Homebuying Sentiment Continues to Decline
The share of survey respondents saying it is a bad time to buy outnumbered those saying it is a good time to buy almost five-to-one, leading to the largest net bad time to buy response recorded since 2010 (-62%). Homebuyers have been facing a large run-up in home prices, interest rates, and inflation, as well as limited inventory of homes for sale, for several months now. While recent Realtor.com housing data shows that the number of homes actively for sale has finally increased compared to last year (+8.0% year-over-year in May–the first such increase in 3 years), an increase in inventory won’t immediately boost homebuyer confidence as overall levels still remain low and affordability challenges persist. However, the increase in inventory may ultimately help moderate the double-digit home price growth we’ve seen for many months now.
Consumers are still struggling with an affordability crunch as they juggle rising home prices, interest rates, and inflation outpacing income growth. While the housing market is showing signs of moderation through growing inventory and also an increase in price reductions, listing price growth overall remains sticky as sellers take time to adjust to market conditions. Home sales are expected to continue to moderate compared to last year’s historic pace. However, a pull-back in feverish demand and adjustment in seller expectations could start to tip the market back toward a more balanced state toward the end of the year. Homebuyers who are still hanging in there may find better options later in the year in what is typically considered the best time to buy…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are sixteen (16) active listings in the MS/VG market this week. The inventory remains low. It has averaged under 15 listings the last several months, which makes for a very tight market for Buyers. I expect continued increases in inventory in the months ahead. 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.
Fifteen (15) of the active listings are priced over $500,000. Almost half of the inventory, six (6) properties, are priced over $1 million! None of the active listings have had a price reduction this week. We still remain in a very strong Sellers' market due to high demand and low inventory, but that will start to change. Interest rate increases are here with more to come 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 already increased to over 5%, with more increases expected. There are still serious qualified Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $500,000. There is one listing under $500,000. This low inventory makes it difficult for most first-time Buyers. Competition from multiple offers continues in today's market. One property is priced between $400,000-$500,000. One (1) property is priced between $500,000-$600,000; five (5) between $600,000-$700,000; one (1) between $700,000-$800,000; none (0) between $800,000-$900,000; two (2) between $900,000-$1,000,000; and six (6) are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of June 3, 2022 through June 10, 2022, there were reported 3 new listings, 2 closed sales, 2 pending sales, 1 active with contract, 1 expired listing, 1 cancelled listing, 0 temp off market, 0 price reductions, 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, June 10, 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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