SURGE IN EQUITY-RICH HOMES
CONTINUED IN Q2

via attomdata.com — ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2023 U.S. Home Equity & Underwater Report, which shows that 49 percent of mortgaged residential properties in the United States were considered equity-rich in the second quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values.

The portion of mortgaged homes that were equity-rich in the second quarter of 2023 increased from 47 percent in the first quarter of 2023, to the highest point in at least four years. With home prices rebounding across the U.S., the report found that the level of equity-rich mortgage-payers went up from the first quarter of 2023 to the second quarter of 2023 in 45 of the nation’s 50 states.

The gains followed two straight quarterly drop-offs caused by a temporary slowdown in the U.S. housing market that had threatened to end a decade-long run of price and equity growth. The second-quarter upturn marked another sign of how the market shift has helped homeowners, as home-seller profits also spiked.

While equity-rich levels rose in the second quarter, the report also shows that less than 3 percent of mortgaged homes in the U.S., or one in 36, were considered seriously underwater in the second quarter of 2023. That meant they had a combined estimated balance of loans secured by the property of at least 25 percent more than the property’s estimated market value. Just 2.8 percent of mortgaged homes were seriously underwater in the second quarter of this year, also the lowest point since at least 2019. The latest figure was down from 3 percent in the prior quarter and 2.9 in the second quarter of 2022.

“The second-quarter market revival bestowed immediate benefits on homeowners around the nation in the form of better profits for sellers and rising equity for those staying put. Equity levels were high even during the recent downturn, and now they are going back up and better than ever,” said Rob Barber, CEO for ATTOM. “It is well worth nothing that the market remains in flux and the recent improvement could easily be temporary. Lots of changing forces are … READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are sixteen (16) active listings in the MS/VG market this week. Inventory has been stable since last week. We are truly in a unique market with lots of unpredictability. More inventory increases in the months ahead? Anything can happen! Pending sales have remained the same. Values do remain strong in Miami Springs and Virginia Gardens. Multiple properties listed for over a million dollars are now pending sales. Despite interest rate increases, there are still many qualified Buyers out there. With tight inventory and high demand, the market is starting to transition back to a Sellers' market. Please refer to the articles posted on our website.

More than 60% of the active listings are over one million dollars. Two are listed for more than $2,000,000!! Two (2) of the active listings has had a price reduction; one this week. We had been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage rates, gives Sellers an advantage and makes it difficult for Buyers. Expected interest rates increases in the future can mean fewer buyers. We anticipate more inventory increases at some point.

DEMAND IS STILL THERE!

Mortgage interest rates have remained between 6% and 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming more common again. The number of days properties are staying on the market is averaging 62 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. None (0) are priced between $500,000-$600,000; three (3) are priced between $600,000-$700,000; one (1) is between $700,000-$800,000; two (2) are between $800,000-$900,000; none (0) are priced between $900,000-$1,000,000; eight (8) between $1-2 million; and two (2) is listed for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of July 21, 2023 through July 28, 2023, there were reported 3 new listings, 3 closed sales, 4 pending sales, 1 active with contract, 1 expired listing, 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 28, 2023. 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.

 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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