The 7 Deadly Sins of Home Selling Today
Home sellers have been in heaven these past couple of years, awash in bidding wars that have pushed property prices sky-high. But at long last, the tables are starting to turn.
In short, rising interest rates, rampant inflation, and the threat of recession are causing America’s red-hot seller’s market to level off as a growing number of buyers just give up. Real estate inventory is rising as homes linger on the market. Home sellers who’ve been wallowing in excess are no longer invulnerable, or able to subject buyers to their every whim.
“For the last couple of years, the media has been filled with stories about how crazy the market is,” says Josh Judge, an agent with Berkshire Hathaway HomeServices Verani Realty in New Hampshire. “Because of this, home sellers now believe they can sell for practically any price and in any condition. While this may have been partly true before, recently things have begun to change.”
In other words, home sellers may now see that their lofty expectations are overblown, and that many of the habits they’ve become accustomed to in a hot seller’s market could be downright deadly for a home sale today.
Are you guilty? Check this list of home seller sins below to keep your most maleficent misdeeds in check...…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are twenty-four (24) active listings in the MS/VG market this week. An increase from last week. The inventory has increased the last 3-4 weeks. It has averaged under 15 listings the last several months. I expect continued increases in inventory in the months ahead. Pending sales have started to drop a bit. Values are still strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! Today, it is still a Sellers' market. Please refer to the articles posted on our website.
Twenty-two (22) of the active listings are priced over $500,000. Seven (7) properties are listed over 1 million dollars! Seven (7) of the active listings have had a price reduction; one this week. We remain in a Sellers' market due to high demand and low inventory, but that will start to change. More interest rate increases are coming in 2022. We anticipate that inventory will continue to increase.
MULTIPLE OFFERS AND LISTINGS SELLING OVER LIST PRICE ARE THE NEW NORMAL!
Mortgage interest rates have increased to over 5.0%; expect more increases. There are still serious qualified Buyers looking for the right property. Timing is everything! The demand remains high for properties under $500,000. There are two listings just under $500,000. This low inventory and interest hikes make it difficult for most first-time Buyers. Multiple offers are becoming less common in today's market. Two (2) properties are priced between $400,000-$500,000. Seven (7) properties are priced between $500,000-$600,000; five (5) between $600,000-$700,000; none (0) between $700,000-$800,000; one (1) between $800,000-$900,000; two (2) between $900,000-$1,000,000; and seven (7) are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of July 8, 2022 through July 15, 2022, there were reported 5 new listings, 1 closed sale, 2 pending sales, 4 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 1 price reduction, 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, July 15, 2022. 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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