HOUSING MARKET SURVEY: GREAT TIME TO SELL (NOT BUY)
Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “The survey’s story is also largely unchanged: Consumers feel it’s a bad time to buy a home but a good time to sell—and they continue to cite high home prices as the primary reason. Across all consumer segments, renters and younger consumers were slightly more likely to indicate it’s a bad time to buy, perhaps a reflection of their generally lower incomes and their observation that the availability of affordable homes is lacking. We’re also seeing a softening in consumers’ expectations that home prices will continue to increase; however, in our view, other housing market fundamentals remain supportive of further home price appreciation—including low levels of inventory and low interest rates.” Among the six categories,..…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are 19 active listings in the MS/VG market. The inventory remains low. Though it has fluctuated in the last months, inventory has remained under 25 listings. This makes for a very tight market for Buyers, as reflected in the decrease of pending sales. Prices remain very strong in Miami Springs and Virginia Gardens. There are many qualified Buyers, but the market is still favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.
Sixteen (16) listings are priced over $500,000. Four (4) properties are listed over $1,000,000. Three (3) active listings have had a price reduction (0 this week). We remain in a strong Sellers' market with high demand. The market will change! Increased inventory is on the horizon, with increased foreclosures coming later this year.
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates continue to remain historically low, and there are serious Buyers. Timing is everything! The demand is high, especially for properties under $400,000. There is one (1) listing under $400,000–an unapproved short sale. This lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Two (2) properties are priced between $400,000-$500,000; eight (8) properties are priced between $500,000-$700,000; one (1) property is priced between $700,000-$800,000; three (3) properties are priced between $800,000-$900,000; and four (4) properties are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of October 1, 2021 through October 8, 2021, there were reported 6 new listings, 3 closed sales, 5 pending sales, 5 actives with contract, 0 expired listings, 0 cancelled listings, 1 Temp off market, 0 price reductions, 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, October 8, 2021. 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.
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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