AMERICANS WORRIED ABOUT CHANCES OF OWNING A HOME

via themreport.com — While owning a home has been seen as a sign of success, otherwise known as a quintessential part of achieving the American dream, the path to homeownership remains a tough one for many Americans.

Although 84% of Americans say they’d like to own a home one day, some 51% of Americans who don’t currently own a home fear that they never will. That's according to a new survey from LendingTree.

For those who rent, the path to homeownership is full of challenges. Among those who would own a home in an ideal world but currently don’t, approximately 49% say they can’t afford a down payment and 40% say home prices are too high in their area. Student loan debt weighs heaviest on millennials, with 19% citing it as a roadblock to homeownership. They’re also the generation most concerned about interest rates, at 41%.

Those who want to own a home crave the stability and flexibility homeownership offers. Of the 84% who’d rather own a home than rent, nearly 3 in 5 (59%) say they like the flexibility to do whatever they want with the space—that’s just ahead of not having to worry about renewing a lease (58%) as the top reason to prefer homeownership. Being proud of homeownership (49%) and expecting a home to increase in value (47%) are also among the top-cited reasons for buying a home.

Both renting and homeownership have their drawbacks. Home maintenance and repair costs are the No. 1 aspect homeowners dislike about their decision to buy, at 36%; property taxes (35%) are a close second. Among renters, 30% say the worst part about their current situation is the unexpected rent increases, followed by having to deal with…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Inventory has been relatively stable, with only minor fluctuations over the last few weeks. There are now eighteen (18) active listings in the MS/VG market this week. We are anticipating inventory increases in the months ahead, but we are truly in a unique market with lots of unpredictability. Anything can happen! No new pending sales this week, but values remain strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there. With tighter inventory and continued high demand, the market has been transitioning back to a Sellers' market. Please refer to the articles posted on our website.

Over half of the active listings are over one million dollars. Three are listed for more than $2,000,000!! Four (4) of the active listings have had a price reduction; one this week. We had been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage rates, gives Sellers an advantage and makes it difficult for Buyers. Although, things may start to slow down! Expected interest rates increases in the future can mean fewer buyers. We still anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates have increased to just above 7% this past month. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming more common again. The number of days properties are staying on the market is averaging 53 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. none (0) are priced between $500,000-$600,000; five (5) are priced between $600,000-$700,000; one (1) is between $700,000-$800,000; one (1) is between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; seven (7) between $1-2 million; and three (3) are 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 August 11, 2023 through August 18, 2023, there were reported 0 new listings, 4 closed sales, 2 pending sales, 0 active with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 1 price reduction, 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, August 18, 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:  [email protected]

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