Consumer Expectations in the

Wake of the Coronavirus Pandemic

The first half of March retained guarded optimism that the epidemic would brush past us

Early March consumer expectations remained optimistic about coronavirus’s impact on U.S. economy and housing
As virus spread and severity became pandemic, consumer attitudes shifted, pointing to coming economic downturn
The economic and real estate landscape has changed dramatically. Based on global observations, we can expect more weeks of significant health concerns in the US The coronavirus pandemic is impacting economic activity on a global scale. Economic activity in .…READ MORE

Real Estate Reality:

Should You Buy a Home If a Recession Is Imminent?

Between the coronavirus pandemic and a plummeting stock market, many may wonder: Are we headed for a recession? Anyone hoping to buy a home anytime soon would probably like to know the answer before committing to a major, long-term purchase.

While economists say that the odds of a recession are uncertain, evidence does suggest that, at the very least, economic growth is substantially slowing, says George Ratiu, senior economist for realtor.com®. The International Monetary Fund.…READ MORE

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. 

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.

Inventory dipped again below 30, with only 28 active listings this week.

That still represents a significant reduction in inventory compared to last year. This is good news for sellers.

There were 3 new listings this week.

That still represents a significant reduction compared to last year. This is good news for sellers.

30 active listings this week

3 closed sales this week

7 listings under $400,000 *(Note: This will make more difficult for buyers looking in that range because of the competition from other buyers. Multiple Offers expected for entry level buyers.)

8 listings between $400,000 and $500,000

13 active listings are priced over $500,000

2 properties are listed over $1,000,000.

4 active listings have had a price reductions 0 this week). 

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. 

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.

During the period of March 13, 2020 through March 20, 2020 there were reported 3 new listings, 3 closed sales, 5 pending sales, 3 active with contract, 0 expired listings, 0 cancelled listings, 1 Temp off market, 0 price reductions and 1 price increase. Interest rates remain low. A GREAT TIME TO BUY OR SELL.

Attention Sellers!

Low Inventory + Low Interest rates = Sellers Market.

Act Now!

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, March, 20, 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:  charlie@leonardrealestategroup.com

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