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.

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

SOLD BY GEORGE ASSAL – 2/2

SOLD BY GEORGE ASSAL – 2/2

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 | 
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 5/3

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 – 4/4.5

SOLD BY GEORGE ASSAL – 4/4.5

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

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

GREAT OPPORTUNI…

GREAT OPPORTUNITY!!! CASH ONLY – Property is located in Bryan Park/Shenandoah area, main house is a 2/2 with 3/3 efficiency building property is being sold is as is conditions, furniture also for sale.

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