Deep Dive for Existing-Home Sales, Falling 6.4 Percent
After gaining ground in November and October, existing-home sales fell last month, dropping 6.4 percent to 4.99 million, the National Association of REALTORS® (NAR) reports. On an annual basis, sales toppled 10.3 percent. Inventory month-to-month slid, as well, but has improved since last year, according to NAR. December inventory was 1.55 million, down from 1.74 million in November but up from…READ MORE
Is a Mortgage Pre-Approval Letter Necessary
To Make An Offer?
Do you need a mortgage pre-approvalletter to make an offer on a house? You know you need to get your ducks in a row before looking at homes, but does that include securing a pre-approval letter from the bank? The truth is, getting pre-approved can actually improve… READ MORE
Out of the 49 active Listings 22 have had a price reduction. That is 45% of the listed properties. What does this mean? It means that some 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 creeping up slowly. Closed and pending sales are slowing down a bit.
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. Before long we will be in a Buyer’s market!
During the period of January 18, through January 25, 2019 there were 3 new listings, 0 closed sales, 2 pending sales, 2 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
Attention Sellers!
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?
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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