As the Housing Market Shifts to Favor Buyers
This Remains the Biggest Hurdle
The recent slowdown in the housing market has been a boon for buyers. Since last summer, more properties have come onto the market; mortgage interest rates have dropped; and the rate of home price appreciation, once in the double digits, is waning. But that still doesn't help the many would-be buyers on a tight budget. Affordability is still the …READ MORE
Mortgage Rates Slide to 13-Month Low
Luring Americans Back Into the Housing Market
Rates for home loans fell, with no bottom in sight as investors increasingly brace for slowing economic growth. The 30-year fixed-rate mortgage averaged 4.28% in the March 21 week, mortgage guarantor Freddie Mac said Thursday. That was down 3 basis points during the week and a 13-month low for the…READMORE
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The Current Miami Springs Market
Despite all the activity during the first 3 months of the year:
- Inventory remained under 40 properties.
- Of the 36 active listings, almost half, (17) are listed over $500,000.
- One listing is over $1,000,000.
- 9 total listings under $400,000
- Seventeen (17) active listings have had a price reduction. What does this mean? Usually, the property was overpriced from the beginning. The sellers are recognizing the market is changing. Prices are not increasing as fast as the last several years. Sellers don’t want to miss potential buyers and deal with increased competition.
The Miami Springs & VG markets continue to be very strong. The demand is high for properties under $400,000. There are only 9 listings under $400,000. How long will this sellers’ market last? Experts say a shift is on the way.
Sellers that haven't been able to sell their property should really evaluate their position in the market and adjust accordingly based on their circumstance. Prices remain strong. Interest rates are low. Timing is everything.
During the period of March 15, through March 22, 2019 there were 3 new listings, 3 closed sales, 1 pending sale, 1 expired listing, 0 cancelled listings. There are still very good buying opportunities for buyers especially since interest rates remain very good. IT REALLY IS A GOOD TIME TO BUY OR SELL.
Low Inventory + Low Interest rates + Increasing prices = Sellers Market.
The Market will change. Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, March 22, 2019. All closed sales are within 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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