FIRST-TIME BUYERS RAMP UP

via themortgagepoint.com—The results of the annual First-Time Homebuyer Pulse survey, conducted by TD Bank, America’s Most Convenient Bank, showed that despite obstacles like high interest rates and affordability, respondents were eager to proceed with their plans to become homeowners and had strong trust in the housing market.

First-time homebuyers continue to be optimistic and in high demand as mortgage rates have lately begun to decline, according to the National Association of Realtors (NAR). According to TD’s annual study, despite concerns about housing affordability, nearly half (47%) of respondents are already saving for a down payment, and three out of four (74%) are positive about the state of the housing market.

“Optimism in the housing market is a positive sign for first-time homebuyers, as it encourages them to become more strategic and adaptable in their journey to homeownership,” said Steve Kaminski, Head of U.S. Residential Lending at TD Bank. “These results tell us that more and more first-time homebuyers have greater confidence in navigating the homebuying journey, and it’s likely because they are better financially prepared and more well-informed during the decision-making process.”

Some 1,001 Americans who intended to buy their first house in 2025 were polled by TD Bank to learn more about their expectations for the housing market and their level of readiness to deal with issues like home inventory and purchase prices…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are now thirty-nine (39) active listings in the Miami Springs/Virginia Gardens market. A small drop for the week. Inventory hovered at approximately 35+/- listings the last month. Sold prices remain strong for sellers and there are still serious qualified buyers looking for the right property, though demand has slowed. Sales slowed down a bit last year too, volume-wise, but prices remained strong. Seventeen (17) of the active listings—approximately 43% percent—are over $1 million.

We had been transitioning to a more neutral market. However, there is a practically nonexistent number of entry-level homes (i.e. under $600,000), which makes it difficult for some buyers. Current interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit. Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain under 7%. Rates are expected to fluctuate between 6-7% this year. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 85 days. Seventeen (17) of the active listings had a price reduction—four (4) this week. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no properties listed under $500,000. There are no listings priced between $500,000-$600,000; five (5) listings are priced between $600,000-$700,000; eight (8) are priced between $700,000-$800,000; seven (7) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; fifteen (15) between $1-2 million; and two (2) priced for over $2 million.

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

During the period of March 21, 2025 through March 28, 2025, there were reported 1 new listing, 1 closed sale, 5 pending sales, 0 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 4 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 March 28, 2025. 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:  [email protected]

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