Mortgage Rates Hit 11-Year High

After mortgage rates fell to all-time lows just 15 months ago, for the first time since 2011, mortgage rates have hit the 5% mark, as reported by Freddie Mac in its weekly Primary Mortgage Market Survey (PMMS). By reaching 5%, fixed-rate mortgages (FRMs) were up week-over-week as last week, they averaged 4.72%. A year ago at this time, the 30-year FRM stood near two full percentage points lower at 3.04%.

“This week, mortgage rates averaged five percent for the first time in over a decade,” said Sam Khater, Freddie Mac’s Chief Economist. “As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation.”…READ MORE

Homebuyer Confidence Continues to Dwindle

The latest iteration of Fannie Mae’s Home Purchase Sentiment Index (HPSI) for March decreased by 2.1 points to 73.2 as rising mortgage rates and the general condition of the housing market pushed consumers to be more pessimistic about the market overall.

“This month, we also saw a survey-high share of consumers expecting their financial situations to worsen over the next year; this was especially true among current homeowners,” said Mark Palim, Fannie Mae VP and Deputy Chief Economist. Palim continued “These concerns, together with the run-up in mortgage rates since the end of 2021, will likely diminish mortgage demand from move-up buyers—and fewer move-up buyers mean fewer available entry-level homes, adding to the rising-rate challenges for potential first-time homebuyers.”

“If consumer pessimism toward homebuying conditions continues and the recent mortgage rate increases are sustained, then we expect to see an even greater cooling of the housing market than previously forecast.”…READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are only 7 active listings in the MS/VG market this week. THIS IS THE LOWEST INVENTORY IN HISTORY! It has averaged under 15 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.

All seven (7) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. One (1) active listing has had a price reduction (0 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. 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; three (3) between $500,000-$600,000; one (1) between $600,000-$700,000; one (1) 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 8, 2022 through April 15, 2022, there were reported 3 new listings, 6 closed sales, 2 pending sales, 1 active with contract, 0 expired listings, 1 cancelled listing, 1 Temp off market, 0 price reductions, and 1 price increase.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, April 15, 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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