BUYERS HOPING FOR FORECLOSURES
FACE COMPETITION FROM INVESTORS

NEW YORK – Wall Street’s appetite for fixer-upper houses is insatiable, a challenge compounded by the task of finding shabby, out-of-date properties to renovate and resell for a profit.

For more than a year, foreclosure moratoriums blocked a major flow of fixer-uppers, starting with last spring’s lockdown. At the same time, regular home buyers with super-low mortgage rates are jockeying fiercely for the limited inventory of homes that make it onto the market. And for investors who do manage to buy a fixer-upper, the rising cost of labor and building materials are eating into profits.

Only 2.7% of home sales were flips in the first quarter, according to ATTOM Data Solutions – the lowest portion of sales since at least 2000.

Meanwhile, mortgage trusts, pensions, hedge funds, private-equity firms, investment banks and insurance companies are all eager to lend money to home flippers, enticed by yields ranging from 8% to 12% at a time when one-year Treasurys return less than 0.1%. And flip loans are often recouped faster than other loans, allowing investors to recycle their capital by offering or buying additional loans to boost profits..…READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are 19 active listings in the MS/VG market. The inventory continues to remain low. Though it has fluctuated in the last months, inventory has remained between 20-25 listings. 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.

Seventeen (17) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Six (6) 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. One (1) property is priced between $400,000-$500,000; ten (10) properties are priced between $500,000-$700,000; one (1) property 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 3, 2021 through September 11, 2021, there were reported 0 new listings, 4 closed sales, 1 pending sale, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 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, September 11, 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:  charlie@leonardrealestategroup.com

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