Homebuyer Demand Has…
Redfin reports that homebuyer demand has softened further over the last several weeks, triggered by surging mortgage rates and housing costs, as an estimated one in eight sellers cut their list prices during the four weeks ending April 17—the highest share in five months—and asking prices declined slightly from the previous four-week period.
“Real estate markets are shifting under the weight of record-high prices and rising mortgage rates,” said Realtor.com's Manager of Economic Research George Ratiu. “This is leaving many homebuyers unable to get a foot in the homeownership door due to being priced out of the market. Buyers of a median-price home are looking at a monthly mortgage payment that is almost 50% higher than it was a year ago, adding an extra $560 to their monthly expenses. It is not surprising that many are stepping back from the market, hoping that conditions will improve. Contract signings have declined for five months in a row, pointing to expectations of continued declines in home sales ahead.”.…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are ten (10) active listings in the MS/VG market this week. Inventory has averaged under 15 listings the last several months, which makes for a very tight market for Buyers. Values remain very, very strong in Miami Springs and Virginia Gardens. There are still many qualified Buyers out there! It is still a Sellers' market. Please refer to the articles posted on our website.
Nine (9) of the ten listings are priced over $500,000. Two (2) properties are listed over $1,000,000. One (1) active listing has had a price reduction (0 this week). We remain in a very strong Sellers' market due to high demand. Interest rate increases are here with more to come in 2022. We anticipate that inventory will start to increase later this year.
MULTIPLE OFFERS ARE BACK AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates have started to increase. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $500,000. There is one listing under $500,000. This low inventory makes it difficult for most first-time Buyers. Competition from multiple offers is the norm in today's market. One property is priced between $400,000-$500,000. Two (2) properties are priced between $500,000-$600,000; two (2) between $600,000-$700,000; two (2) between $700,000-$800,000; none (0) between $800,000-$900,000; one (1) between $900,000-$1,000,000; and two (2) are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of April 22, 2022 through April 29, 2022, there were reported 2 new listings, 3 closed sales, 1 pending sale, 2 active with contract, 0 expired listings, 0 cancelled listings, 1 Temp off market, 1 price reduction, and 1 price increase.
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, April 29, 2022. All closed sales are within the last 90 days.
*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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