FORECLOSURE ACTIVITY DROPS
TO ALL-TIME LOW

“The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” said Rick Sharga, EVP at RealtyTrac, an ATTOM company. “Government and mortgage industry efforts have prevented millions of unnecessary foreclosures, and while it’s likely that we’ll see a slight increase in the first quarter, we probably won’t see foreclosure activity back to normal levels before the end of 2022.”

In addition to the yearly data, foreclosure data for December 2021 was also released which found that there were 17,971 properties with some sort of foreclosure filings against them, down 8% from November, but up 65% year-over-year…READ MORE

BUYER AND SELLER CONFIDENCE

Overall housing sentiment in December declined but remained slightly above the same time last year. The Fannie Mae Home Purchase Sentiment Index® (HPSI) for December decreased 0.5 points to 74.2, but remained above the December 2020 level of 74.0. The index, which measures housing attitudes, intentions, and perceptions using six questions from the National Housing Survey® (NHS), is a good indicator of eventual buyer and seller behavior during the homebuying season.

The slight drop in November is largely driven by a decrease in buyer sentiment, as seller sentiment improved over the previous month. The latest survey reveals fewer homebuyers think it’s a good time to buy, while the share of respondents concerned about their job over the next year and the share of respondents who said their income is lower compared to last year also increased. Meanwhile…READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are only 12 active listings in the MS/VG market this week— yet another NEW LOW! The inventory has averaged under 20 listings the last several months, which makes the market very tight for Buyers, as reflected in the number of pending sales and decrease of closed sales. Prices remain very strong in Miami Springs and Virginia Gardens. There are many qualified Buyers, but the market is still favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.

Ten (10) listings are priced over $500,000. One (1) property is listed over $1,000,000. Five (5) active listings have had a price reduction (0 this week). We remain in a strong Sellers' market with high demand, and higher interest rates coming in 2022. Some increased inventory is on the horizon!

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

Mortgage interest rates have remained historically low but that will change. Regardless, there are still serious Buyers looking for the right property. Timing is everything! The low inventory makes it difficult for most first-time Buyers, with competition from multiple offers expected. The demand is high, especially for properties under $400,000. There is one (1) property listed under $400,000. One (1) property is priced between $400,000-$500,000; four (4) properties are priced between $500,000-$600,000; one (1) property is priced between $600,000-$700,000; one (1) property is priced between $700,000-$800,000; one (1) property is priced between $800,000-$900,000; two (2) properties are priced between $900,000-$1 million; and one (1) property is priced over $1 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of January 7, 2022 through January 14, 2022, there were reported 2 new listings, 1 closed sale, 4 pending sales, 1 active with contract, 1 expired listing, 0 cancelled listings, 2 Temp off market, 0 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, January 14, 2022. All closed sales are within the last 90 days.

*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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