Rates Resume Surge Toward 7%
As Inflation Remains Hot
What it Means:
Housing markets continue to feel the direct impact of higher mortgage rates. With incomes lagging behind inflation, homebuyers’ ability to finance a purchase has been slashed by mortgage rates which surged from 3.1% at the start of 2022 to almost 7%. For a family earning the median household income of $71,000 and using a 20% down payment, a typical home purchase budget stretched to $448.700 in January 2022. This week, the same family could only afford a $339,200 home.
Homebuyers’ are responding to worsening affordability conditions by moving away from expensive cities, seeking lower cost markets around the country. Realtor.com’s latest report highlights that the most in-demand housing markets are clustered in the Midwest and more affordable Northeast regions, where the average list price for the 20 hottest markets is $364,000, a 15% discount from the national median.....READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are twenty-seven (27) active listings in the MS/VG market this week. A slight drop in inventory since last week. It had averaged approximately 15-20 listings the last several months. I expect continued increases in inventory in the months ahead. Bot who knows in this market! Pending sales have slowed. A definite sign that sales have slowed down. Values remain strong in Miami Springs and Virginia Gardens, for now. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! Today, it is still a Sellers' market. Please refer to the articles posted on our website.
Twenty-six (26) of the active listings are priced over $500,000. Six (6) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Ten (10) of the active listings have had a price reduction; three (3) this week. We remain in a Sellers' market due to high demand but that has started to change. More interest rate increases are coming in 2022. We anticipate inventory will increase.
MULTIPLE OFFERS HAVE DROPPED AND DEMAND IS SLOWING!
Mortgage interest rates topped 6% last week, with more increased expected. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are less common and properties are staying on the market for longer. The demand remains high for properties under $500,000. There is one (1) listing just under $500,000. The low inventory and interest hikes make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Two (2) properties are priced between $500,000-$600,000; five (5) between $600,000-$700,000; six (6) between $700,000-$800,000; four (4) between $800,000-$900,000; two (2) between $900,000-$1,000,000; six (6) between $1-2 million; and one (1) is listed for over $2 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of October 7, 2022 through October 14, 2022, there were reported 1 new listing, 3 closed sales, 1 pending sale, 3 active with contract, 0 expired listings, 0 cancelled listings, 1 temp off market, 3 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 14, 2022. 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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