Experts Share Predictions
For The Rest Of 2020
Mortgage rates are searching for a historic bottom. Home prices are inching up toward record highs. Home shoppers are looking for deals. Homeowners are weighing selling versus refinancing.
A lot is going on in the U.S. housing market on the backdrop of an even messier national state of affairs. After an unprecedented first half of 2020, what could the next six months bring? Here is what five housing economists and experts anticipate.
- Is it going to be a V-shaped or a W-shaped housing market recovery? Why?
- What housing indicators will trend up in the second half of 2020?
- What housing indicators might be slower to recover than others? Why?
- What will have to happen for more home sellers to come back to the market?
- Is the home-buying demand we are seeing today sustainable for the rest of the year?
- Where are home prices going?
- Going into the second half of 2020, what concerns you and why … READ MORE
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The Current Miami Springs Market
The market continues to be full of activity, especially in entry level homes. There are only 28 active listings this week– much lower inventory compared to last year. Great news for Sellers. The market is hot. Please refer to the article posted on our website. We are optimistic that things will continue to improve. We do expect a gradual increase in inventory over time.
Fifteen (15) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Twelve (12) active listings have had a price reduction (4 this week). This usually means that the property is overpriced. Some Sellers may want to re-evaluate their pricing to motivate Buyers. We are still in a Seller’s market and there should be fewer price reductions as the inventory decreases.
Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!
Mortgage interest rates remain low, and there are serious Buyers buying! Timing is everything. If you're on the fence about selling, now is the time to get off and put your house on the market.
The demand is high for properties under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Multiple Offers expected for entry-level Buyers. There is only one (1) listing under $400,000. Eleven (11) properties are priced between $400,000-$500,000.
Property price reductions? What does this mean? Usually, the property was overpriced from the beginning. However, sellers are recognizing the market change. There are less price reductions as the inventory decreases. Sellers that haven’t been able to sell their property in this market should re-evaluate their strategy and adjust accordingly based on the current market circumstances.
During the period of July 31, 2020 through August 7, 2020 there were reported 2 new listings, 4 closed sales, 4 pending sales, 2 active with contract, 1 expired listing, 0 cancelled listings, 0 Temp off market, 4 price reductions and 0 price increases. Interest rates remain low. A GREAT TIME TO BUY OR SELL.
Attention Sellers! Low Inventory + Low Interest Rates = Seller's Market. Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, August 7, 2020. All closed sales are within the last 90 days.
HOW DOES YOUR HOUSE COMPARE?
*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@example.com
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