WHEN PURCHASING A HOME, MAKE SURE THE TIME IS RIGHT

via themortgagepoint.com—ATTOM has released its annual analysis highlighting the best days of the year to purchase a home, revealing that while November offers a 7.3% premium, it remains the lowest premium for buyers. Additionally, December 4 stands out as the single best day to buy a home.

According to ATTOM’s latest analysis of more than 52 million single-family home and condo sales over the past 11 years, buyers who close on December 4 are seeing the lowest premium above the automated valuation model (AVM). While still above market value, homebuyers are only paying a 4.8% premium, compared to the 14.6% premium buyers are seeing on May 27.

In determining the best day of the year to purchase a home, ATTOM analyzed calendar days in the last 11 years (2013-2023) with at least 15,000 single-family home and condo sales. From that determination, there were 362 days (including leap year data) that matched these criteria, with the four exceptions being January 1, July 4, November 11, and December 25. To calculate the premium or discount paid on a given day, ATTOM compared the median sales price for homes with a purchase closing on that day with the median AVM for those same homes at the time of sale.

State of the Marketplace
According to Zillow, the average U.S. home is currently valued at $359,099, a price that is up 2.6% over the past year. Freddie Mac reports that the 30-year fixed-rate mortgage (FRM) averaged 6.78% as of November 14, 2024, down slightly from last week when the FRM averaged 6.79%. A year ago at this time, the 30-year FRM averaged 7.44%.

“After a six-week climb, rates have leveled off, but …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are twenty-nine (29) active listings this week. Slightly increased inventory since last week. Almost 35% of the active listings are over a $1,000,000.00! Inventory in the MS/VG market hovered at around 32+/- listings last month. 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—almost half!—have had a price reduction; two (2) this week. There are no new pending sales this week. 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 55 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; eight (8) listings are priced between $600,000-$700,000; three (3) are priced between $700,000-$800,000; three (3) are priced between $800,000-$900,000; four (4) 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 8, 2024 through November 15, 2024, there were reported 2 new listings, 5 closed sales, 0 pending sales, 0 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 2 price reductions, 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 15, 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

………………………………………………..……………………………………………………………………………