Calculating Your Asking Price

 

The best answer is get help from a real estate professional. But, if you only have a few minutes for a video, here are five points to consider.

1. Start With Measurement Learn the average per-square-foot price for recent sales in your neighborhood. That will not set your final price, but it is a baseline buyers will use.

2. Get Comparisons Ask for Comparative Market Analysis – comps – from several agents. Go through each comp with each agent to understand both competitive homes on the market AND each agents potential approach to yours.

3. Market Research. Do your own! – not just online, but in person. That will help you understand your market conditions and the buyers perspective realistically. Markets get hot and cold, up and down, and yours defines the sales envelope for your home.

4. Consider All Terms Price isnt all there is to a sale. Can you close faster? Finance or lease-option the sale yourself? Cover some closing costs? Your flexibility can make sales leverage.

5. It is Not Personal. The hardest tip of all. Most people are emotional about their home. Pricing, in the long run, is going to logical. Theyre buying your house,not your home & memories. Find a real estate professional you like and trustand let them help you through the process.

Things to consider when …

Things to consider when buying a home.

  • 4 REASONS TO BUY A HOME NOW!
  • YOU NEED A PROFESSIONAL WHEN BUYING A HOME
  •  HOME PRICES OVER THE LAST YEAR
  • BUYING A HOME? CONSIDER COST NOT JUST PRICE
  • WHERE ARE MORTGAGE INTEREST RATES HEADED?
  •  SHOULD I PAY A MORTGAGE INTEREST RATE OVER 4%?
  •   WHAT DO YOU REALLY NEED TO QUALIFY FOR A MORTGAGE?
  •  WHAT YOU NEED TO KNOW ABOUT THE MORTGAGE PROCESS
  •  GETTING A MORTGAGE: WHY SO MUCH PAPERWORK?
  • 217,726 REASONS TO BUY A HOME NOW
  • THE REAL REASONS AMERICANS BUY A HOME
  •  RISING HOME PRICES & FAMILY WEALTH
  • 5 REASONS TO HIRE A REAL ESTATE PROFESSIONAL
  • REAL ESTATE AGAIN SEEN AS BEST INVESTMENT
  • 4 DEMANDS TO MAKE ON YOUR REAL ESTATE AGENT
  •  WHEN IS IT A GOOD TIME TO RENT? DEFINITELY NOT NOW!
  • THE COST OF RENTING VS. BUYING [INFO-GRAPHIC]
  •  HARVARD: 5 FINANCIAL REASONS TO BUY A HOME

Read full Buyer(s) guide here

Call us 786.554.8063 or email us George@GeorgeAssal.com, WE are here to facilitate and help you during the process of buying, selling, or renting any real estate needs, which will result in reaching your financial goals quickly and with ease, visit our page www.GeorgeAssal.com

 

There is NO Housing Bubble – Most Experts Agree.

There is no doubt that home prices in the vast majority of housing markets across the country are continuing to increase on a month over month basis. The following map (based on data from the latest CoreLogic pricing report) reveals the appreciation level by state:

1-month-price-change-GA

These increases in value have caused some to be concerned about a new price bubble forming in residential real estate. Here are quotes from many of the most respected voices in the housing industry regarding the issue:

Nick Timiraos, reporter at the Wall Street Journal:

“Predictions of a new national home price bubble look unfounded for now, according to data.”

Michael Fratantoni, Chief Economist, the Mortgage Bankers Association:

“I don’t really see it as a bubble.”

Jack M. Guttentag, Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania:

“My view is that we are a long way from another house price bubble.”

Rajeev Dhawan, Director of Economic Forecasting Center at J. Mack Robinson College of Business, Georgia State University:

“To have a bubble, you need to have construction rates higher than the perceived demand, which is what happened in 2003 to 2007. Right now, however, we have the reverse of that.”

Victor Calanog, Chief Economist, Reis:

“The housing market has yet to show evidence of systematic runaway asset price inflation characterized by home prices rising much faster than household income.”

David M. Blitzer, Chairman of the Index Committee for S&P Dow Jones:

“I would describe this as a rebound in home prices, not a bubble and not a reason to be fearful.”

Andrew Nelson, US Chief Economist, Colliers International:

“I don’t think there is a housing bubble.”

George Raitu, Director, Quantitative & Commercial Research, NAR:

“We do not consider the current market conditions to present a bubble.”

Christopher Thornberg, Founding Partner, Beacon Economics:

“The housing market is far from overheated.”

So why have prices been increasing?

Today, there is a gap between supply (number of houses on the market) and demand (the number of buyers looking for a new home). In any market, this would cause values to increase. Here are some experts’ comments on this issue:

Jonathan Smoke, realtor.com Chief Economist:

“So does that mean we’re in a bubble? Nope, that’s just what happens when demand increases faster than supply.”

Robert Bach, Director of Research – Americas, Newmark Grubb Knight Frank:

“I don’t think the housing market is overheated based on demand and supply fundamentals.”

Mark Dotzour, Chief Economist, Real Estate Center, Texas A&M University:

“We are not in a housing bubble. We are in a situation where demand for houses is much higher than supply.”

Calvin Schnure, SVP of Research & Economic Analysis, NAREIT:

“Given all the demand and little supply the residential market is FAR from overheated.”

Bottom Line

Currently, there is an imbalance between supply and demand for housing. This has created a natural increase in values not a bubble in prices. Don’t let the imbalance bubble to get you, CALL us today 786.554.8063 or email us at George@GeorgeAssal.com, you know you can count on our help every step of the way while reaching your goal faster, easier and with a smile on your face.

For Sellers – Two Graphs That Scream List Your House Today

Supply-Demand

The spring and summer months have always been known as a very popular time for homebuyers to start the search for their dream home. This year is no different!

We all learned in school that when selling anything, you will get the most money if the demand for that item is high and the inventory of that item is low. It is the well-known Theory of Supply & Demand.

If you are thinking of selling your home, here are two graphs that strongly suggest that the time is now. Here is why…

DEMAND

Foot-Traffic
According to NAR, “Foot Traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.”

According to research at the National Association of Realtors (NAR), buyer activity this year has far outpaced the same months in 2014. Purchasers who are ready, willing and able to buy are in the market at great numbers.

SUPPLY

The most recent Existing Home Sales Report from NAR revealed that the current supply of housing inventory is at a 5.1 month supply, which remains below the 6-months necessary for a normal market.

Buyer demand is far outpacing the supply of homes available for sale.
Buyer demand is far outpacing the supply of homes available for sale.

Bottom Line

Listing your house for sale when demand is high and supply is low will guarantee the offers made will truly reflect the true value of your property. Interested in selling your home or looking to buy one, give us a call today at 786.554.8063 or send us an email at george@georgeassal.com. We will look forward to hearing from you!