Fannie Mae Predicts Recession
Conditions in Early 2023
The current state of the real estate market—which is now adapting to record high inflation and higher interest rates—is giving real estate companies and experts a run for their money as the continued pressure of these forces is causing problems for those making predictions for the future.
The latest forecast to be downgraded comes from Fannie Mae as the July 2022 commentary from the Economic and Strategic Research Group (ESR) who made the changes due to “softening consumer spending” and new business inventory investment data.
All-in-all, the ESR is now forecasting that real GDP will increase by 0.1% by the end of the calendar year and will move into negative territory in 2023 predicting a decrease of 0.4%. They previously predicted these numbers to be an increase of 1.2% in 2022 and a 0.1% decrease in 2023.
In no uncertain terms, the ESR states they are expecting recession conditions to begin...…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are twenty-two (22) active listings in the MS/VG market this week. The inventory has increased the last 3-4 weeks. It had 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.
Nineteen (19) of the active listings are priced over $500,000. Six (6) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Six (6) 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! Multiple offers are becoming less common in today's market. The demand remains high for properties under $500,000. There are three (3) listings just under $500,000. This low inventory and interest hikes make it difficult for most first-time Buyers. Three (3) properties are priced between $400,000-$500,000. Five (5) properties are priced between $500,000-$600,000; four (4) 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; six (6) between $1-2 million; and one (1) is listed for over $2 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of July 15, 2022 through July 22, 2022, there were reported 1 new listing, 1 closed sale, 3 pending sales, 2 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 22, 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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