HOME PRICE GROWTH PREDICTED TO REMAIN POSITIVE THROUGH 2025
via themreport.com — According to a new survey panel from Fannie Mae, a survey of national housing experts expects annual national home price growth in 2024 to lie somewhere around 2.4% during the 2024 calendar year and 2.7% in 2025.
This information comes to us from the fourth quarter Home Price Expectations Home Survey (HPES)—which was conducted by Pulsenomics, LLC.—which polls over 100 highly-placed and senior experts across the housing and mortgage industry and academia for forecasts of national home prices changes in each of the coming five calendar years, as measured by Fannie Mae’s Home Price Index (HPI).
On average, the panel anticipates home price growth to clock in at 5.9% in 2023, to be followed by slower growth in 2024 and 2025 of 2.4% and 2.7%, respectively. Complete results of the Q4 2023 survey can be found here.
With mortgage rates experiencing significant volatility as of late according to Freddie Mac, this quarter's HPES also asked panelists about their long-run interest rate expectations, as well as their opinions on potential drivers of mortgage rates in the future. The average respondent expects the 30-year fixed rate mortgage rate to eventually settle to an average of approximately 5.7%. …READ MORE
The Current Miami Springs Market
TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION
This week there are twenty-two (22) active listings in the MS/VG market this week. Though inventory dipped slightly since last week, it has been increasing overall. We are optimistic that this trend will continue but who knows! The market remains unpredictable, but one thing is for sure—there are still many qualified Buyers out there, despite interest rate increases. Values remain strong in Miami Springs and Virginia Gardens. Please refer to the articles posted on our website.
There are eight (8) active listings over one million dollars. One listing is priced for over $2,000,000! Eight (8) of the active listings have had a price reduction; one this week. There are zero (0) pending sales again this week. We have been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage interest rates, gives Sellers an advantage and makes it difficult for Buyers. The high interest rates also create a difficult situation for Sellers because the Sellers likely have a mortgage with a much lower interest rate. Where do they go if they decide to sell? Interest rates aside, we continue to anticipate more inventory increases.
DEMAND IS STILL THERE!
Mortgage interest rates have continued to be between 7.5%-8% 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 30 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 costs 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; three (3) are priced between $600,000-$700,000; seven (7) are priced between $700,000-$800,000; one (1) is priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; seven (7) between $1-2 million; and one (1) is 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 December 8, 2023 through December 15, 2023, there were reported 2 new listings, 1 closed sale, 0 pending sales, 2 active with contract, 0 expired listings, 1 cancelled listing, 1 temp off market, 1 price reduction, 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, December 15, 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: charlie@leonardrealestategroup.com
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