Increased Mortgage Rates Continues
to Soften Purchase Activity

“Mortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994,” said Sam Khater, Freddie Mac’s Chief Economist. “The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20% from a year ago.” As rates rise, an increasing number of buyers are being shut out of the market, as the Mortgage Bankers Association (MBA) reported that overall mortgage application volume continued to trend downward, falling 6.3% week-over-week.

“For many American families, today’s mortgage rates are closing the door on being able to afford to buy a home this spring,” said Realtor.com Manager of Economic Research George Ratiu. “We are approaching the tipping point at which market demand is expected to pull back. The silver lining to the current affordability crisis is highlighted in Realtor.com’s new seller report, which shows that many homeowners are planning to list their properties for sale in the next few months. The supply boost would be welcome news for this year’s housing markets.”

A recent survey from Realtor.com found that U.S. home prices…READ MORE.

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are only 8 active listings in the MS/VG market this week. THIS IS THE LOWEST INVENTORY IN HISTORY! It has averaged under 18 listings the last several months, which makes for a very tight market for Buyers. Values remain very, 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.

Seven (7) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Two (2) active listings have had a price reduction (1 this week). We remain in a very strong Sellers' market with high demand. More interest rate increases are coming in 2022. We anticipate that inventory will start to increase later this year.

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 is only one (1) listing under $500,000. This low inventory makes it difficult for most first-time Buyers, with competition from multiple offers expected. One (1) property is priced between $400,000-$500,000; two (2) between $500,000-$600,000; one (1) between $600,000-$700,000; two (2) between $700,000-$800,000; none (0) between $800,000-$900,000; none (0) between $900,000-$1,000,000; and two (2) are priced over $1 million.

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

During the period of April 1, 2022 through April 8, 2022, there were reported 2 new listings, 4 closed sales, 6 pending sales, 0 active with contract, 1 expired listing, 1 cancelled listing, 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, March 25, 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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