Some Fla. Owners Will See Big Property Insurance Increases

State regulators have approved about 100 rate hike requests involving dozens of property insurers. The insurance regulation office in Florida gave the green light to South Fidelity to raise their rates by about 30%. And regulators okayed a 30% rate hike for Capitol Preferred.

The insurance industry blames the 2017-2018 storm season. Hurricanes Irma and Michael caused catastrophic damage and triggered more than $20 billion in claims.

Insurance Industry watchdog The Federal Association for Insurance Reform points to thousands of lawsuits filed by… READ MORE

Weekly Housing Trends Key Findings

We typically see fewer buyers and sellers in the market toward the end of the year, as families are busy with children in school and holiday celebrations. Although we still have a fast-moving housing market relative to this time last year, we’re starting to see some slowing from the late-summer/fall and movement towards more normal seasonality. What happens next depends on…READ MORE

THINKING ABOUT SELLING? DO IT NOW!

The market remains active with low but stable 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.

Thirteen (13) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Twelve (12) active listings have had a price reduction (1 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 TWO (2) listings under $400,000. The lowest priced active listing is $350,000. This makes 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. Three (3) properties are priced between $900,000- $1 million.

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.

A GREAT TIME TO BUY OR SELL!

During the period of November 13, 2020 through November 20, 2020 there were reported 4 new listings, 5 closed sales, 3 pending sales, 1 active with contract, 1 expired listing, 1 cancelled listing, 0 Temp off market, 1 price reduction and 0 price increases.

Attention Sellers!
Low Inventory + Low Interest Rates = Seller's Market.
Act Now!

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, November 20, 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:  charlie@leonardrealestategroup.com

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