FOREIGN REAL ESTATE INVESTORS
PLOT THEIR RETURN
As signs that the second wave of COVID-19 is beginning to wane and travel restrictions loosen, foreign investors are looking to return to the U.S., potentially driving up home prices in an already record-breaking market.
According to a MarketWatch article by Jacob Passy, foreign investment is at a 10-year low.
“These travel bans haven’t just hurt the hospitality sector—it’s also led to a significant downturn in international investment in U.S. real estate,” Passy said. “International buyers only purchased 107,000 residential properties in the U.S. between April 2020 and March 2021, a 31% decrease from the previous year, according to data released in July by the National Association of Realtors. It represented the lowest level of foreign investment in a decade.”
It is not just travel bans that are restricting foreign investments, but,..…READ MORE
Join us this October at the Manor of Fear:
All are welcome, none shall escape.
October 7-31, 2021
500 Deer Run
Miami Springs, FL
Tickets available from 6-11pm. GET YOUR TICKETS EARLY!
The Current Miami Springs Market
A GREAT TIME TO SELL!
There are 22 active listings in the MS/VG market. The inventory remains low. Though it has fluctuated in the last months, inventory has remained under 25 listings. This makes for a very tight market for Buyers, as reflected in the decrease of pending sales. Prices remain very strong in Miami Springs and Virginia Gardens. There are many qualified Buyers, but the market is still favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.
Eighteen (18) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Five (5) active listings have had a price reduction (0 this week). We remain in a strong Sellers' market with high demand. The market will change! Increased inventory is on the horizon, with increased foreclosures coming later this year.
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates continue to remain historically low, and there are serious Buyers. Timing is everything! The demand is high, especially for properties under $400,000. There is one (1) listing under $400,000–an unapproved short sale. This lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Three (3) properties are priced between $400,000-$500,000; ten (10) properties are priced between $500,000-$700,000; two (2) properties is priced between $700,000-$800,000; and six (6) properties are priced between $800,000 and over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!
During the period of September 24, 2021 through October 1, 2021, there were reported 4 new listings, 2 closed sales, 5 pending sales, 0 active with contract, 1 expired listing, 0 cancelled listings, 2 Temp off market, 0 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 Friday, October 1, 2021. 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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