The Big Question: What Will Happen to the Housing Market?
The real estate market dipped during stay-at-home orders, though it still looks as if many deals were postponed rather than cancelled. What happens next? COVID-19’s resilience remains a big unknown, but it still seems as if market strength will return sooner rather than later.
The housing market is recovering much faster than most other sectors in the economy in the current recession. But will it last?
Unemployment remains high – at around 13% – and economic forecasters predict unemployment likely will remain elevated for the remainder of the year. However, economists believe housing will be able to weather most of the economic storm.
The current housing shortage and homeowners’ strong equity positions will likely rescue real estate from any downturn that would be similar in scope to the 2008 financial crisis, economists said during the “Economic Outlook and Housing Trends” webinar Wednesday, hosted by Freddie Mac and the Down Payment Resource.
“Real estate demand has staged a remarkable comeback, and given the chronic supply shortage, the rebound in demand should provide support to home prices,” said Sam Khater, Freddie Mac’s chief economist. So far, data suggests the economy.… 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. Good news for Sellers. The market is bouncing back to almost pre-coronavirus conditions. Please refer to the article posted on our website. We are optimistic that things will continue to improve. We expect a gradual increase in inventory as we resume to somewhat normal activities.
Eighteen (18) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Nine (9) active listings have had a price reduction (0 this week). This usually means that the property is overpriced. Some Sellers may want to re-evaluate their pricing to motivate Buyers. We are still in a Seller’s market and there should be fewer 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 three (3) listings under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Multiple Offers expected for entry-level Buyers. Nine (9) properties 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 June 19, 2020 through June 26, 2020 there were reported 2 new listings, 1 closed sale, 1 pending sale, 1 active with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 0 price reductions and 0 price increases. Interest rates remain low. A GREAT TIME TO BUY OR SELL.
Attention Sellers! Low Inventory + Low Interest Rates = Seller's Market. Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, June 26th, 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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