Homes Continue to Fly Off the Market

“Movers are feeling a big pinch. There is nowhere for them to run from increasing housing costs now that mortgage rates are rising and inflation has spread to the rental market,” said Redfin Chief Economist Daryl Fairweather. “Homebuyers feel uneasy making offers on homes with such high asking prices, but there is no better alternative. Would-be homebuyers who bowed out last year are kicking themselves, but delaying purchasing a home another year could be a costly mistake. My advice to buyers who are worried they will have to overbid in order to win a home is to make sure they can see themselves living in the home for at least five years. I expect home values to rise over that time horizon even if there are short-term fluctuations in the housing market. Given how tough the housing market is for movers, it makes sense that so many homeowners are staying put. It’s also contributing to the shortage of new listings and making the market even tougher for buyers.”

The median home sale price was up …READ MORE

Mortgage Rates Inch Closer to 4% Mark

Riding the wave of a rise in inflation and stronger than anticipated consumer spending, mortgage rates jumped once again this week, as the 30-year fixed-rate mortgage (FRM) averaged 3.92% with an average 0.8 point for the week ending February 17, 2022, up from last week when the FRM averaged 3.69%. A year ago at this time, the 30-year FRM stood at 2.81%...READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

Listings decreased to 12 active listings in the MS/VG market during the week. Inventory has averaged under approximately 18 listings the last several months, which makes for a very tight market for Buyers. Values remain very strong in Miami Springs and Virginia Gardens. There are still many qualified Buyers out there! It is still a Sellers' market. Please refer to the articles posted on our website.

All twelve (12) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Three (3) 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 ARE BACK AND LISTINGS KEEP SELLING OVER LIST PRICE!!

Mortgage interest rates have started to increase but remain historically low. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $500,000. There are no properties listed under $500,000. This low inventory makes it difficult for most first-time Buyers, with competition from multiple offers is expected. No properties are priced between $400,000-$500,000; two (2) properties are priced between $500,000-$600,000; four (4) properties are priced between $600,000-$700,000; two (2) properties are priced between $700,000-$800,000; there are no properties priced between $800,000-$900,000; one (1) property is priced between $900,000-$1,000,000; and three (3) properties are priced over $1 million.

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

During the period of February 11, 2022 through February 18, 2022, there were reported 3 new listings, 6 closed sales, 3 pending sales, 5 active with contract, 0 expired listings, 1 cancelled listings, 0 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, February 18, 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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