4 Ways to Increase the Chances of Getting a Mortgage
WASHINGTON – The coronavirus pandemic has made a huge dent in the U.S. economy, but mortgage interest rates are at an all-time low. It’s no surprise then that in 2020, existing-home sales hit their highest level since 2006, according to the National Association of Realtors®.
That said, because of the economic downturn, many home lenders have tightened their underwriting criteria, showing some caution about who they’re willing to lend to. So, even if you meet the minimum requirements to get a mortgage, it may still be tough to qualify.
If you’re hoping to buy a new home or even refinance your existing mortgage loan, here are four things you can do to increase your chances of getting approved… READ MORE
Refi Sooner Rather than Later: New Fee Kicks in Dec. 1
With mortgage rates near historic lows, now might seem like a good time to consider a mortgage refinance. Refinancing to a lower interest rate could reduce your monthly payments, making your home loan more manageable – but a new fee could add a wrinkle to the process.
Here’s everything you need to know about the new mortgage refinance fee. Beginning Dec. 1, Fannie Mae and Freddie Mac will begin charging a 0.5% adverse market fee to refinance your mortgage. If you’ve been considering a new mortgage to replace your previous one, it’s important to understand how …READ MORE
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The Current Miami Springs Market
The market remains active with low inventory. There are only 26 active listings this week– THE LOWEST IT HAS BEEN IN A LONG TIME! 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.
Twelve (12) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Seventeen (17) 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, but many uncertainties lie ahead with a possible pandemic resurge, elections, economy, and likely increased inventory.
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 two (2) listings under $400,000. The lowest priced active listing is $394,900. 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. Twelve (12) properties are priced between $400,000-$500,000. Six (6) 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 16, 2020 through October 23, 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 23, 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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