miami real estate break 8-12-17

Miami Real Estate Break On Saturday Morning 08-12-2017

Good Morning! Welcome to this week’s Miami Real Estate Break On Saturday Morning.

This week we prepared a market update for the year to date data for Pinecrest, Coral Gables, and Coconut Grove. We also did two feature neighborhoods and price points for more details.

-Miami Real Estate Update Pinecrest, Coral Gables & Coconut Grove

-Pinecrest Real Estate Update July 2017

-Coral Gables Real Estate Update July 2017

93.9% Of Homes in The US Have Positive Equity

CoreLogic’s latest Equity Report revealed that ninety-one thousand residential properties regained equity in Q1 2017. The outlook for 2017 remains positive as well, as an additional 600 thousand properties will regain equity if home prices rise another 5% this year. 

The study also revealed that:

  • Roughly 63% of all homeowners have seen their equity increase since Q1 2016
  • The average homeowner gained about $14,000 in equity between Q1 2016 and Q1 2017
  • Only 1.6% of residential properties are near-negative equity

Below is a map showing the percentage of homes with a mortgage, in each state, that have positive equity. (The states in gray have insufficient data to report.)

20170808-STM-ENG1-1024x768

Significant Equity Is On The Rise

Frank Martell, President & CEO of CoreLogic, believes this is great news for the “long-term health of the U.S. economy.” He went on to say:

“Homeowner equity increased by $766 billion over the last year, the largest increase since Q2 2014. The rising cushion of home equity is one of the main drivers of improved mortgage performance. Since home equity is the largest source of homeowner wealth, the increase in home equity also supports consumer balance sheets, spending, and the broader economy.”

Of the 93.9% of homeowners with positive equity in the US, 78.8% have significant equity (defined as more than 20%). This means that nearly three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home, now.

The map below shows the percentage of homes with a mortgage, in each state, that have significant equity. (The states in gray have insufficient data to report.)

20170808-STM-ENG2-1024x768

Bottom Line 

If you are one of the many homeowners who are unsure of how much equity they have in their homes and are curious about their ability to move, let’s meet up to evaluate your situation.

Ok, let’s get right into all the latest listings, price reductions, and solds from some of the popular neighborhoods of Miami and Miami Beach.

Miami Real Estate Update Listing Updates

Biscayne Park Real Estate

Coconut Grove Real Estate

Coral Gables Real Estate

Miami Beach Real Estate

Miami Shores Real Estate

North Bay Village Real Estate

Pinecrest Real Estate

(↑↑↑ Some MLS listings may not come up if the city is tagged differently than the “neighborhood.” If you don’t see a data point or property that you are interested in, please let me know. ↑↑↑)

If you own a home or condo in Miami or Miami Beach and you’re considering selling, GIVE US A CALL.  Our market is very competitive and to sell in today’s market, you need an experienced agent to help you sell faster and get top dollar. We would love to show you our savvy marketing and digital plan that helps move properties faster.

If you’re a buyer, let us know EXACTLY what you’re looking for, and I can set you up in our VIP MLS registry. This data is way more accurate than what you will find online on your on own, and you will be notified of properties as soon as they hit the market.

Miami real estate is like every other in regards to today’s market condition it’s all about market supply/demand, condition, location, and price. If you have any questions about buying or selling in today’s market, give us a ring, and one of us can go over what you can expect today:  305-793-8965

P.S.  Know someone who’d like to receive our Miami Real Estate Break On Saturday Morning for weekly Miami & Miami Beach real estate market updates? Send them to this link to sign up.

blog post from our KCM blog

image from unsplash @canva

Comments

comments

About Jamey Prezzi

Jamey Prezzi serves the residential real estate market from the South of Miami to parts of Broward and all neighborhoods in between. She works in collaboration with her husband, Ognjen Prezzi at ONE Sotheby’s International Realty.

Recognized as Top Producers over the last 12 years, they are committed to their customers as well as their local real estate community.

Whether you are looking to sell your home or buy a new one, they have an in-depth market knowledge and can help guide you successfully through the neighborhoods, different types of homes and what to expect when selling or purchasing a home in South Florida.

Their mission is to provide an over the top level of service by setting their clients up to succeed from the very beginning through providing sound advice, solid strategies, and following through with an “all hands on deck” approach throughout the sales process.

They have a local real estate blog with over 800 blog topics and a popular youtube channel with more than 100 videos.

Jamey is originally from South Carolina and Virginia. She resides in Miami Beach with Ognjen and their son.

Miami Beach Real Estate Update Single Family, , , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *