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Sales Dropped last month …

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.
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:
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
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.
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
Residences by ARMANI CASA – Sunny Isles
The Related Group and Dezer Development joined forces to bring to Sunny Isles Beach, “The Residences by Armani Casa by Cesar Pelli” The most anticipated Ultra Luxury project in Miami. Only 261 families will have the honor to call the Residences by Armani Casa their home.

Highlights
.- The brand: First US project by Armani casa
.- Location: Sunny isles Beach
.- The Archited: Cesar Pelli
.- Units: 260 units
.- Prices: starting from $1 million
.- Completion date: 2017
.- Floor Plan: 5 units per floor, the higher the unit the bigger it is.

The Residences by Armani Casa in Sunny Isles Miami are spacious units from 1358 Sq.Ft to 3,756 Sq.Ft and ranging in price between $1,000 – $1,500 per Sq.Ft
Floor plan

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Unit A at Level 4 (Units at a Higher level offer more Sq.Ft)
- 4 Bedrooms + Den / 5,5 Bathrooms
- Interior Sq.Ft: 3,326 (At level 28→ 3,527 Sq.Ft and No den – At level 54 → 3,756 Sq.Ft)
- Balcony Sq.Ft: 1,440 (At level 28→ 1,487 Sq.Ft – At level 54 →1,539 Sq.Ft)
- Total Sq.Ft: 4,766
- Balcony Sq.Ft: 1,440 (At level 28→ 1,487 Sq.Ft – At level 54 →1,539 Sq.Ft)
- Interior Sq.Ft: 3,326 (At level 28→ 3,527 Sq.Ft and No den – At level 54 → 3,756 Sq.Ft)
- 4 Bedrooms + Den / 5,5 Bathrooms

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Unit B
- 4 Bedrooms + Den / 5,5 Bathrooms
- Interior Sq.Ft: 3,027
- Balcony Sq.Ft: 898
- Total Sq.Ft: 3,925
- Balcony Sq.Ft: 898
- Interior Sq.Ft: 3,027
- 4 Bedrooms + Den / 5,5 Bathrooms

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Unit C
- 3 Bedrooms + Den / 3,5 Bathrooms
- Interior Sq.Ft: 2,712
- Balcony Sq.Ft: 762
- Total Sq.Ft: 3,474
- Balcony Sq.Ft: 762
- Interior Sq.Ft: 2,712
- 3 Bedrooms + Den / 3,5 Bathrooms

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Unit D (Units at a Higher level offer more Sq.Ft)
- 2 Bedrooms + Den / 2,5 Bathrooms
- Interior Sq.Ft: 1,816 (At level 28→1944 Sq.Ft – At level 54 →: 2089 Sq.Ft)
- Balcony Sq.Ft: 491 (At level 28→496 Sq.Ft and No den- At level 54 →502 Sq.Ft)
- Total Sq.Ft: 2,307
- Balcony Sq.Ft: 491 (At level 28→496 Sq.Ft and No den- At level 54 →502 Sq.Ft)
- Interior Sq.Ft: 1,816 (At level 28→1944 Sq.Ft – At level 54 →: 2089 Sq.Ft)
- 2 Bedrooms + Den / 2,5 Bathrooms

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Unit E (Units at a Higher level offer more Sq.Ft)
- 2 Bedrooms / 2 Bathrooms
- Interior Sq.Ft: 1,358 (At level 28→ 1,476 Sq.Ft – At level 54→1,610 Sq.Ft)
- Balcony Sq.Ft: 941 (At level 28→1,013 Sq.Ft and No den- At level 54 →1,094Sq.Ft)
- Total Sq.Ft: 2,299
- Balcony Sq.Ft: 941 (At level 28→1,013 Sq.Ft and No den- At level 54 →1,094Sq.Ft)
- Interior Sq.Ft: 1,358 (At level 28→ 1,476 Sq.Ft – At level 54→1,610 Sq.Ft)
- 2 Bedrooms / 2 Bathrooms

Note: Units C, D and E models are all taken however back ups for these units are accepted
Price Ranges

** Prices and availability are subject to change without notice.
For more info regarding Residence by Armani Casa contact me directly
400 Sunny Isles – Lifestyle
ARCHITECTURE AND DESIGN
. – Designed by renowned Architect Chad Oppenheim
. – Working drawings by Architect of Record Kobi Karp
. – A waterfront haven, stretching an expansive 640 feet directly on Biscayne Bay
. – Two impressive 20-story glass towers with a total of 230 units, each with direct bay, ocean, and park views
. – An open-air arrival courtyard designed by Urbanica Group boasting exotic woods, greenery and serene water features
SERVICES
. – Full-time concierge
. – 24-hour complimentary valet parking
. – 24-hour attended and camera-monitored security in select areas powered by the latest surveillance equipment
. – Business center and multi-purpose media and meeting room
. – Party and entertainment areas
. – Secure undercover garage with assigned parking
. – Bike and Jet Ski storage available
BOATING
. – Private marina with dry and wet dock slips available
. – Marina fully-equipped and serviced with special marine concierge program
. – Immediate access to the Intracoastal Waterway with Atlantic Ocean access just minutes away
. – Fractional yacht ownership offered
. – Boat rentals available
LUXURY SPA AND REJUVENATION CENTER
. – Co-ed and private spa with saunas, steam room, and Jacuzzis with distinct temperatures in a relaxing waterfall atmosphere
. – A unique Rejuvenation Center offering the latest techniques in relaxation and beauty treatments available
. – Bay front, state-of-the-art fitness center with aerobic/yoga room, offering the latest in both traditional and cutting-edge exercise equipment
BAYFRONT LOUNGE AREA
. – The Sandbox, a proposed yacht and beach-style club bistro with a relaxed lounge atmosphere overlooking the bay and marina
I’m a local Real Estate Agent in Miami, I’ve been very successful in finding the right property for my buyers and getting homes sold . Let’s talk as soon as possible, you can reach me at 786.554.8063 or send me an emailGeorge@GeorgeAssal.com you can also visit http://www.GeorgeAssal.co