Seller Optimism Has Never Been This High
WASHINGTON – Almost eight out of 10 U.S. consumers (77%) say it’s a good time to sell a home – a record high, according to Fannie Mae’s Home Purchase Sentiment Index.
Sellers have plenty of reason to feel so upbeat: Existing-home sales prices were at a record high in May and up nearly 24% compared to a year earlier ($350,300), according to the National Association of Realtors® (NAR). Those higher home prices translate into greater equity for home sellers. In the first quarter of 2021, the average homeowner saw their equity climb nearly 20% over the past year, gaining about $33,400, according to a report from CoreLogic.
On the other hand, homebuyers aren’t feeling as good about the housing market: 64% of consumers say it’s a bad time to buy a home, up from 56% the previous month – also a record high, Fannie Mae reports. Despite the pessimism over buying, “We expect demand for housing to persist at an elevated level through the rest of the year,” Duncan says. “Mortgage rates remain not too far from their historical lows, and consumers are expressing even greater confidence about their household income and job situation compared to this time last year, when …READ MORE
A GREAT TIME TO SELL!!
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The Current Miami Springs Market
Keep an eye on increasing inventory. There are now 21 active listings in the MS/VG market. However, the inventory remains low and that is why prices remain strong in Miami Springs and Virginia Gardens. There are many qualified Buyers but the low inventory makes the market favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.
SELLERS, THIS IS THE MOMENT! SELL NOW!
Thirteen (13) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Four (4) active listing have had a price reduction (2 this week). We remain in a strong Sellers' market with low inventory and high demand.
The market will change!
Increased inventory is on the horizon, with increased foreclosures coming later this year.
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates remain historically low, and there are serious Buyers buying. Timing is everything! The demand is high, especially for properties under $400,000. There are currently no listings under $400,000. The lowest priced listing is a 3 bedroom/1 bathroom "fixer-upper" for $415,000! This lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Eight (8) properties are priced between $400,000-$500,000; seven (7) properties are priced between $500,000-$700,000; two (2) properties are priced between $700,000-$800,000; and four (4) properties are priced between $800,000 and over $1 million.
A GREAT TIME TO BUY OR SELL!
During the period of July 2, 2021 through July 9, 2021, there were reported 2 new listings, 3 closed sales, 0 pending sales, 1 active with contract, 0 expired listing, 0 cancelled listings, 0 Temp off market, 2 price reductions and 0 price increases.
Low Inventory + Low Interest Rates = Seller's Market.
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, July 9, 2021. 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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