2023 HOUSING MARKET FORECAST AND PREDICTIONS: HOMEBUYING COSTS AREN’T COMING DOWN
The major question on the minds of homeowners and aspiring buyers alike is what will happen to home prices. In the second quarter, the value of owner-occupied household real estate was a record-high $41.2 trillion or an average $489,185 for each of the 84.2 million households who own their primary homes. Put another way, every 1% change in the price of homes is a swing of more than $400 billion dollars. Record-high real estate wealth is in large part due to the more than decade-long increase in the price of homes which are expected to notch double-digit gains for a second year in 2022. Soaring prices were propelled by all-time low mortgage rates which are a thing of the past. As a result, home price growth is expected to continue slowing, dipping below its pre-pandemic average to 5.4% for 2023, as a whole. As higher mortgage rates cut into homebuyer purchasing power, the monthly cost of financing the typical for-sale home will average more than $2,430 in 2023. This would be a nearly 28% increase over the mortgage payment in 2022, and roughly double the typical payment for buyers in 2021.…READ MORE
Miami Springs Property Owners
HELP LOWER YOUR PROPERTY TAXES !!!
Having lower property taxes is what our beautiful city is missing. The annexation option is the best and quickest way that Miami Springs can acheive many economic benefits including lower property taxes.
It is important to communicate with all the County Commissioners to let them know that you, as a property owner in Miami Springs, fully support annexation. You can do this by emailing all commissioners.
First of all Congratulate our new District 6 Commissioner, Kevin Cabrera. Commissioner Cabrera, would love to hear about you support of annexation for Miami Springs.
Please send all commissioners a simple email:
We are in favor of the Miami Springs Annexation and would like your support in this effort.
Please include your name and address so they know you are a real person. .....CLICK HERE FOR ALL COMMISSIONER EMAILS
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The Current Miami Springs Market
TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION
There are thirty-one (31) active listings in the MS/VG market again this week; down from last week (37). The inventory had averaged approximately 25-30 listings the last several months. I expect continued increases in the months ahead. Pending sales have slowed. A definite sign that sales have slowed down. Values remain fairly strong in Miami Springs and Virginia Gardens, but we have had some price decreases. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! The market is starting to transition, and Sellers are no longer in the driver's seat. Please refer to the articles posted on our website.
Thirty (30) of the active listings are priced over $500,000. Four (4) properties are listed between 1-2 million dollars. Two (2) are listed for OVER 2 million dollars! Ten (10) of the active listings have had a price reduction; three this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to increased inventory, decreased demand, and higher mortgage interest rates. More interest rate increases are coming in the next month, which means fewer Buyers and likely increases in inventory.
DEMAND IS SLOWING!
Mortgage interest rates are between 6% and 7% this week. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are less common and days properties are staying on the market are increasing (42 DOM). The demand remains high for properties under $500,000. There is one (1) listing just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Seven (7) properties are priced between $500,000-$600,000; eight (8) between $600,000-$700,000; six (6) between $700,000-$800,000; two (2) between $800,000-$900,000; three (3) between $900,000-$1,000,000; two (2) between $1-2 million; and two (2) are listed for over $2 million.
SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.
During the period of December 16, 2022 through December 23, 2022, there were reported 0 new listings, 2 closed sales, 2 pending sales, 2 active with contract, 1 expired listing, 1 cancelled listing, 1 temp off market, 3 price reductions, and 0 price increases.
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, December 23, 2022. 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.
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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