Zombie Properties on the Rise

Zombie foreclosures refer to properties where a homeowner is presented with a pending foreclosure notice, and abandons their house before legally necessary, as the house slowly falls into disrepair and a state of dilapidation.

ATTOM’s report also found that 259,166 residential properties in the U.S. were in the process of foreclosure in Q2, up 12.7% from Q1, and up 15.9% year-over-year.

"The incidence of zombie-foreclosures tends to be higher in cases where the foreclosure process has dragged on for many months and sometimes even for years," said Rick Sharga, EVP of Market Intelligence at ATTOM. "We're now seeing properties where the borrower was already in default prior to the government's moratorium re-enter the foreclosure process, and undoubtedly some of these homes will have been vacated over the past 26 months."

The second quarter of 2022 marks the third consecutive quarter that the count of pre-foreclosure properties has gone up since a nationwide foreclosure moratorium…READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are twenty (20) active listings in the MS/VG market this week. The inventory remains low, but has started to increase the last 2-3 weeks. It has averaged under 15 listings the last several months. I expect continued increases in inventory in the months ahead. Values are still strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there will be fewer Buyers! Today it is still a Sellers' market. Please refer to the articles posted on our website.

Nineteen (19) of the active listings are priced over $500,000. Seven (7) properties are listed over 1 million dollars! Three (3) of the active listings have had a price reduction this week. We remain in a Sellers' market due to high demand and low inventory, but that will start to change. Interest rate increases are here with more to come in 2022. We anticipate that inventory will continue to increase.

MULTIPLE OFFERS AND LISTINGS SELLING OVER LIST PRICE ARE THE NEW NORMAL!

Mortgage interest rates have already increased to over 5.5%; expect more increases. There are still serious qualified Buyers looking for the right property. Timing is everything! The demand is especially high for properties under $500,000. There is one listing just under $500,000. This low inventory makes it difficult for most first-time Buyers. Multiple offers are becoming less common in today's market. One property is priced between $400,000-$500,000. Six (6) properties are priced between $500,000-$600,000; three (3) between $600,000-$700,000; one (1) between $700,000-$800,000; two (2) between $800,000-$900,000; none (0) between $900,000-$1,000,000; and seven (7) are priced over $1 million.

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

During the period of June 17, 2022 through June 24, 2022, there were reported 2 new listings, 3 closed sales, 1 pending sale, 1 active with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 3 price reductions, and 1 price increase.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, June 24, 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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