Your Top Questions About Purchasing Property
During the Coronavirus Pandemic
If you were hoping to purchase a property soon, you no doubt have a lot of questions—about whether it's possible to buy or tour a house now, COVID-19's impact on home prices, and more. We've already written a guide to home buying in the age of coronavirus to help you …READ MORE
What Can Sellers Expect this Year?
In case you hadn’t been thinking about it, the week of April 12-18 would have been, historically, the best time to list a home for sale…However, with people hunkering down over COVID-19 concerns, along with economic uncertainty, the housing market’s best time for anything has likely shifted. Still, historical seasonal trends can give us some insight as to what we might expect later in the year as things settle …READ MORE
DISCOVER MIAMI SPRINGS!
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All aspects of your real estate experience will be accompanied by Results through exceptional Service and Honesty. From the onset of our marketing meeting, we are dedicated to achieve your goals.
The Current Miami Springs Market
There are 30 active listings this week. Much lower inventory compared to last year. This is good news for sellers. The bad news is CORONAVIRUS that has slowed things down due to UNCERTAIN ECONOMIC CONDITIONS, precautions taken by Sellers and Buyers and the current social distancing recommendations. However, we are optimistic that things will improve once again by LATE summer.
Fifteen listings are priced over $500,000. One property is listed over $1,000,000. Five active listings have had a price reduction (0 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. Once we get over this virus situation Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong. Mortgage Interest rates remain low.
The demand is high for properties under $400,000. There are only 6 listings under $400,000. This will make it more difficult for buyers looking in that range because of the competition from other buyers. Multiple Offers expected for entry level buyers. Nine (9) are priced between $400-500,000.
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.
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 1, 2020 through May 8, 2020 there were reported 2 new listings, 4 closed sales, 1 pending sale, 0 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 0 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, May 8, 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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