HOMEBUYERS TO CATCH A BREAK IN 2024?

via themreport.com — Redfin is making predictions for next years’ housing market and a new annual report lays out seven predictions and points of order that buyers and sellers should expect as we move into a new year.

According to Redfin, all signs point to the market shifting towards buyer's favor, not sellers—for the first time in years—that will hopefully usher in new life to the market as potential homebuyers turn into homeowners.

The first major prediction made by Redfin is that actual home prices will fall 1% year-over-year-over-during the span of the second and third quarters of 2024, a first since 2012. That’s a favorable shift for buyers: Prices are ending 2023 up around 3% year over year, and the typical homebuyer’s monthly payment is only about $150 shy of its all-time high. Home prices will still be out of reach for many Americans, but any break in the affordability crisis is a welcome development nonetheless.

The second major prediction Redfin is fielding is that new listings will rise, dropping existing-home prices because supply will rise more than demand. Redfin has recently seen a double-digit annual increase in homeowners contacting Redfin for help selling their home, alongside a small drop in requests from prospective buyers…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Inventory increased since last week! There are now twenty-four (24) active listings in the MS/VG market this week. We are optimistic that this overall trend will continue but who knows! The market remains unpredictable, but one thing is for sure—there are still many qualified Buyers out there, despite interest rate increases. Values remain strong in Miami Springs and Virginia Gardens. Please refer to the articles posted on our website.

There are six (6) active listings over one million dollars. One listing is priced for over $2,000,000.00!! Nine (9) of the active listings have had a price reduction; two this week. There are zero (0) pending sales again this week. We have been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage interest rates, gives Sellers an advantage and makes it difficult for Buyers. The high interest rates also create a difficult situation for Sellers because the Sellers likely have a mortgage with a much lower interest rate. Where do they go if they decide to sell? Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates have continued to be between 7.5%-8% this past month. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming more common again. The number of days properties are staying on the market is averaging 30 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000; none (0) are priced between $500,000-$600,000; three (3) are priced between $600,000-$700,000; seven (7) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; five (5) between $1-2 million; and one (1) is listed for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of December 1, 2023 through December 8, 2023, there were reported 1 new listing, 1 closed sale, 0 pending sales, 0 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 2 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, December 8, 2023. 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

………………………………………………..……………………………………………………………………………