2024 HOUSING AND ECONOMIC CONDITIONS:
HEADED IN THE RIGHT DIRECTION?

via themreport.com—While the u.s. economy is doing better, inflation remains elevated, housing is prohibitively expensive for many, debt delinquency rates are rising, personal savings rates are low, and household debt is high.

Even if some negatives aren’t as bad as they might initially appear, they still point to how challenging today’s economy can be to navigate, according to experts. While a total collapse is unlikely and a recession may be avoidable, some americans will still struggle to make ends meet in the face of relatively high rates and higher-than-ideal inflation.

In 2024, economic results will likely remain mixed, according to the report.

Housing and economic predictions for 2024:

The average interest rate on 30-year fixed mortgages is projected to fall near 6.00%, and potentially even lower, by the end of 2024.

But, given how volatile mortgage rates have been since the height of the covid-19 pandemic, it’s impossible to say with certainty where they’ll be by the end of 2024.

Rates began to trend in the right direction late in 2023. After…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

This week there are twenty-six (26) active listings in the MS/VG market this week. Inventory has increased over the last several weeks! We are optimistic that this trend will continue but who knows! The market remains unpredictable, but one thing is for sure—despite the high interest rates and high prices, there are still many qualified Buyers out there! Values remain strong in Miami Springs and Virginia Gardens. Please refer to the articles posted on our website.

There are ten (10) active listings over one million dollars. One listing is priced for over $2,000,000! Nine (9) of the active listings have had a price reduction; one this week. There are two (2) pending sales 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 recently decreased and are now under 7%. 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 26 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. There is one (1) property priced between $500,000-$600,000; four (4) are priced between $600,000-$700,000; five (5) are priced between $700,000-$800,000; three (3) are priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; nine (9) 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 29, 2023 through January 5, 2024, there were reported 2 new listings, 1 closed sale, 2 pending sales, 0 active with contract, 2 expired listings, 0 cancelled listings, 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, January 5, 2024. 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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