U.S. FORECLOSURE FILINGS
EXCEED 185K IN FIRST HALF OF 2023

via dsnews.com — According to ATTOM’s Midyear 2023 U.S. Foreclosure Market Report, there were a total of 185,580 U.S. properties with foreclosure filings—default notices, scheduled auctions or bank repossessions—in the first six months of 2023, up 13% year-over-year and up 185% from the same time period two years ago during the heart of the pandemic.

"Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023," said Rob Barber, CEO for ATTOM. "Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.".…READ MORE

MILLENNIALS REMAIN FUNDAMENTAL DRIVERS OF HOMEOWNERSHIP

via themreport.com — Amid an ever-evolving housing market over the past few years, National Homeownership Month presents an opportunity to examine a fundamental driver of homeownership and housing demand—demographics.

In fact, a new study from First American revealed there’s one generation that will remain a driving force of homeownership demand for years to come…millennials.

Millennials are the largest generation in U.S. history, and in 2022, the oldest millennial turned 41 years old and the youngest was 26 years old. Funny enough, a common misnomer regarding the millennial generation once was that they were destined to be a generation of renters, although new data shows that some 51% are current homeowners.

Despite this popular opinion…. READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are eighteen (18) active listings in the MS/VG market this week. No change in inventory since last week. We are truly in a unique market with lots of unpredictability. More inventory increases in the months ahead? Anything can happen! Pending sales have remained the same. Values do remain strong in Miami Springs and Virginia Gardens. Multiple properties listed for over a million dollars are now pending sales. Despite interest rate increases, there are still many qualified Buyers out there. With tight inventory and high demand, the market is starting to transition back to a Sellers' market. Please refer to the articles posted on our website.

Eight (8) of the active listings are over one million dollars. One is listed at $2,300,000!! One (1) of the active listings has had a price reduction; one this week. We had been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage rates, gives Sellers an advantage and makes it difficult for Buyers. Expected interest rates increases in the future can mean fewer buyers. We anticipate more inventory increases at some point.

DEMAND IS STILL THERE!

Mortgage interest rates have remained between 6% and 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 65 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 premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. One (1) is priced between $500,000-$600,000; two (2) are priced between $600,000-$700,000; four (4) are between $700,000-$800,000; two (2) are between $800,000-$900,000; one (1) is 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 July 7, 2023 through July 14, 2023, there were reported 3 new listings, 2 closed sales, 3 pending sales, 4 actives with contract, 1 expired listing, 0 cancelled listings, 1 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, July 14, 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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