Real Estate Is Seeing a V-Shaped Economic Rebound So Far
It looks as if the real estate market is back, and the April crash during COVID-19 shutdown orders was merely a speedbump in an otherwise strong sellers’ market. While contracts to buy existing homes plunged 22% in April to a record low, applications for new-home purchase loans have shown gains for the past six weeks and are now back to early-March levels... READ MORE
Selling Your Home in the Age of Coronavirus?
Top Questions Answered
Are things getting back to normal? Is now an OK (or even appropriate) time to consider selling a home? Whether you’re curious about the timing of a sale or the nitty-gritty details of how it will all go down, we’ve got you covered. We’ve gathered advice from the real estate experts to answer your most pressing questions about selling a home during the coronavirus pandemic. …READ MORE
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The Current Miami Springs Market
There are 32 active listings this week. Much lower inventory compared to last year. Good news for Sellers. The CORONAVIRUS slowed things down a bit but the market is beginning to bounce back to almost pre-virus conditions. Please refer to the article posted on our website. We are optimistic that things will continue to improve.
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 (1) property is listed over $1,000,000. Seven (7) active listings have had a price reduction (two (2) 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 five (5) 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. Eleven (11) 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 29, 2020 through June 5, 2020 there were reported 4 new listings, 4 closed sales, 2 pending sales, 0 active with contract, 0 expired listings, 1 cancelled listings, 1 Temp off market, 2 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, June 5th, 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.
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: firstname.lastname@example.org
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