FEATURED PROPERTY
27 HuntingLodge Dr
one of the original homes built in Miami Springs circa 1924
(for complete info click on photo)
Millennials drive mortgage refinance boom,
and lenders are scrambling
Mortgage interest rates have been falling since May, especially sharply this month, so borrowers, especially millennials, are rushing to refinance. Applications to refinance were up a stunning 116% this week compared with a year ago, according to the Mortgage Bankers Association. That has lenders scrambling to keep up. Quicken Loans, the nation’s largest mortgage lender, just saw the best quarter for mortgage originations in the company’s 34-year history. It originated more than $11 billion in mortgage volume in June alone, the highest for any month ever, according to a release. That brought the total quarter volume to….READ MORE
What Is an Amortization Schedule?
What is an amortization schedule? When you borrow money to buy a home, one of the documents you’ll see is an amortization schedule provided by your mortgage lender who could be a retail bank, a mortgage bank, a mortgage broker, or other lender. The word “amortization” refers to the repayment of a debt through regular payments until the loan is paid off in full.…READ MORE
The Miami Springs & VG markets continue to be strong.
Inventory remained stable.
This is good for buyers and sellers
47 active listings this week, with 2 new ones
2 closed sales this week
8 listings under $400,000
22 active listings are priced over $500,000
3 properties are listed over $1,000,000
One of the Million+ properties is now a Pending Sale
16 active listings have had a price reduction (3 this week). What does this mean? Usually, the property was overpriced from the beginning. Thesellers are recognizing the market is changing. Prices are not increasing as fast as the last several years. Sellers should not miss potential buyers and deal with increased competition.
The demand is high for properties under $400,000. There are 8 listings under $400,000. Experts say a shift is on its way. I am still waiting. I don’t see it for now. Prices remain strong. Mortgage Interest rates dropped and remain low. Sellers that haven’t been able to sell their property in this market should re-evaluate their position and adjust accordingly based on their circumstance. Timing is everything. If you re on the fence about selling, get off and put your house on the market.
During the period of August 2, 2019, through August 9, 2019 there were reported 2 new listings, 2 closed sales, 3 pending sales, 1 active with contract, 1 expired listing, 1 cancelled listing, 3 price reductions and 0 price increases. Interest rates remain very good. A GREAT TIME TO BUY OR SELL.
Attention Sellers!
Low Inventory + Low Interest rates + Increasing prices = Sellers Market.
The Market will change. Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, August 9, 2019. 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: charlie@leonardrealestategroup.com
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however, we service all of South Florida
Let Us Show You How We Can Get Your Property Sold
at the Highest Possible Price
