MORTGAGE RATES CONTINUE TO FALL FOR FOURTH STRAIGHT WEEK

via realtor.com — The Freddie Mac fixed rate for a 30-year mortgage ticked down 4 basis points, reaching 6.28% this week as 10-year treasury yields fell to the lowest level since September.

Mortgage rates are approaching February’s lows as the market enters the spring, when housing demand typically climbs. Buyer demand tends to be sensitive to mortgage rate changes, increasing with each downward tick in rates, as evidenced in February’s Pending Home Sales data. We can expect to see a similar bump in housing activity as a result of the recent drop-in mortgage rates. Despite these pick-ups in demand, by and large, the housing market remains unaffordable for many would-be buyers. Though sale prices softened, listing prices remained 6.3% above last year’s level in March which, accompanied by higher mortgage rates, meant that prospective buyers were looking at a home payment roughly 26.2% higher than a year ago.

The current market is seeing lower demand and fewer fresh listings as buyers and sellers weigh whether to dip a toe in or wait until conditions improve. Each gain in affordability is accompanied by new buyer activity and while buyers and sellers can’t control mortgage rates, lower home prices can drum up demand by making a home purchase more feasible. As those buyers who are still in the market look for well-priced new listings, sellers can ensure attention by getting to know their local market and listing a well-maintained home for an attractive price. This year’s Best Time to Sell is approaching, as the week of April 16-22 is historically the best week of the year to list, and provides the best combination of conditions for a quick sale at an above-average price… READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are twenty-five (25) active listings in the MS/VG market this week. Inventory remained the same since last week. It has averaged approximately 25 listings the last month or so. I expect inventory to continue to slowly increase in the months ahead, but in this market, anything is possible. Pending sales are stable. Though values remain strong in Miami Springs and Virginia Gardens, we have seen many list-price decreases. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! The market is starting to transition, and Sellers are no longer in the driver's seat. Please refer to the articles posted on our website.

Twenty-four (24) of the active listings are priced at $525,000 or above. Three (3) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Nine (9) of the active listings have had price reductions; none this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to decreased demand, higher inventory, and higher mortgage interest rates. More interest rate increases are coming in the next month, which means fewer Buyers and likely increases in inventory.

DEMAND IS SLOWING!

Mortgage interest rates dropped to between 6.0% and 6.5% last week. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are much less common. Days properties are staying on the market has increased (Average DOM = 65).

The demand remains high for properties under $500,000. There is just one (1) listing just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Four (4) properties are priced between $500,000-$600,000; nine (9) between $600,000-$700,000; four (4) between $700,000-$800,000; one (1) between $800,000-$900,000; two (2) between $900,000-$1,000,000; three (3) 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 March 31, 2023 through April 7, 2023, there were reported 3 new listings, 3 closed sales, 1 pending sale, 2 active 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, April 7, 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

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