The Serious Disconnect Between
a Hot Residential Real Estate Market and the Coming Tsunami of Foreclosures

Various reports show that the market for previously-owned homes climbed nearly 10% in September, the fourth straight monthly increase. It is not just sale volumes that are high, but the price of homes is showing double-digit gains. If you just look at volume and prices, the U.S. residential real estate market looks as rosy as every, spurred on by very low interest rates from the same Federal Reserve which once-upon-a-time was tasked with preventing bubbles above all else but during the last three decades has arguably been the chief cause of them. That's the sunny side of the street.

The shady side of the street is much different. Mortgage delinquency rates are at a 20-year high… READ MORE

The market remains active with low inventory. There are only 27 active listings this week–much lower inventory compared to last year. This is great news for Sellers. The market is still hot. Please refer to the articles posted on our website.

Twelve (12) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Sixteen (16) active listings have had a price reduction (1 this week). This usually means that the property is overpriced. Some Sellers wanted to take advantage in the demand spike during COVID, but now is their time to re-evaluate their pricing to motivate buyers. We are still in a Seller’s market, but many uncertainties lie ahead with a possible pandemic resurge, impact of the elections, economy, and likely increased inventory.

Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!

Mortgage interest rates remain low, and there are serious Buyers buying! 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.

The demand is high for properties under $400,000. There are only four (4) listings under $400,000. The lowest priced active listing is $350,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Competition and multiple offers are becoming more frequent. Eleven (11) properties are priced between $400,000-$500,000. Six (6) properties are priced between $500,000-$700,000.

Property price reductions? 

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.

During the period of October 30, 2020 through November 6, 2020 there were reported 3 new listings, 8 closed sales, 1 pending sale, 2 active with contract, 0 expired listings, 3 cancelled listings, 0 Temp off market, 1 price reduction and 1 price increase. Interest rates remain low. A GREAT TIME TO BUY OR SELL.

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, November 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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