Will the COVID-19 Pandemic Kill the Open Floor Plan?
The pandemic has thrown millions out of work and deflated entire industries. But not the residential real estate market. A year ago, it was humming. Today, in the teeth of the pandemic, it’s roaring.
Credit this feeding frenzy over new listings to bargain-basement mortgage rates, a relative shortage of new prospects (because some potential sellers don’t want strangers traipsing through their homes in the midst of a plague), and pent-up demand.
Some buyers need housing for a brand-new reason. After spending months in virtual lockdown, they’ve learned their residences just don’t serve their needs. Or more accurately, the needs of a family in quarantine.
“Early on, some of our members joked that everybody’s going to know what’s wrong with their houses now, because they’re stuck inside them,” said Karl Berron, CEO of the Indiana Association of Realtors. “There’s a lot of folks who are experiencing their homes in new ways, and reexamining what housing … READ MORE
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The Current Miami Springs Market
The market remains very active! Inventory decreased by 8.5% last week. There are only 30 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.
Seventeen (17) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Fifteen (15) active listings have had a price reduction (3 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. Competition and Multiple Offers are expected for entry-level Buyers. There are no listings under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Thirteen (13) properties are priced between $400,000-$500,000. Ten (10) 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 September 4, 2020 through September 11, 2020 there were reported 1 new listing, 3 closed sales, 2 pending sales, 3 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 3 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, September 11, 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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