The Home Seller's Guide To Striking the Right Deal Today
Despite the Pandemic
The coronavirus crisis has thrown a number of wrinkles into the home-selling process. Stock market fluctuations and job layoffs have some buyers rethinking whether to commit to a property purchase. Meanwhile, social distancing efforts to curb the spread of COVID-19 has put many in-person open houses and home showings on hold.
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When you’re in the market for a new place to live, finding the right neighborhood is everything. But in our current state, with shelter-in-place orders in full effect in many areas (and mere common sense limiting people's excursions), scoping out a new neighborhood can be a little more challenging. But with some online detective work and the right tools, you can learn a lot about a neighborhood without leaving your home. That's because you're not the first one to consider buying a home without being able to .…READ MORE
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The Current Miami Springs Market
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.
There are 27 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.
Fourteen listings are priced over $500,000. One property is listed over $1,000,000. Four active listings have had a price reduction (1 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 5 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. Eight (8) 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.
4 active listings have had a price reductions (1 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 April 24, 2020 through May 1, 2020 there were reported 1 new listings, 3 closed sales, 1 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 1 Temp off market, 1 price reduction and 0 price increase. 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 1, 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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