NAR Forecast: 2021 Could Be Real Estate’s
Best Winter Ever
WASHINGTON – The housing market defied high unemployment and an economic recession and surged during the COVID-19 pandemic – and that isn’t likely to let up heading into the winter months, says National Association of Realtors® (NAR) Chief Economist Lawrence Yun, chief economist of the National Association of REALTORS® during Tuesday’s “Residential Economic Issues & Trends Forum” at the virtual 2020 REALTORS® Conference & Expo.
“This winter may be one of the best winters for sales activity,” Yun said.
What else does 2021 hold? Yun thinks the persistent housing shortage will likely keep home prices elevated, while… READ MORE
Case-Shiller: Home Price Increases Picking Up Speed
WASHINGTON (AP) – U.S. home prices jumped in September as strong demand, low interest rates and the smallest number of available homes on record combined to push up housing costs.
The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, showed that home prices rose 6.6% in September from a year earlier, much higher than its 5.3% increase in August. That is the biggest increase since April 2018.
Home sales jumped to the highest level in 14 years in September, a sign that the increased ability of some Americans to work from home and the desire for more space is spurring greater demand.
Prices skyrocketed…READ MORE
DISCOVER MIAMI SPRINGS!
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All aspects of your real estate experience will be accompanied by Results through exceptional Service and Honesty. From the onset of our marketing meeting, we are dedicated to achieve your goals.
The Current Miami Springs Market
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.
Fourteen (14) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Twelve (12) active listings have had a price reduction (0 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. Nine (9) properties are priced between $400,000-$500,000. Five (5) properties are priced between $500,000-$700,000. Five (5) 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 20, 2020 through November 27, 2020 there were reported 3 new listings, 2 closed sales, 1 pending sale, 2 active with contract, 0 expired listings, 0 cancelled listings, 2 Temp off market, 1 price reduction 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 27, 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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