MORTGAGE RATES JUMP AGAIN

The Freddie Mac fixed rate for a 30-year loan pushed upward again for the fourth consecutive week, with an 11 basis point gain to 3.56%. This is the highest rate since March 2020, and followed the continued surge in the 10-year Treasury, which hit 1.9% this week, its highest point since December 2019. Investors are anticipating a rate hike from the Federal Reserve in the first half of the year due to strong inflation and a solid economic outlook. Purchase applications rose last week, as many buyers rushed to beat the quickly rising mortgage rates.The unseasonably strong demand, combined with many sellers taking a break during the holidays, is keeping prices high.

On a positive note, construction of new homes picked up speed at the tail end of 2021, and there are signs that builders will maintain a solid pace throughout the year. Housing markets are in clear need of a significant influx of new homes to meet the growing needs of buyers. Looking to the year ahead, however, housing markets will contend with headwinds, including rising lumber prices, inflation, and the continued issue that there are just not enough homes available. In addition, higher mortgage rates…READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are only 14 active listings in the MS/VG market this week— a small increase but still very low inventory. It has averaged under 20 listings the last several months, which makes the market very tight for Buyers. Prices remain very strong in Miami Springs and Virginia Gardens. This is the second straight week with an average sale price above $600,000! Though the market is still favorable for Sellers, the Buyers are out there—sell now! Please refer to the articles posted on our website.

Twelve (12) listings are priced over $500,000. One (1) property is listed over $1,000,000. Five (5) active listings have had a price reduction (2 this week). We remain in a strong Sellers' market with high demand, and higher interest rates coming in 2022. Some increased inventory is on the horizon!

MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!

Mortgage interest rates have remained historically low but have already begun to increase. Regardless, there are still serious Buyers looking for the right property. Timing is everything! The low inventory makes it difficult for most first-time Buyers, with competition from multiple offers expected. The demand is high, especially for properties under $400,000. There are no properties listed under $400,000. Two (2) properties are priced between $400,000-$500,000; four (4) properties are priced between $500,000-$600,000; three (3) properties are priced between $600,000-$700,000; two (2) properties are priced between $700,000-$800,000; one (1) property is priced between $800,000-$900,000; one (1) property is priced between $900,000-$1 million; and one (1) property is priced over $1 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of January 14, 2022 through January 21, 2022, there were reported 6 new listings, 1 closed sale, 4 pending sales, 1 active with contract, 1 expired listing, 1 cancelled listing, 1 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, January 21, 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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