CONSUMERS FEELING BETTER ABOUT HOUSING MARKET DESPITE HIGH HOME PRICES
via themortgagepoint.com—The Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index (HPSI) increased 0.7 points in October to 74.6, pushing the measure of consumer confidence to its highest level since February 2022 and significantly higher than the all-time low recorded two years ago.
In October, the share of consumers who think it’s a good time to buy a home increased to 20%, while the share who think it’s a good time to sell a home declined to 64%. On net, consumers continue to expect home prices to rise and mortgage rates to fall, with the latter component hitting another survey high this month. The personal finance components also remained fairly flat month over month, with fewer consumers expressing job loss concerns and slightly more indicating that their household income fell year over year. The full index is up 9.7 points year over year.
The Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index (HPSI) increased 0.7 points in October to 74.6, pushing the measure of consumer confidence to its highest level since February 2022 and significantly higher than the all-time low recorded two years ago.
In October, the share of consumers who think it’s a good time to buy a home increased to 20%, while the share who think it’s a good time to sell a home declined to 64%. On net, consumers continue to expect home prices to rise and mortgage rates to fall, with the latter component hitting another survey high this month. The personal finance components also remained fairly flat month over month, with fewer consumers expressing job loss concerns and slightly more indicating that their household income fell year over year. The full index is up 9.7 points year over year. …READ MORE
The Current Miami Springs Market
TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION
There are twenty-six (26) active listings this week. Decreased inventory since last week but still almost 40% of the active listings are over a $1,000,000.00! Inventory in the MS/VG market has hovered around 35+/- listings these last months. Prices remain strong for Sellers. Interest rates have decreased slightly and prices are still high but we are seeing a significant number of price decreases on active listings. We are truly in a unique market! It is slowing down but there are still many qualified buyers out there, despite high interest rates and high prices. Please refer to the articles posted on our website for more insight.
There are ten (10) active listings over one million dollars. Fourteen (14) of the active listings—more than half!—have had a price reduction; one (1) this week. There is one (1) new pending sale. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes still makes it difficult for Buyers. The high 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. 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 just under 7% with lower rates expected. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers still happen in some cases. The number of days properties are staying on the market is averaging 50 days. There are no properties listed under $500,000. The limited options for entry-level homes, higher interest rates, and homeowner insurance costs make it difficult for first-time Buyers. There is one (1) listing priced between $500,000-$600,000; seven (7) listings are priced between $600,000-$700,000; three (3) are priced between $700,000-$800,000; two (2) are priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; nine (9) between $1-2 million; and one (1) priced for over $2 million.
SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.
During the period of November 1, 2024 through November 8, 2024, there were reported 0 new listings, 5 closed sales, 1 pending sale, 4 active with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 1 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 November 8, 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: charlie@leonardrealestategroup.com
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