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.

When Should I Sell?

As you will see in this video, real estate marketplaces are generally most active in summer because families with children want to move in before school starts. So more homes are typically available in summer as well. But buyers and sellers tend to balance out in other seasons, too especially in todays tight market. There may be fewer buyers in late December but usually fewer homes, too. So, prices tend to rise or fall on general demand in that market rather than time of year. It is best to sell when you & your house are ready to sell. Start working with a real estate professional as early as possible to make the most of your sale in any season.

Sales Dropped last month …

Month 11 Sales
November

On December 22nd 2015, the National Association of Realtors (NAR) released their latest Existing Home Sales Report which covered sales in November. The report revealed that sales:

“…fell 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million)…”

That revelation gave birth to a series of industry articles, some of which quoted pundits questioning whether the housing market was slowing. In actuality, there is one rather simple explanation to much of the falloff in sales last month. It is likely the implementation of the “Know Before You Owe” mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which went into effect on October 3. These regulations caused house closings to be delayed by an extra three days in November as shown in the graph below.

GA close a loan

Three days might sound like a minimal difference. However, since there are only approximately 20 days in a month that a closing would normally take place (Mondays through Fridays), losing three days constitutes well over 10% of all closings. These sales are not lost. They are just moved into the next month’s numbers. In a DS News article on the subject also posted on December 22nd,  Auction.com EVP Rick Sharga explained:

“The most likely cause for the weak sales numbers is a delay in processing loans due to the new TRID mortgage requirements imposed by the CFPB. This is the biggest change in mortgage document processing in many years, and there have been numerous reports within the industry of problems implementing the process and the new documentation that comes with it.”

So how is the housing market actually doing?

A better way to look at how well the housing market is doing is to look at the Foot Traffic Report from NAR which quantifies the number of prospective buyers that are actively looking for a home at the current time:GA-future sales

We can see immediately that demand to buy single family homes is increasing over the last few months – not decreasing.

Bottom Line

No matter what last month’s sales numbers show, the housing market is still doing well as demand remains strong.

Call 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 .

The Impact of Higher Interest Rates

Interest-Rate

Last week, an article in the Washington Post discussed a new ‘threat’ homebuyers will soon be facing: higher mortgage rates. The article revealed:

“The Mortgage Bankers Association expects that rates on 30-year loans could reach 4.8 percent by the end of next year, topping 5 percent in 2017. Rates haven’t been that high since the recession.”

How can this impact the housing market?

The article reported that recent analysis from Realtor.com found that –

“…as many as 7% of people who applied for a mortgage during the first half of the year would have had trouble qualifying if rates rose by half a percentage point.”

This doesn’t necessarily mean that those buyers negatively impacted by a rate increase would not purchase a home. However, it would mean that they would either need to come up with substantially more cash for a down payment or settle for a lesser priced home.

Below is a table showing how a jump in mortgage interest rates would impact the purchasing power of a prospective buyer on a $300,000 home.

BuyersPurchasingPower3

In Conclusion

If you are considering a home purchase (either as a first time buyer or move-up buyer), purchasing sooner rather than later may make more sense from a pure financial outlook.

Tired of being a tenant? thinking of selling your home?, looking to upgrade? 1st time buyer(s)? buying your dream home? 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

The Roads one of Miami’s most prestigious neighborhoods.

The Roads is a neighborhood of Miami in Miami-Dade County, it is a triangular area located south of SW 11th Street, between SW 12th Avenue and SW 15th Road, just west of Brickell.

The Roads is known for its old homes, historic public schools, and its tree-covered streets. The Roads is very close to Downtown and Brickell, but is a historically residential neighborhood. It is also off the normal Miami street grid, and thus all the streets in The Roads are named roads, instead of streets and avenues, as is the case in the rest of Miami. Since 1986, the Miami Roads Neighborhood Civic Association has worked on a variety of projects to support the neighborhood.

The Roads neighborhood is served by the Miami Metrorail at the Vizcaya station to the south and by the Brickell station to the north.

The Roads
The Roads – triangular area located south of SW 11th Street, between SW 12th Avenue and SW 15th Road, just west of Brickell

 

The Roads, originally called “Brickell Hammock” was designed, platted and developed by Mary Brickell in January 1922 days before her death. Mary Brickell had designed the Roads as a pedestrian-friendly neighborhood, with wide streets with median parkways and roundabouts with native Miami plants. Mary Brickell gave the streets, parkways, sidewalks, and electric lighting to the City of Miami in 1922. All the properties were sold in a single day on February 1, 1923.

feb-jul - for sale- sold- pend - The Roads
For Sale – Sold – Pending Sale

The Roads is also an entire off-grid plan section of the city of Miami. The streets and avenues in Miami-Dade County are aligned to a grid, where streets run east-west and avenues run north-south. The roads that run from Broadway to SW 32nd Road are roughly 45 degrees out of alignment with the grid-plan. The avenues running perpendicular to these roads are also 45 degrees out of alignment with their respective avenues coming from the north. The avenues in this section run northeast-southwest rather than the standard north-south that the ones in the rest of the county follow. This causes an abrupt change in numerical designation as they cross SW 12th Avenue (SW 5th Avenue turns west and becomes SW 18th Street, SW 4th Avenue turns west and becomes SW 20th Street, SW 2nd Avenue turns west and becomes SW 22nd Street, etc.) The most well known example of this confusion is when historic Coral Way being SW 3rd Avenue, makes a 45 degree turn onto SW 22nd Street as it crosses over SW 12th Avenue.

price per sqft
Average Sold Price

 

The Roads is served by Metrobus and Trolley throughout the area, and by the Miami Metrorail at:

  • Brickell (SW 11th Street and SW 1st Avenue)
  • Vizcaya (SW 32nd Road and US1)

Metrorail has stops throughout Miami with service to Greater Miami and Miami International Airport, all Miami-Dade County bus lines, Tri-Rail and Amtrak. The main bus station in Downtown is located next to the Arsht Center at the Adrienne Arsht Center Station.

ADOM & SP-LP The roads
Average days on Market

 

 

For more information about The Roads please contact me directly

Contact me for more info
Contact me for more info

 

NEW LISTING FOR RENT – DORAL – 4/2.5

NEW LISTING FOR RENT – DORAL – 4/2.5

IMMACULATE BEAUTIFUL 4/2.5+DEN COACH HOME, IN A GATED COMMUNITY (BARBADOS) KITCHEN WITH GRANITE COUNTER TOP, STAINLESS STEEL. TILE/LAMINATED WOOD FLOORING, PAVER PATIO, ACCORDION SHUTTERS. PATIO FACING KIDS PLAYGROUND, CLOSE TO A+ SCHOOLS, MINUTES AWAY FROM TURNPIKE, FAMOUSE DORAL GOLF COURSE AND BUSINESS DISTRICT IN DORAL. MUST SEE NOT A SHORT SALE, NOT A FORECLOSURE.

SOLD BY GEORGE ASSAL 5/3

SOLD BY GEORGE ASSAL 5/3

If you are considering buying, selling or renting, in Brickell, Coconut Grove, Downtown, Coral Gables, Pinecrest, Palmetto Bay, South Miami, Doral,  please feel free to contact me.

George R. Assal
Broker-Associate® | BBF Member | Property Manager |REO & Short Sale Specialist|English- Español
EWM Realtors® | A Home Services of America Company | An Affiliate of Berkshire Hathaway
Brickell Office | 901 S. Miami Avenue, Suite 215 | Miami, FL 33130
C: 786.554.8063|O: 305.329.7635|F: 888.240.5507|
George@GeorgeAssal.com  | www.GeorgeAssal.com

SOLD BY GEORGE ASSAL – 5/4.5

SOLD BY GEORGE ASSAL – 5/4.5

If you are considering buying, selling or renting, in Brickell, Coconut Grove, Downtown, Coral Gables, Pinecrest, Palmetto Bay, South Miami, Doral,  please feel free to contact me.

George R. Assal
Broker-Associate® | BBF Member | Property Manager |REO & Short Sale Specialist|English- Español
EWM Realtors® | A Home Services of America Company | An Affiliate of Berkshire Hathaway
Brickell Office | 901 S. Miami Avenue, Suite 215 | Miami, FL 33130
C: 786.554.8063|O: 305.329.7635|F: 888.240.5507|
George@GeorgeAssal.com  | www.GeorgeAssal.com

SOLD BY GEORGE ASSAL – 4/2.5

SOLD BY GEORGE ASSAL – 4/2.5

If you are considering buying, selling or renting, in Brickell, Coconut Grove, Downtown, Coral Gables, Pinecrest, Palmetto Bay, South Miami, Doral,  please feel free to contact me.

George R. Assal
Broker-Associate® | BBF Member | Property Manager |REO & Short Sale Specialist|English- Español
EWM Realtors® | A Home Services of America Company | An Affiliate of Berkshire Hathaway
Brickell Office | 901 S. Miami Avenue, Suite 215 | Miami, FL 33130
C: 786.554.8063|O: 305.329.7635|F: 888.240.5507|
George@GeorgeAssal.com  | www.GeorgeAssal.com

 

WESTON – FOR SALE – 2/2.5 – GREAT PRICE

WESTON – FOR SALE – 2/2.5 – GREAT PRICE

BEAUTIFUL 2/2.5 WITH AMAZING VIEWS. CAN BE RENTED FOR 4 MONTHS ONLY. BRAND NEW KITCHEN NEW APPLIANCES, WASHER AND DRYER INSIDE THE UNIT, LARGE BALCONY, LAMINATED WOOD FLOORS. GOLF COURSE AND LAKE. ENJOY THE BEAUTIFUL TOWN CENTER AND ACTIVITIES. COMMUNITY POOL AND TENNIS.

If you are considering buying, selling or renting, in Brickell, Coconut Grove, Downtown, Coral Gables, Pinecrest, Palmetto Bay, South Miami, Doral,  please feel free to contact me.

George R. Assal
Broker-Associate® | BBF Member | Property Manager |REO & Short Sale Specialist|English- Español
EWM Realtors® | A Home Services of America Company | An Affiliate of Berkshire Hathaway
Brickell Office | 901 S. Miami Avenue, Suite 215 | Miami, FL 33130
C: 786.554.8063|O: 305.329.7635|F: 888.240.5507|
George@GeorgeAssal.com  | www.GeorgeAssal.com