SKY-HIGH HOUSING PRICES WON’T FALL
USA TODAY spoke to eight experts to find out if a housing crash is on the horizon.
The short answer? No.
For one, they say the housing market in 2021 is not like the boom-bust cycle leading up to the Great Recession. In the years before 2008, mortgage lenders made subprime loans to borrowers without verified income or adequate down payments while pushing risky loan products. This time, tough loan underwriting standards are the norm even with rock-bottom interest rates.
On the supply side, a decade of underbuilding of homes, regulatory barriers, high construction costs combined with people staying longer in their homes have kept housing inventory low.
When it comes to demand,…READ MORE
DISCOVER MIAMI SPRINGS!
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are 18 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.
Seventeen (17) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Four (4) 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; seven (7) properties are priced between $500,000-$700,000; three (3) properties is priced between $700,000-$800,000; and five (5) properties are priced between $800,000 and over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of September 17, 2021 through September 24, 2021, there were reported 2 new listings, 5 closed sales, 3 pending sales, 2 actives with contract, 0 expired listings, 0 cancelled listings, 0 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, September 24, 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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