Mortgage Rates Fall to Nearly 50-Year Low

The average rate of a 30-year fixed-rate mortgage fell to a historic low of 3.29%, according to Freddie Mac’s Primary Mortgage Market Survey. This is the lowest rate in the survey’s almost 50-year history. “Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down,” said Sam Khater, Freddie Mac’s Chief Economist. “Given these strong indicators in…READ MORE

Stage is Set for Competitive Spring Home Buying Season

Realtor.com®’s February data release reveals that the U.S. housing market continued to tighten as the inventory of for-sale homes continued to evaporate and home prices rose. However, it remains to be seen if new concerns about the spread of the Coronavirus domestically will dampen what is shaping up to be a competitive home-buying season. The total number of homes available for sale continues to decline at an accelerating pace. Nationally, …READ MORE

Sellers that haven’t been able to sell their property in this market should re-evaluate their strategy and adjust 

accordingly based on the current market circumstances. 

Timing is everything. 

If you re on the fence about selling, now is the time to get off and put your house on the market.

Inventory decreased by 1 this week in Miami Springs and Virginia Gardens. There are only 23 active listings this week.

That represents a significant reduction compared to last year. This is good news for sellers.

24 active listings this week

6 closed sales this week

6 listings under $400,000 *(Note: This will make more difficult for buyers looking in that range because of the competition from other buyers. Multiple Offers expected for entry level buyers.)

9 listings between $400,000 and $500,000

8 active listings are priced over $500,000

2 properties are listed over $1,000,000.

3 active listings have had a price reductions 0 this week). 

What does this mean? Usually, the property was overpriced from the beginning. 

However, sellers are recognizing the market change.  

There are less price reductions as the inventory decreases.

Sellers that haven’t been able to sell their property in this market should re-evaluate their strategy and adjust 

accordingly based on the current market circumstances. 

Timing is everything. 

If you re on the fence about selling, now is the time to get off and put your house on the market.

During the period of February 28, 2020 through March 6, 2020 there were reported 1 new listing, 3 closed sales, 4 pending sales, 2 active with contract, 1 expired listing, 1 cancelled listing, 0 Temp off market, 0 price reductions and 1 price increase. Interest rates remain low. A GREAT TIME TO BUY OR SELL.

Attention Sellers!

Low Inventory + Low Interest rates = Sellers Market.

Act Now!

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, March, 6, 2020. All closed sales are within the last 90 days.

HOW DOES YOUR HOUSE COMPARE?

*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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