Home Purchase Sentiment Hits Lowest Level
Since Start of Pandemic

Homebuyer confidence slipped again in April to the lowest level since the start of the COVID-19 pandemic, as measured by the Fannie Mae Home Purchase Sentiment Index (HPSI), which dropped 4.7 points to 68.5. Affordability challenges caused by still-rising home prices, increasing interest rates, and inflation, as well as a low number of homes for sale, have continued to impact buyer confidence…READ MORE

Mortgage Rates Climb to Highest Rate Since 2009

The Freddie Mac fixed rate for a 30-year loan continued to rise this week, reaching 5.30%. This is a 3 basis point increase from last week, and marks the highest 30-year rate reported by Freddie Mac since 2009.

The stock market has taken notice of these grim indicators, and the major indexes continued their week-long slide. A dirty word is on the lips of American economists and financiers: “recession.” .…READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are thirteen (13) active listings in the MS/VG market this week. Although low, the inventory increased 30% in one week. It has averaged under 15 listings the last several months, which makes for a very tight market for Buyers. I expect continued increased in inventory in the months ahead. Values still remain strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there! It is still a Sellers' market. Please refer to the articles posted on our website.

All thirteen (13) active listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Two (2) active listings has had a price reduction (0 this week). We remain in a very strong Sellers' market due to high demand. Interest rate increases are here with more to come in 2022. We anticipate that inventory will continue to increase.

MULTIPLE OFFERS AND LISTINGS SELLING OVER LIST PRICE ARE THE NEW NORMAL!

Mortgage interest rates have started to increase. 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 listings under $500,000. This low inventory makes it difficult for most first-time Buyers. Competition from multiple offers is the norm in today's market. No properties are priced between $400,000-$500,000. Four (4) properties are priced between $500,000-$600,000; five (5) between $600,000-$700,000; none (0) between $700,000-$800,000; none (0) between $800,000-$900,000; one (1) between $900,000-$1,000,000; and three (3) are priced over $1 million.

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

During the period of May 6, 2022 through May 13, 2022, there were reported 5 new listings, 6 closed sales, 2 pending sales, 3 actives with contract, 0 expired listings, 0 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, May 13, 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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