Dear friends and family,
The Leonard Real Estate Group would like to take a moment to address some of your concerns regarding the impact of the COVID-19 pandemic on the real estate market.While some claim that the COVID-19 pandemic will cause a nationwide housing crisis similar to that following the 2008 Recession, experts point out distinctions between the financial conditions of 2008 and 2020 which could mean a better outlook for residential real estate.
It is widely reported that 2008 Recession was caused by the failures of the financial institutions. Specifically, banks were approving a high volume of mortgages for unqualified buyers. Eventually, when the buyers could not pay back the loans, the banks became cash-poor due to the lack of payments. Banks began to foreclose and sell homes quickly, and often as cheaply as possible, to raise money. This led to a sharp decline in home value and many changes to how lending is done today.Today, notwithstanding the unprecedented closure of commercial businesses due to the COVID-19 pandemic, the financial conditions that led to the 2008 Recession are not reported to exist today. Though no one can predict the future, data from the MLS shows that the residential housing inventory remains very tight. Mortgage interest rates remain very low and banks are approving mortgages to qualified buyers. Low mortgage interest rates should keep interested buyers in the market even though the current crisis may delay some processes.Experts do expect a short-term fluctuation in transactions and possibly home values, but those with a long-term view may take solace. Once this chapter in our lives is resolved, analysts expect the real estate market to recover more quickly than it did following the 2008 Recession and possibly pick up right where it left off.
During this pandemic please keep your family safe and healthy.
Follow the CDC guidelines.
Don’t worry about the real estate market.
We'll be right here ready for all your real estate needs
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 one active listings this week.
That still represents a significant reduction in inventory compared to last year. This is good news for sellers.
There was 1 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
6 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.)
9 listings between $400,000 and $500,000
15 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 20, 2020 through March 27, 2020 there were reported 1 new listing, 2 closed sales, 3 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 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 27, 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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