EXAMINING 2023 HOUSING AND ECONOMIC PREDICTIONS

The year 2022 was full of financial hurdles for many, with economic uncertainty and a volatile housing market, resulting in many homebuyers and homeowners struggling to purchase a home or keep up with monthly mortgage payments. The positives worth celebrating in 2022 included the nation’s robust job market and the continued recovery from the COVID-19 pandemic. Meanwhile, there were significant negatives, from rampant inflation to rapidly rising interest rates.

A new study from LendingTree revealed experts now predict that the mixed nature of 2022 will likely persist into 2023, with some economic prospects likely to improve, while others could worsen.

Here are the LendingTree predictions for the state of housing, jobs and the economy in 2023:

Average interest…Inflation…Home prices…Employment.…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-one (31) active listings in the MS/VG market again this week; no change from last week. The inventory had averaged approximately 30 listings the last month. I expect continued increases in the months ahead. Pending sales have slowed— only 3 the last 2-3 weeks. A definite sign that sales have slowed down. Values remain fairly strong in Miami Springs and Virginia Gardens, but we have seen many list-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 (30) of the active listings are priced over $500,000. Three (3) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Almost 50% of the active listings have had a price reduction! Fourteen (14) total price reductions, four (4) this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to higher inventory, 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 (43 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. Five (5) properties are priced between $500,000-$600,000; eleven (11) between $600,000-$700,000; five (5) between $700,000-$800,000; two (2) between $800,000-$900,000; three (3) between $900,000-$1,000,000; three (3) 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 30, 2022 through January 6, 2023, there were reported 1 new listing, 0 closed sales, 1 pending sale, 0 active with contract, 3 expired listings, 1 cancelled listings, 0 temp off market, 4 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, January 6, 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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