The US is 3.8 Million Homes Short
The U.S. housing market needs nearly 4 million single-family homes to meet the nation’s demand, according to a new analysis from Freddie Mac. The 3.8 million shortfall marks a 52% increase in the housing shortage since 2018.
The housing shortage mixed with strong buyer demand since the pandemic is prompting home prices to rise rapidly. The median existing-home price for all housing types in February was $313,000, up 15.8% compared to a year earlier, according to the National Association of REALTORS®.
The housing shortage is most prominent among entry-level homes, and it’s making it more expensive for first-time buyers to.…READ MORE
A GREAT TIME TO SELL!!
SELLERS, THIS IS THE MOMENT! SELL NOW!
The Buyers are out there! The inventory dropped AGAIN and remains very low. There are now only 12 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.
Nine (9) 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 are in a strong Sellers' market with low inventory and high demand.
Things are going to change!
Likely increased inventory, with increased foreclosures coming later this year.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!
Mortgage interest rates climbing but 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. A lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Two (2) properties are priced between $400,000-$500,000; three (3) 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.
A GREAT TIME TO BUY OR SELL!
During the period of April 9, 2021 through April 16, 2021 there were reported 1 new listing, 1 closed sale, 1 pending sale, 3 actives with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 0 price reductions and 0 price increases.
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 16, 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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