CONSUMERS FEELING MORE OPTIMISTIC
ABOUT HOUSING MARKET’S FUTURE

via themortgagepoint.com—Although there was little change in the general sentiment of homebuyers, the Fannie Mae Home Purchase Sentiment Index (HPSI) rose 0.6 points to 72.1 in August as consumers expressed far higher optimism about the future direction of mortgage rates. A study conducted in August revealed that 39% of consumers, up from 29% the month before, anticipated a decrease in mortgage rates over the next 12 months. In contrast, 26% of respondents anticipate an increase in mortgage rates, while 35% anticipate no change in rates. While the majority of consumers still anticipate price increases, a larger portion of respondents said they expect home prices to fall over the course of the next year.

Even with the improved outlook for affordability, only 17% of consumers thought it was a good time to buy a home, reflecting the stability of their perceptions. Even while 65% of respondents think it’s a good time to sell a house overall, there are notable geographical discrepancies, such as a sizable difference between respondents in the Northeast and South, which probably indicate continued supply dynamics and changes in the inventories of homes for sale from market to market. Year-over-year, the entire index is up 5.2 points.keeps anticipating price increases.

“Despite significantly greater optimism that mortgage rates and home prices will move in a more favorable direction for potential homebuyers, most consumers remain apprehensive about the housing market and continue to point to the lack of affordability and supply as the chief reasons for their pessimism,” said Mark Palim, Fannie Mae VP and Deputy Chief Economist.

He added: “On a national level, housing sentiment was largely unchanged in August despite some positive developments for affordability, including a meaningful decline in actual mortgage rates and an uptick in home listings in certain markets, particularly in the Sunbelt. However,...READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Inventory in the MS/VG market has hovered around 35+/- listings these last months and value remains strong. This week there are thirty-two (32) active listings; 40% are listed for over a $1,000,000.00! Increased inventory is better for Buyers, but prices remain strong for Sellers. Interest rates have decreased slightly but prices are still high; we are truly in a unique market! Despite high interest rates and high prices, there are still many qualified buyers out there. Please refer to the articles posted on our website for more insight.

There are thirteen (13) active listings over one million dollars. Seventeen (17) of the active listings have had a price reduction; six (6) this week. There are two (2) 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 and properties are staying on the market for longer. 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 6.5% 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 52 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; six (6) listings are priced between $600,000-$700,000; three (3) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; four (4) are priced between $900,000-$1,000,000; twelve (12) 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 September 6, 2024 through September 13, 2024, there were reported 1 new listing, 1 closed sale, 2 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 6 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 September 13, 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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