Data Shows Uptick in Seller Price Cuts
The U.S. housing market is off to a slower start this year in many markets, compared to the rapid acceleration we saw last January. Although the market is slowing, it’s important to remember that we’re coming off of four straight years of inventory declines that pushed the market to a record low availability of homes for sale. The real metric to keep an eye on is entry-level homes, which are the key to…READ MORE
Pending Home Sales React to Volatility
After a blip of heightened mortgage rates and stock swings, pending home sales stumbled at year-end, according to the December National Association of REALTORS® (NAR) Pending Home Sales Index(PHSI), which is based on contract signings.
Contracts were down 2.2 percent from November and 9.8 percent from the prior year, according to the PHSI. On an annual basis, contracts have been on the decline for 12 months straight. READ MORE
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The Current Miami Springs Market
PRICE REDUCTION FLURRY!!!
Many active listings have had a price reduction. What does this mean? Usually, the property was overpriced from the beginning. Also sellers are recognizing the market is changing. Prices are not increasing as fast as the last several years. Sellers don’t want to miss potential buyers and deal with increased competition.
The Miami Springs and Virginia Gardens markets continue to be very strong. The demand is high for any property under $400,000. The inventory levels are rather steady for the moment.
How long will this sellers’ market last? A shift is on its way. Sellers should really evaluate their position in the market in order to realize a sale quickly. It is still a good time to sell. Prices remain strong. Interest rates are still low. There is a Buyer’s market waiting in the wings!
During the period of January 25, through February 1, 2019 there were 2 new listings, 3 closed sales, 4 pending sales, 0 expired listings. There are still very good buying opportunities for buyers especially since interest rates remain very good. IT REALLY IS A GOOD TIME TO BUY OR SELL.
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, February 1, 2019. All closed sales are within last 90 days.
Low Inventory + Low Interest rates + Increasing prices = Sellers Market
The Market will change. Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, January 25, 2019. All closed sales are within last 90 days.
HOW DOES YOUR HOUSE COMPARE?
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