Miami Lakes Weekly Market Report
SINGLE FAMILY HOMES
June 1-6, 2021
Miami Lakes Market Tracker
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ACTIVE LISTINGS: 30
NEW TO MARKET THIS WEEK: 3
NEW PRICE REDUCTIONS: 2
ACTIVE WITH CONTRACT (AWC) 15
Properties that are AWC, and can still be purchased with a back-up contract. Call for availability and details.
PROPERTIES SOLD: 3
PROPERTIES REMOVED FROM MARKET
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The Miami Lakes Market Report, is published weekly and monthly, to help buyers and sellers stay informed of our local market conditions, when they are planning on selling or buying a home in our hometown. I hope you find the reports timely & useful. If you have any questions about the sale or purchase of your home, give me a call.
You and your family, will be in good hands!
-Jesus M. Fernandez, REALTOR® & Website Publisher
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Average Interest Rates
INTEREST RATES: The 30 year fixed mortgage rate gained vey slightly from the previous week's 2.95%. Historical low interest rates, represent a great opportunity to purchase, as hedge against inflation, even in a seller's market.
CLOSED SALES: Hopefully, June will surpass May's sales volume, which was disappointing and below expectations. May saw only 14 sales, down from April's 21 sales and March's 22 sales. The first week of June, began weak, with only 3 sales.
TIME TO CONTRACT: Over the last several months, the average time on market has accelerated in Miami Lakes, and is averaging roughly 20 days, to contract. Most sellers can expect multiple offers, within just days, under current market conditions.
MEDIUM SELLING PRICE: The medium selling price in April (the last month reported), rose for the fourth month in a row, rising to $656,000 from March's $645,000.
INVENTORY: Presently, there are only 30 single family homes available for purchase. There are an additional 15 properties that can still be purchased, with a back-up contract. Call for availability or for more information. These properties are a good alternative in a very tight inventory market. Not all contracts c
RETURNING TO MARKET: The first week of the month saw 2 properties return to market. A total of 30 properties entered the market, in May. Of these 12 or 40% returned to market, after failing to sell. The most likely reason, a low appraisal value. (In a fast rising property value markets, appraisals don't have enough time to catch up and many contracts fail close, if the seller and buyer can't agree on price.)
DID YOU KNOW?
Great deals can be found using a back-up contract, when there is a shortage of properties for sale, like we are experiencing in Miami Lakes, and other areas.
Occasionally, deals fall through and you will be the first in line. To learn more about purchasing with a back-up contract give me a call. It's not as complicated as you might think.
MIAMI LAKES REAL ESTATE TRENDS: Affordability, and lack of inventory continue to play a role in Miami Lakes real estate. Presently, there are only 3 single family homes, offered for less than $600,000. There are actually more homes selling for a million dollars or more (7) than $600,000 or less. This lack of affordability has been with us for a number of years and will continue to play a role in 2021.
LOOKING AHEAD: South Florida, is experiencing a record demand for housing, at a time where the supply of affordable homes are in short supply. At the same time, South Florida has it's share of the 5% nationwide home loans, which are delinquent or in forbearance. The nationwide low job numbers released, three weeks ago was very disappointing and may negatively impact real estate, across the nation in the months ahead. Locally, unemployment is at 8.2% and has hovered around 8% since last October, with little improvement. For perspective, this time last year, unemployment in Miami-Dade was 10.3% an in January of 2020, it was only 1.8%. Eventually, the high unemployment we are experiencing will creep into real estate, as affordability become more acute.
Inflation is another are of concern, which lenders are keeping an eye on. Rising inflation will eat away at the little profit they are making now. The Federal Reserve has stated that they intent to keep interest rates low for the next two years or until 2023. The concern is not with the short term rates, which the Federal Reserve can control, but with long-term rates which lenders oversee. How long will lenders offer 3% 30 year fixed rate mortgages? If they are going to stay in business, they cannot continue to write these low profit loans and remain afloat. They will be forced to raise rates or go under. The moment one large bank starts raising their rates, others will follow. When this happens, we should see a bit of a cooling off period to the buying frenzy, and sales should decline. Home prices should also stabilize and possibly decrease, as inventory levels rise and the selling competition intensifies among sellers.
So when is it a good time to sell? Those who are thinking of selling a in a year or two, would be wise to keep track of the housing market and possibly sell sooner, rather than later. The current equity you have in your home may be reduced by as much as 10%, once home buying slows down, due to rising rates.
DID YOU KNOW?
Often buyers considering the purchase a home under foreclosure threat, have mixed feelings. Many feel bad for the family and are afraid to make an aggressive offer, so they don't feel insulted. However, many fail to see that by actually making an offer and purchasing the home, it is perhaps the best way to help that family, facing financial difficulty. Often, its a win-win situation for the parties involved.
WHY DO PEOPLE BUY OR SELL?
In my experience, people purchase and sell property for personal reasons, regardless of market conditions. If you are unsure if now is a good time to sell or purchase property, call me. I can help you determine if this is a good time for you. The fact is, sometimes, it's not a good time to sell or purchase property. It really all depends on your personal situation. For honest real-world advise, call me. I'll help you put things into perspective and present you with all your options. I've been helping families like yours, successfully navigate the purchase or sale of real estate, for more than 25 years.
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