With Record Real Estate Prices, Now Is A Good Time To Sell Your Home
Things are coming to a boil in the market for U.S. homes, and it may be the right time to sell.
In October, prices for houses across the U.S. registered the fifth-largest monthly gain since 1996 and the strongest in 15 years. The heat is coming from a mix of factors, including limited inventory, suburban migration and rock-bottom interest rates.
According to a recent report from the Federal Housing Finance Agency, U.S. home prices rose 7.8% in the 12 months ended September 30, the fastest climb in more than a decade. The typical U.S. home appreciated by 1% in October alone, to $262,604, the best monthly gain since the summer and fall of 2005
“This is some of the fastest home price appreciation in the modern era,” says Jeff Tucker, a senior economist at Zillow, which compiled the data on October’s spike. “I don’t think this pace of appreciation can go on forever. It’s just too hot.”. .…READ MORE
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The Current Miami Springs Market
SELLERS, THIS IS THE MOMENT! SELL NOW!
The inventory remains tight. There are 19 listings this week–the second lowest week this year! The market is still hot and that is great news for Sellers. Please refer to the articles posted on our website.
Fourteen (14) listings are priced over $500,000. One (1) property is listed over $1,000,000. Seven (7) active listings have had a price reduction (1 this week). We are still in a Seller’s market, but many uncertainties lie ahead with the pandemic resurge, impact of the elections, economy, and likely increased inventory.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!
Mortgage interest rates remain historically low, and there are serious Buyers buying! Timing is everything. The demand is high for properties under $400,000. There is ONLY ONE (1) listing under $400,000. The lowest priced active listing is $380,000. This makes it more difficult for Buyers looking in that range due to competition from other Buyers. Competition from multiple offers have become more frequent. Seven (7) properties are priced between $400,000-$500,000. Eight (8) properties are priced between $500,000-$700,000. Four (4) properties are priced between $800,000 and over $1 million.
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.
A GREAT TIME TO BUY OR SELL!
During the period of December 18, 2020 through December 25, 2020 there were reported 3 new listings, 3 closed sales, 1 pending sale, 0 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 1 price reduction and 0 price increases.
Low Inventory + Low Interest Rates = Seller's Market.
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, December 25, 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: firstname.lastname@example.org
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