Mortgage rates drop once again —

sparking more interest in loan refinancing

Mortgage rates fell yet again on a weekly basis thanks to the declining yield on Treasury notes.

The 30-year fixed-rate mortgage averaged 3.57% during the week ending Oct. 10, down 8 basis points from the previous week, Freddie Mac FMCC, -1.75% reported Thursday. This is a stark change from a year ago when the 30-year fixed-rate mortgage averaged 4.90%.“Despite low rates, the cloudier economic outlook and ongoing market uncertainty may be keeping....READ MORE

How Long Does It Take to Close on a House?

During your house-hunting adventures, you've turned on (and hopefully off) at least 20 water faucets and peered into about 50 closets (oh, the things you've seen!). And now, at long last, you've saved your down payment, researched mortgage rates, shopped for just the right lender, and (finally!) found the perfect home. Now, exactly how long does it take to close on a house? It's the eternal question in real estate—for both buyers and sellers. Read on to get the gist of the closing process and the timeline you can….READ MORE

The Miami Springs & VG markets continue to be strong.

Inventory remained stable.

This is good for buyers and sellers

36 active listings this week, with 1 new one

3 closed sales this week

8 listings under $400,000

15 active listings are priced over $500,000

2 properties are listed over $1,000,000. One of the Million+ properties closed this week for 1,500,000, and another is pending sale.

21 active listings have had a price reductions (5 this week).

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 should not miss potential buyers and deal with increased competition.

Some experts and some buyers are concerned about a possible recession next year.

The Feds expect another rate reduction this year.

Prices remain strong.

Mortgage Interest rates remain low.

Sellers that haven’t been able to sell their property in this market should re-evaluate their pricing, strategy and adjust accordingly based on their market circumstance.

Timing is everything. If you re on the fence about selling, get off and put your house on the market.

During the period of October 4, 2019, through October 11, 2019 there were reported 1 new listing, 3 closed sales, 2 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 5 price reductions and 0 price increase. Interest rates remain very good. A GREAT 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, October 11, 2019. 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: charlie@leonardrealestategroup.com

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