WILL PROJECTED PRICE DECLINES DRIVE HOMEBUYERS UNDERWATER?

According to a new report from Redfin, recent homebuyers in certain places, like Sacramento and Phoenix, are at higher risk of falling underwater on their mortgage, while Florida homeowners are at even lower risk.

New data found just 3.4% of U.S. homeowners who bought in the last two years would be underwater on their mortgage if home values were to fall 4% by the end of 2023. The typical home bought over the last two years will have gained $27,000 in value, even with prices falling 4% next year as Redfin economists predict. Prices would need to fall by double digits in 2023–a highly unlikely scenario–for the typical pandemic home purchase to lose value.

If home prices fall 8% in 2023–more than the expected drop–still just 6.3% of new homeowners would be underwater. Prices would need to fall about 12% for the share of underwater homeowners to reach double digits.

This is according to a Redfin analysis of county sale records for homes purchased from January 2021 through September 2022. For the analysis, we projected home values declining…READ MORE

Miami Springs Property Owners
HELP LOWER YOUR PROPERTY TAXES !!!

Having lower property taxes is what our beautiful city is missing. The annexation option is the best and quickest way that Miami Springs can acheive many economic benefits including lower property taxes.

It is important to communicate with all the County Commissioners to let them know that you, as a property owner in Miami Springs, fully support annexation. You can do this by emailing all commissioners.

First of all Congratulate our new District 6 Commissioner, Kevin Cabrera. Commissioner Cabrera, would love to hear about you support of annexation for Miami Springs.

Please send all commissioners a simple email:

Dear Commissioner,

We are in favor of the Miami Springs Annexation and would like your support in this effort.

Thank you

Please include your name and address so they know you are a real person. .....CLICK HERE FOR ALL COMMISSIONER EMAILS

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-seven (37) active listings in the MS/VG market again this week; up from last week. The inventory had averaged approximately 25-30 listings the last several months. I expect continued increases in the months ahead. Pending sales have slowed. A definite sign that sales have slowed down. Values remain strong in Miami Springs and Virginia Gardens, but we have had some price decreases. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! The market is starting to transition, and Sellers are no longer in the driver's seat. Please refer to the articles posted on our website.

Thirty-six (36) of the active listings are priced over $500,000. Four (4) properties are listed between 1-2 million dollars. Two (2) are listed for OVER 2 million dollars! Fourteen (14) of the active listings have had a price reduction; two this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to decreased demand and higher mortgage interest rates. More interest rate increases are coming in the next month, which means fewer Buyers and likely increases in inventory.

DEMAND IS SLOWING!

Mortgage interest rates are between 6% and 7% this week. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are less common and days properties are staying on the market are increasing (41 DOM). The demand remains high for properties under $500,000. There is one (1) listing just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Seven (7) properties are priced between $500,000-$600,000; eleven (11) between $600,000-$700,000; seven (7) between $700,000-$800,000; two (2) between $800,000-$900,000; three (3) between $900,000-$1,000,000; four (4) between $1-2 million; and two (2) 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 December 9, 2022 through December 16, 2022, there were reported 1 new listing, 3 closed sales, 0 pending sales, 1 active with contract, 1 expired listing, 0 cancelled listings, 0 temp off market, 2 price reductions, 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, December 16, 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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