SELLER’S MARKET, BUYER’S MARKET, ‘NOBODY’S MARKET’?
THE WEIRD STATE OF HOUSING RIGHT NOW
via realtor.com —Today’s housing market has everyone wondering: Is it still a seller’s market, or has the power dynamic finally shifted in favor of buyers? Try neither. “Today, real estate is ‘nobody’s market,'” notes Realtor.com® Chief Economist Danielle Hale in her analysis of housing data for the week ending Feb. 4. “The number of homeowners deciding to sell continues to lag, but inventory and time on market continue to climb, reflecting still-hesitant buyers.”
Although mortgage rates for a 30-year fixed-rate home loan have fallen from October’s 20-year high of 7.08%, they’re still high enough to leave a whole lot of buyers leery about closing the deal.
For the week ending Feb. 9, interest rates continued along their recent jagged path, ticking up to 6.12%, according to Freddie Mac.
Meanwhile, median listing prices, which hovered around $400,000 in January, are still higher than they were last year. For the week ending Feb. 4, prices were up 7.7% compared with this same week a year earlier.
“With high home prices and mortgage rates pushing affordability to the brink for many potential buyers, market activity and pricing will be more dependent than usual on the trajectory for mortgage rates,” says Hale.
With home prices and mortgage rates still uncomfortably high, buyers just aren’t biting, leading to a glut of real estate listings gathering dust. For the week ending Feb. 4, home inventory shot up by 70% over levels seen this same week a year earlier.
As a result,… READ MORE
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The Current Miami Springs Market
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There are twenty-eight (28) active listings in the MS/VG market this week. Inventory has averaged approximately 30 listings the last month. I expect additional increases in the months ahead. Pending sales have slowed. A definite sign that sales have slowed down. Values remain strong in Miami Springs and Virginia Gardens, but we have seen many list-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.
Twenty-seven (27) of the active listings are priced at $500,000 or above. Two (2) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Almost 1/3 of the active listings have had a price reduction! Nine (9) total price reductions; three (3) more this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to higher 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 6.5% 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 (Average DOM = 40). 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. Nine (9) properties are priced between $500,000-$600,000; five (5) between $600,000-$700,000; eight (8) between $700,000-$800,000; none (0) between $800,000-$900,000; two (2) between $900,000-$1,000,000; two (2) between $1-2 million; and one (1) is 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 3, 2023 through February 10, 2023, there were reported 2 new listings, 0 closed sales, 1 pending sale, 3 active with contract, 1 expired listing, 1 cancelled listing, 0 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, February 10, 2023. 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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