Are We In a Housing Bubble?
Will the Housing Market Crash in 2021?
Today’s housing market is fierce! Due to remote work and record-low mortgage rates, Americans are relocating and purchasing homes at an all-time high. However, there is a major problem – there aren’t nearly as many homes for sale as there are buyers. And this severe housing shortage is fueling record-high prices and cutthroat competition.
With the red-hot real estate market we’re experiencing, many consumers are understandably concerned. The soaring home prices and a lack of homes for sale may feel eerily similar to the 2007 housing bubble that led to The Great Recession.
So, is there a reason to worry? Are we in a housing bubble and headed for another housing market crash?...…READ MORE
A GREAT TIME TO SELL!!
SELLERS, THIS IS THE MOMENT! SELL NOW!
The inventory remains low. There are only 17 active listings. That is again one of the lowest levels I can recall in my years of experience selling real estate in Miami Springs and Virginia Gardens. The market continues to be very dynamic with many buyers and that is great news for Sellers. The Buyers are out there! Please refer to the articles posted on our website.
Eleven (11) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Three (3) active listings have had a price reduction (1 this week). We are still in a strong Sellers' market with low inventory and high demand.
The market is going to change!
Likely increased inventory, with increased foreclosures coming later this year.
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates remain historically low, and there are serious Buyers buying. Timing is everything! The demand is high, especially for properties under $400,000. There is currently one (1) listing under $400,000. A lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Five (5) properties are priced between $400,000-$500,000; five (5) properties are priced between $500,000-$700,000; two (2) properties are priced between $700,000-$800,000; and four (4) properties are priced between $800,000 and over $1 million.
A GREAT TIME TO BUY OR SELL!
During the period of April 30, 2021 through May 7, 2021 there were reported 2 new listings, 4 closed sales, 1 pending sale, 0 active with contract, 1 expired listing, 1 cancelled listing, 2 Temp off market, 1 price reduction and 1 price increase.
Attention Sellers!
Low Inventory + Low Interest Rates = Seller's Market.
Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, May 7, 2021. 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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