HOW HOME SALES BLOOM IN SPRING AND SUMMER
via themreport.com — ATTOM has released its annual analysis of the best days of the year to sell a home, showing that based on home sales over the past 12 years, the months of May, June, and April offer seller premiums of 10% or more above market value – with the top 16 best days to sell in the month of May alone.
A recent analysis of over 51 million single-family home and condo sales from 2011 to 2022 suggests that waiting for the weather to warm up before selling a property can result in higher seller premiums.
New data indicates that the spring and summer months are the most active for homebuying, making it an ideal time for sellers to list their homes if they are considering selling soon. Therefore, now may be the perfect time to put your home on the market.
Best Months to Sell
The ATTOM analysis also took a more high-level look and showcased how seller premiums faired throughout the year and broke it out by month. The months realizing the greatest seller premiums were as follows:
November (6.3%).…READ MORE
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The Current Miami Springs Market
TIME TO BUY OR SELL?
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There are fourteen (14) active listings in the MS/VG market this week. A major drop in inventory! I continue to expect that inventory will slowly increase, but that has not happened so far this year. We are truly in a unique market, where anything is possible. Pending sales have increased. Values do remain strong in Miami Springs and Virginia Gardens, but we have seen some list-price decreases. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! The market is starting to transition, and Sellers are no longer in the driver's seat. Please refer to the articles posted on our website.
All of the active listings are priced at $525,000 or above. Three (3) properties are listed between 1-2 million dollars. Six (6) of the active listings have had price reductions; one this week. We have been transitioning to a more neutral market. However, the continued light inventory and high demand, despite higher mortgage rates, make it difficult for first-time buyers. Expected interest rates increases in the future means fewer buyers. We still anticipate inventory increases.
DEMAND IS STILL THERE!
Mortgage interest rates have been between 6% and 7% this past month. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are much less common and the number of days properties are staying on the market is averaging 63 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. Three (3) properties are priced between $500,000-$600,000; three (3) are priced between $600,000-$700,000; none (0) are between $700,000-$800,000; three (3) between $800,000-$900,000; two (2) between $900,000-$1,000,000; three (3) between $1-2 million; and none (0) are listed for over $2 million.
SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.
During the period of April 28, 2023 through May 5, 2023, there were reported 0 new listings, 6 closed sales, 0 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 1 temp off market, 1 price reduction, and 0 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 5, 2023. 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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