that offer rental and purchase options.
Options further north
Purchasing a home: The median listing price in Stuart is around $439,000, providing more affordable housing options compared to Miami Shores.
Renting:: Average rent in Stuart is approximately $2,500 per month, offering a cost-effective alternative to homeownership.
55+ Communities: Stuart and the surrounding Martin County area have several active adult communities that provide amenities such as clubhouses, fitness centers, and social events.
Selling your Miami Shores home now can provide financial benefits and the opportunity to transition into a living situation that better suits your current lifestyle and needs. If you would like assistance exploring these options further, feel free to reach out to Jacqui Murdocco (305)301-1690.