What Is a Comparative Market Analysis?

The CMA Explained

A home's price is a moving target—based on where it is, when it's listed for sale, whether it has that trendy open kitchen, all of it. So if you're tasked with pricing your own home before putting it on the market, how do you figure out how much your place is worth?

Home sellers pondering this question will no doubt hear they should figure this out by asking a real estate agent for a comparative market analysis, or CMA. But what is it? A comparative market analysis …READ MORE

Homebuyers Get a Break With Lower Mortgage Rates

Economic gurus got one part of the mortgage forecast for 2019 correct. We’re certainly seeing a volatile year for rates. What they didn’t see coming: Mortgage rates tumbled in March, the biggest one-week fall in a decade. Now—instead of seeing mortgage rates edge closer to 5.25 percent, as some had predicted we’d see in 2019—we’re looking at an average 30-year rate near 4 percent.

The rate drop comes just in time for the spring home-buying season and will make …READMORE

It has been a very busy 1st quarter in 2019, with a lot of movement, both in new listings and in closed sales:

Increased inventory to 43 active listings
Of the 43 active listings, more than half, (20) are listed over $500,000.
2 Listings are over $1,000,000.
9 Listings under $400,000
Eighteen (18) 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 April 5, through April 12, 2019 there were 8 new listings, 6 closed sales, 0 pending sales, 2 expired listings, and 0 cancelled listings. 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, April 12, 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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