What Today’s Sellers Want

In the last 30 years, sellers have remained in the same home for longer periods of time. From 1987 to 2008, sellers stayed in their homes for a median of six years, with the only exception of 1997 when the median tenure bumped up to seven years. After 2008, the median tenure in the home began to increase by one year each year. By 2011,…READ MORE

I Have a Reverse Mortgage—Can I Still Sell My House?

Q:I have a reverse mortgage on my home. Am I allowed to sell my property to pay off the reverse mortgage and keep my equity or do the lenders just get the whole thing? If I die, can my son sell the property and keep any equity?

A:A reverse mortgage is different from a typical mortgage because you do not need to make monthly payments. Instead, the balance you owe the bank grows each month. The bank is repaid only under certain circumstances, such as your death or if you move to another home

However, if your home is …READ MORE

Despite all the activity during the first 3 months of the year:

Inventory remained under 40 properties.
Of the 35 active listings, more than half, (18) are listed over $500,000.
One listing is over $1,000,000.
8 total listings under $400,000
Sixteen (16) active listings have had a price reduction. What does this mean? Usually, the property was overpriced from the beginning. The sellers are recognizing the market is changing. Prices are not increasing as fast as the last several years. Sellers don’t want to miss potential buyers and deal with increased competition.

The Miami Springs & VG markets continue to be very strong. The demand is high for properties under $400,000. There are only 9 listings under $400,000. How long will this sellers’ market last? Experts say a shift is on the way.

Sellers that haven't been able to sell their property should really evaluate their position in the market and adjust accordingly based on their circumstance. Prices remain strong. Interest rates are low. Timing is everything.

During the period of March 22, through March 29, 2019 there were 6 new listings, 2 closed sales, 2 pending sales, 0expired listing, 1 cancelled listing. There are still very good buying opportunities for buyers especially since interest rates remain very good. IT REALLY IS A GOOD TIME TO BUY OR SELL.

Attention Sellers!

Low Inventory + Low Interest rates + Increasing prices = Sellers Market.

The Market will change. Act Now!

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, March 29, 2019. All closed sales are within 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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