via history.com—Memorial Day is an American holiday, observed on the last Monday of May, honoring the men and women who died while serving in the U.S. military. Memorial Day 2024 will occur on Monday, May 27.
Originally known as Decoration Day, it originated in the years following the Civil War and became an official federal holiday in 1971. Many Americans observe Memorial Day by visiting cemeteries or memorials, holding family gatherings and participating in parades. Unofficially, it marks the beginning of the summer season...READ MORE
MORE AMERICANS FEELING THE CRUNCH OF MORTGAGE PAYMENTS
via themortgagepoint.com—Americans who bought homes in 2023 and 2024 are feeling the crunch of dwindling disposable budgets are more than one third (37%) of those buyers from the last two years purchased homes that exceeded their intended budget.
According to Clever Real Estate, since buying, 44% of new homeowners have taken on extra debt to maintain their lifestyles, and 43% have struggled to make mortgage payments on time according to their new survey.
About 38% of 2023 and 2024 home buyers admit they overpaid for their home, and 23% regret overspending. Half of respondents (50%) even accepted a higher interest rate than planned to secure a mortgage....READ MORE
The Current Miami Springs Market
TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION
There are thirty (30) active listings in the MS/VG market this week. Now two of the listings are spec houses that have not yet been built. The list price for one is a whopping $3.2 million! We do not use these listings in calculating market values for this report. Inventory has hovered around 30+/- listings these last months. Increased inventory is better for Buyers, but prices remain strong for Sellers. We are truly in a unique market! Though the market appears to be slowing down a bit, prices remain strong in Miami Springs and Virginia Gardens and demand continues despite high interest rates and high prices. Please refer to the articles posted on our website.
There are fifteen (15) active listings over one million dollars. Eleven (11) of the active listings have had a price reduction; three (3) this week. There are zero (0) pending sales this week. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for Buyers. The high interest rates, however, 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. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.
DEMAND IS STILL THERE!
Mortgage interest rates are now over 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are more common again. The number of days properties are staying on the market is averaging 76 days. There are no properties listed under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. There is one (1) listing priced between $500,000-$600,000; four (4) listings are priced between $600,000-$700,000; six (6) are priced between $700,000-$800,000; two (2) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; thirteen (13) between $1-2 million; and two (2) spec houses listed for over $2.5 million.
SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.
During the period of May 17, 2024 through May 24, 2024, there were reported 2 new listings, 1 closed sale, 0 pending sales, 3 active with contract, 1 expired listing, 0 cancelled listings, 0 temp off market, 3 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 May 24, 2024. 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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