Sellers in a Strong Position, For How Long?

After increasing last week for the first time in 2021, new listings were down again, highlighting the up and down progress on the road to a more normal housing market. We’re still far from reaching “normal” thanks to continued strong buyer interest far outstripping the availability of homes for sale. While this creates challenges for buyers who have to act fast and be prepared to offer a lot, these conditions put sellers in a strong position.

Although they remain historically low, mortgage rates are rising and are expected to increase further later in the year, thus affordability will be a growing challenge for home buyers in the months ahead.…READ MORE

A GREAT TIME TO SELL!!

SELLERS, THIS IS THE MOMENT! SELL NOW!

This was a very busy week! The inventory stayed steady this week. There are still only 15 active listings. That is the lowest I can recall in my years of selling real estate in Miami Springs and Virgin Gardens.

The market continues to be very dynamic with many Buyers and that is great news for Sellers. Please refer to the articles posted on our website.

Ten (10) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. One (1) active listings have had a price reduction (0 this week). We are in a strong Sellers' market, but uncertainties still remain with the COVID-19 pandemic and new variants, economic policies, and likely increased inventory. Things are going to change! Increased foreclosures coming later this year.

MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!

Mortgage interest rates continue to be historically low, and there are serious Buyers buying! Timing is everything. The demand is high, especially for properties under $400,000. There is currently only one (1) listing under $400,000. This is not good for entry level buyers looking in that range. The lack of inventory makes it more difficult for most first-time Buyers. Competition from multiple offers have become quite common. Two (2) properties are priced between $400,000-$500,000; four (4) properties are priced between $500,000-$700,000; two (2) properties are priced between $700,000-$800,000; and four (4) properties are priced between $800,000 and over $1 million.

Property price reductions? 
What does this mean? 

Usually, the property was overpriced from the beginning. 
However, sellers are recognizing the market change.  

There are less price reductions as the inventory decreases.

Sellers that haven’t been able to sell their property in this market should re-evaluate their strategy 
and adjust accordingly based on the current market circumstances.

A GREAT TIME TO BUY OR SELL!

During the period of April 2, 2021 through April 9, 2021 there were reported 2 new listings, 7 closed sales, 2 pending sales, 1 active with contract, 1 expired listing, 0 cancelled listings, 2 Temp off market, 0 price reductions and 1 price increase.

Attention Sellers!
Low Inventory + Low Interest Rates = Seller's Market.
Act Now!

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, April 9, 2021. All closed sales are within the last 90 days.

HOW DOES YOUR HOUSE COMPARE?

*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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