Buyers’ Biggest Hurdle in June? Lack of Inventory

Buyer demand has risen thanks to record-low mortgage rates and frustration after spending time quarantined in less-than-ideal housing. As a result, sellers who enter the market find continually rising prices and, many times, competitive bids for their property.

But more sellers may be avoiding a potentially strong summer housing market, according to realtor.com’s June Monthly Housing Trends report. Economists found that housing inventory – the number of homes actively available for sale – continues to decline. (This is good for Sellers thinking about selling their home.)

Nationally, housing inventory was down 27.4% year-to-year in June, which translates into 363,000 fewer homes listed for sale.

Some Florida metro areas have an even greater drop in inventory, but some have less. In a year-to-year comparison, four metros showed a year-to-year decline ranging from 31.4% to 9.4%: . . . READ MORE

WHAT A WEEK!!! Tremendous amount of activity. There are 28 active listings this week– much lower inventory compared to last year. Great news for Sellers. The market is hot. Please refer to the article posted on our website. We are optimistic that things will continue to improve. We expect a gradual increase in inventory as we resume to somewhat normal activities.

Seventeen (17) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Eight (8) active listings have had a price reduction (2 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! 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. There are only three (3) listings under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Multiple Offers expected for entry-level Buyers. Nine (9) properties are priced between $400,000-$500,000.

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 June 26, 2020 through July 3, 2020 there were reported 6 new listings, 0 closed sale, 1 pending sale, 1 active with contract, 0 expired listings, 1 cancelled listing, 1 Temp off market, 2 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, July 3, 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:  charlie@leonardrealestategroup.com

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