More Than Half of Investors Believe
the Housing Market is Overvalued
Up from 40% a year ago, 55% of real estate investors feel that their local market is overvalued and expect to see a price correction in the coming months.
According to Auction.com, an online distressed real estate marketplace, a March 2022 survey of confirmed buyers who used their platform in the last three years also found that 17% of buyers predict flat or declining home prices in their home market in 2022, up 12% year over year.
“While most real estate investors on the frontlines of the housing market believe their local market is ripe for a correction, more than eight in 10 don’t think that correction will happen in 2022,” said Daren Blomquist, Vice President of Market Economics at Auction.com. “Most of our buyers are local community developers buying and renovating distressed homes that they will resell to retail buyers six to 12 months in the future. This strategy keeps them constantly vigilant about the future market conditions into which they will be reselling their renovated homes.”
“Small investors are particularly active at these auctions, and they are sort of the single largest buying group,” said Laurie Goodman, Institute Fellow at the Urban Institute. “The thing that I thought was really, really interesting was that a lot of these mom-and-pop investors buy these properties with the intent to fix them up and flip to owner-occupants down the line.”
Breaking down the data a bit more,…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are eleven (11) active listings in the MS/VG market this week. The inventory remains low with some minor fluctuations week to week. It has averaged under 15 listings the last several months, which makes for a very tight market for Buyers. I expect increases in inventory in the months ahead. Values are still strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there! It is still a Sellers' market. Please refer to the articles posted on our website.
All 11 active listings are priced over $500,000. Five (5) of the active listings, nearly half of this weeks' inventory, are priced over $1 million! Two (2) active listings 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 continue to increase.
MULTIPLE OFFERS AND LISTINGS SELLING OVER LIST PRICE ARE THE NEW NORMAL!
Mortgage interest rates have already increased to over 5%, with more increases expected. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $500,000. There are no listings 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. No properties are priced between $400,000-$500,000. One (1) property is priced between $500,000-$600,000; four (4) between $600,000-$700,000; one (1) between $700,000-$800,000; none (0) between $800,000-$900,000; none (0) between $900,000-$1,000,000; and five (5) are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of May 13, 2022 through May 20, 2022, there were reported 3 new listings, 3 closed sales, 5 pending sales, 2 actives with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 0 price reductions, and 2 price increases.
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, May 20, 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.
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