Buyers Aren’t Backing Down – New Loan Applications up 54%
Homebuyers are entering the market at a much brisker pace than many economists forecasted.
Mortgage applications for home purchases continue to move upward, rising 9% last week compared to the previous week, the Mortgage Bankers Association (MBA) reports. It’s the sixth consecutive weekly gain for home purchase applications and a 54% increase since early April.
“The home purchase market continued its path to recovery as various states reopen, leading more homebuyers to resume their home search,” says Joel Kan, the MBA’s economist. “Additionally, the purchase loan amount has increased steadily in recent weeks and is now at its highest level since mid-March.”
Housing demand was strong at the start of the year but significantly declined as the COVID-19 pandemic set in. Economists have also noticed the sudden uptick…READ MORE
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The Current Miami Springs Market
There are 30 active listings this week. Much lower inventory compared to last year. This is good news for sellers. The bad news is that CORONAVIRUS has slowed things down due to: UNCERTAIN ECONOMIC CONDITIONS, precautions taken by Sellers and Buyers, and the current social distancing recommendations. However, we are optimistic that things will improve once again by LATE ummer. We expect an increase in inventory as the county and the country open up to resume somewhat normal activities.
Fifteen (15) listings are priced over $500,000. One property is listed over $1,000,000. Six (6) active listings have had a price reduction (3 this week). This usually means that the property is overpriced. However, given the COVID-19 situation, some sellers may want to re evaluate their pricing to motivate buyers. We are still in a seller’s market and there are less price reductions as the inventory decreases.
Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong. 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 5 listings under $400,000. This will make it more difficult for buyers looking in that range because of the competition from other buyers. Multiple offers expected for entry level buyers. Ten (10) 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 May 22, 2020 through May 29, 2020 there were reported 0 new listings, 0 closed sales, 1 pending sale, 0 active with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 3 price reductions and 0 price increases. Interest rates remain low. A GREAT TIME TO BUY OR SELL.
Low Inventory + Low Interest rates = Sellers Market.
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, May 29, 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.
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