Why This Is Actually the Best Time in Years To Sell a House
Talk about a strange summer. Between the continued threat of the novel coronavirus, a wobbly economy, and layoffs happening left and right, it's no surprise that many who may have hoped to sell their home this season are wondering whether to put those plans on hold—or they've already thrown in the towel.
Such hesitancy is understandable. Yet the irony is that, after closely examining the current housing market conditions, many real estate experts believe this summer could be one of the best times to sell a home in years.
"Given the pandemic and uncertainty it's caused, the general sentiment [among some owners] is that now is not a good time to sell your home," says Danielle Hale, chief economist at realtor.com®. "Yet so far, the data suggest the opposite—that buyers outnumber sellers in the housing market, which means it's better to be a seller than a buyer.” … READ MORE
- Home buyer demand is back with a vengeance
- Home inventory remains low
- Home prices are up
- Mortgage interest rates are low
- The economy is showing slow signs of recovery
- Home buyers' needs have changed
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The Current Miami Springs Market
The market continues to have plenty of activity, especially in entry level homes ($350,000+ range). There are only 28 active listings this week– much lower inventory compared to last year. Great news for Sellers. The market is hot. Please refer to the article posted on our website. We are optimistic that things will continue to improve. We expect a gradual increase in inventory as we resume to somewhat normal activities.
Eighteen (18) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Nine (9) active listings have had a price reduction (2 this week). This usually means that the property is overpriced. Some Sellers may want to re-evaluate their pricing to motivate Buyers. We are still in a Seller’s market and there should be fewer price reductions as the inventory decreases.
Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong. MULTIPLE OFFERS ARE BACK! Mortgage interest rates remain low, and there are serious Buyers buying! Timing is everything. If you're on the fence about selling, now is the time to get off and put your house on the market.
The demand is high for properties under $400,000. There are only three (3) listings under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Multiple Offers expected for entry-level Buyers. Nine (9) properties are priced between $400,000-$500,000.
Property price reductions? What does this mean? Usually, the property was overpriced from the beginning. However, sellers are recognizing the market change. There are less price reductions as the inventory decreases. Sellers that haven’t been able to sell their property in this market should re-evaluate their strategy and adjust accordingly based on the current market circumstances.
During the period of July 3, 2020 through July 10, 2020 there were reported 3 new listings, 1 closed sale, 2 pending sales, 2 active with contract, 0 expired listings, 1 cancelled listing, 1 Temp off market, 2 price reductions and 0 price increases. Interest rates remain low. A GREAT TIME TO BUY OR SELL.
Attention Sellers! Low Inventory + Low Interest Rates = Seller's Market. Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, July 10, 2020. All closed sales are within the last 90 days.
HOW DOES YOUR HOUSE COMPARE?
*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: email@example.com
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