…Sellers Can Make a Bundle
in the 'Best' Winter Sales Season in Years
The coronavirus has changed real estate in a multitude of ways, and perhaps one of the biggest is the sea of buyers who put off buying during the first wave of the pandemic and are now slated to flood the market this winter.
"Sellers will have the ball in their court so to speak, as there are more buyers than sellers," says Danielle Hale, chief economist at realtor.com®. "This means seller-friendly trends like rising home prices and quick-selling homes."
According to a realtor.com report, September's home inventory was 39% lower compared with the same month last year. Meanwhile, buyers are keen to take advantage of the record-low interest rates, which have been hovering at or below 3%.
All of this means that sellers who are willing to put their homes on the market now could reap the benefits. Here's how… READ MORE
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The Current Miami Springs Market
THINKING ABOUT SELLING? DO IT NOW!
The market remains active with low inventory. There are only 26 active listings this week. The market is still hot and that is great news for Sellers. Please refer to the articles posted on our website.
Eleven (11) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Fifteen (15) active listings have had a price reduction (3 this week). We are still in a Seller’s market, but many uncertainties lie ahead with a possible pandemic resurge, impact of the elections, economy, and likely increased inventory.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!
Mortgage interest rates remain historically low, and there are serious Buyers buying! Timing is everything. The demand is high for properties under $400,000. There are only four (4) listings under $400,000. The lowest priced active listing is $350,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Competition from multiple offers have become more frequent. Eleven (11) properties are priced between $400,000-$500,000. Five (5) properties are priced between $500,000-$700,000.
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.
IT IS A GREAT TIME TO BUY OR SELL!
During the period of November 6, 2020 through November 13, 2020 there were reported 2 new listings, 3 closed sales, 1 pending sale, 2 active with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 3 price reductions and 0 price increases.
Low Inventory + Low Interest Rates = Seller's Market.
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, November 13, 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: email@example.com
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