Housing Recovery in Full Swing
as Sellers Inch Their Way Back into the Market

Buyers and sellers remain increasingly motivated post pandemic, setting the stage for a full market recovery through the end of the year. While many buyers will still struggle to find the right home for their budget this fall, this week’s data shows more sellers are finding the motivation to list, providing more options for buyers than it’s typical for October. Competition among buyers remains fierce, and even small improvements to supply could enable a new record for home sales for October not seen since the mid-2000s … READ MORE

30-Year Mortgage Rates Hit Another Record Low – 2.81%

WASHINGTON (AP) – U.S. long-term mortgage rates fell this week as the key 30-year loan reached a new all-time low for the 10th time this year. Home loan rates have marked a year-long decline amid economic anxiety in the recession set off by the coronavirus pandemic. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year mortgage fell to 2.81% from 2.87% last week. By contrast, the rate averaged 3.69% a year ago. The average rate on the 15-year fixed-rate mortgage declined to 2.35% from 2.37%.The low borrowing rates have bolstered demand by prospective homebuyers. But the demand has been constrained by …READ MORE

The market remains active with low inventory. There are only 32 active listings this week– much lower inventory compared to last year. This is great news for Sellers. The market is still hot. Please refer to the article posted on our website.

Fourteen (14) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Nineteen (19) active listings have had a price reduction (2 this week). This usually means that the property is overpriced. Some Sellers may want to re-evaluate their pricing to motivate Buyers. We are still in a Seller’s market and there should be fewer price reductions as the inventory decreases.

Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!

Mortgage interest rates remain low, and there are serious Buyers buying! Timing is everything. If you're on the fence about selling, now is the time to get off and put your house on the market.

The demand is high for properties under $400,000. There are only three (3) listings under $400,000. The lowest priced active listing is $355,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Competition and multiple offers are becoming more frequent. Fifteen (15) properties are priced between $400,000-$500,000. Seven (7) 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.

During the period of October 9, 2020 through October 16, 2020 there were reported 4 new listings, 0 closed sales, 3 pending sales, 2 active with contract, 1 expired listing, 0 cancelled listings, 0 Temp off market, 2 price reductions and 0 price increases. Interest rates remain low. A GREAT TIME TO BUY OR SELL.

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, October 9, 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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