HOT HOUSING MARKET DRIVES HOME FIX-UPS
NEW YORK – More homeowners plan to renovate their homes this year. The remodel trend took off during pandemic lockdowns when homeowners had little else to do and a general frustration with a home when they had to spend 24 hours a day within it.
Now, owners are spiffing up their home because they can afford to do so, thanks to higher home prices and their home’s increased equity, according to Bank of America’s “2021 Homebuyer Insights Report: Home Improvement and Equity Spotlight.”
As home prices surge, more homeowners are tapping HELOCs (Home Equity Lines of Credit) to make significant home improvements. Gen X homeowners (ages 44 to 56) are the most likely to report using HELOCs for home improvements.
“Greater reliance on the home as both a workspace and a family center has led many owners to tailor their homes to their needs,” the report says.
Most respondents don’t focus too heavily on increasing their home’s value, however. The majority said they’re viewing home improvements as a way to bring greater enjoyment to their living space (67%). Only 33% said they’re undertaking updates to increase their home’s value (33%).
“Traditionally, home improvement projects have been measured through the lens of return on investment (ROI), but we’re seeing that the emotional connection to one’s home is just as important,” says Ann Thompson, specialty lending executive at Bank of America. Remodeling trends..…READ MORE
A GREAT TIME TO SELL!!
DISCOVER MIAMI SPRINGS!
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The Current Miami Springs Market
Keep an eye on increasing inventory. There are now 23 active listings in the MS/VG market. The inventory remains low, but has increased in recent weeks. However, prices remain strong in Miami Springs and Virginia Gardens. There are many qualified Buyers, but the market is still favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.
SELLERS, THIS IS THE MOMENT! SELL NOW!
Nineteen (19) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Five (5) active listings have had a price reduction (0 this week). We remain in a strong Sellers' market with high demand. The market will change! Increased inventory is on the horizon, with increased foreclosures coming later this year.
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates remain historically low, and there are serious Buyers buying. Timing is everything! The demand is high, especially for properties under $400,000. There are no listings under $400,000. This lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Four (4) properties are priced between $400,000-$500,000; eleven (11) properties are priced between $500,000-$700,000; two (2) properties are priced between $700,000-$800,000; and six (6) properties are priced between $800,000 and over $1 million.
A GREAT TIME TO BUY OR SELL!
During the period of August 6, 2021 through August 13, 2021, there were reported 3 new listings, 6 closed sales, 4 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 2 Temp off market, 0 price reductions and 0 price increases.
Low Inventory + Low Interest Rates = Seller's Market.
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, August 13, 2021. 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.
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