Will Rising Inflation Cool Down—or
Further Inflame—the Hot Housing Market?

Home prices aren’t the only cost that has been soaring over the past few months. It seems like just about everything, from rental cars to puppies, has gotten more expensive—and that could help determine whether home prices have more room to rise.

Inflation of goods and services rose 5% in May compared with the previous year, according to the Consumer Price Index. That means many household items and services now cost about 5% more than they did just 12 months ago. In other words, workers would need to earn 5% more than they did a year ago to keep up. This comes after years of inflation hovering around 2%.

Rising inflation could also affect the hot housing market. So will it be the force that cools down the double-digit price growth—or what catapults the cost of buying a home even higher into the stratosphere? …READ MORE

A GREAT TIME TO SELL!!

SELLERS, THIS IS THE MOMENT! SELL NOW!

The inventory plummeted this week by over 35%. There are only 11 active listings in the Miami Springs/Virginia Gardens market. This is the lowest I have ever seen in my years of selling real estate in MS/VG. The market continues to be very dynamic with many buyers and that is great news for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.

Eight (8) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. One (1) active listing has had a price reduction (0 this week). We remain in a strong Sellers' market with low inventory and high demand.

The market will change!
Likely increased inventory, with increased foreclosures coming later this year.

MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!

Mortgage interest rates remain historically low, and there are serious Buyers buying. Timing is everything! The demand is high, especially for properties under $400,000. There are currently no listings under $400,000. The lowest priced listing is a 2 bedroom/1 bathroom for $449,900! A lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Three (3) properties are priced between $400,000-$500,000; two (2) properties are priced between $500,000-$700,000; two (2) properties are priced between $700,000-$800,000; and four (4) properties are priced between $800,000 and over $1 million.

A GREAT TIME TO BUY OR SELL!

During the period of June 4, 2021 through June 11, 2021, there were reported 1 new listing, 6 closed sales, 3 pending sales, 3 actives with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 0 price reductions and 0 price increases.

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, June 11, 2021. 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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