FREDDIE MAC MORTGAGE RATES REMAIN STEADY AT 6.64%

via realtor.com—The Freddie Mac fixed rate for a 30-year mortgage climbed 1 basis point this week to 6.64% as the market adjusted to the latest economic data. The January jobs report showed that the economy added 353,000 net new jobs in the month, well above the expectation. The still-strong employment data demonstrated that slowing the economy may not be a straight path, and prolonged contractionary policy may be necessary, though further tightening seems unlikely. At the February FOMC meeting, Chair Powell emphasized that it is unlikely that we will see a rate cut in March as incoming economic data remains fairly strong.

Mortgage rates have hovered around the 6.6-6.7% range so far in 2024, but buyers are feeling optimistic about the rest of the year. According to the January Fannie Mae Home Purchase Sentiment Index, home purchase sentiment reached its highest level since March 2022. A large contributor to this optimism is mortgage rate expectations. More than a third (36%) of respondents indicated that they expect rates to fall in the next 12 months, an all-time high reading for the survey. A similar share (35%) of respondents expect rates to remain flat, and 28% expect rates to rise. This shift in mortgage rate expectations, however, did not improve overall home buying sentiment with just 17% of respondents believing that it is a good time to buy a home. …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Another increase in inventory this week! There are now thirty-four (34) active listings in the MS/VG market. More increases in inventory in the months ahead?? We think so. We are truly in a unique market. Even with high interest rates and high prices, there is no shortage of buyers! Property values in Miami Springs and Virginia Gardens remain strong. Please refer to the articles posted on our website.

There are twelve (12) active listings over one million dollars. One listing is priced for over $2,000,000! Eleven (11) of the active listings have had a price reduction; two (2) this week. There are two (2) pending sales this week. We have been transitioning to a more neutral market. However, the continued tight inventory and high demand for entry-level homes, despite higher mortgage interest rates, gives Sellers an advantage and makes it difficult for Buyers. The high interest rates also create a difficult situation for Sellers because the Sellers likely have a mortgage with a much lower interest rate. Where do they go if they decide to sell? Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates decreased recently and are hovering under 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are more common again. The number of days properties are staying on the market is averaging 30 days. The demand remains high for properties under $500,000. There are no properties listed under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. There is one (1) property priced between $500,000-$600,000; nine (9) are priced between $600,000-$700,000; six (6) are priced between $700,000-$800,000; four (4) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; twelve (12) between $1-2 million; and none (0) 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 February 2, 2024 through February 9, 2024, there were reported 3 new listings, 1 closed sale, 2 pending sales, 0 active with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 2 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, February 9, 2024. 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:  charlie@leonardrealestategroup.com

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