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.

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

Applying For A Mortgage: Why So Much Paperwork?

Mortgage-Paperwork

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form.

Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage. During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again
The banks don’t want to be in the real estate business. Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.
However, there is some good news in the situation. The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate probably at or below 4%.

The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of <4%, they would probably bend over backwards to make the process much easier.

Bottom Line

Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.

Tired of renting and/or being a Tenant(s)? Thinking of selling your home?, looking to upgrade?, First Time buyer(s)? Buying your dream home this year? Call us, 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. 📞786.554.8063 📧George@GeorgeAssal.com 💻 www.GeorgeAssal.com

The REAL Reasons to Buy a Home

Real Reasons to Buy

We often talk about the financial reasons why buying a home makes sense. But often, the emotional reasons are the more powerful, or compelling reasons. The Joint Center for Housing Studies at Harvard University performs a study every year surveying participants for the reasons that American’s feel are most important in regards to homeownership.

The top 4 reasons to own a home cited by respondents were not financial.

1. It means having a good place to raise children & provide them with a good education

From the best neighborhoods to the best school districts, even those without children at the time of purchasing their home, may have this in the back of their mind as a major reason for choosing the location of the home that they purchase.

2. You have a physical structure where you & your family feel safe

It is no surprise that having a place to call home with all that means in comfort and security is the #2 reason.

3. It allows you to have more space for your family

Whether your family is expanding, or an older family member is moving in, having a home that fits your needs is a close third on the list.

4. It gives you control over what you do with your living space, like renovations and updates

Looking to actually try one of those complicated wall treatments that you saw on Pinterest? Want to finally adopt that puppy or kitten you’ve seen online 100 times? Who’s to say that you can’t in your own home?

The 5th reason on the list, is the #1 financial reason to buy a home as seen by respondents:

5. Owning a home is a good way to build up wealth that can be passed along to my family

Either way you are paying a mortgage. Why not lock in your housing expense now with an investment that will build equity that you can borrow against in the future?

Conclusion 

Whether you are a first time homebuyer or a move-up buyer who wants to start a new chapter in their life, now is a great time to reflect on the intangible factors that make a house a home.  We the ASSAL team are another reason for you to buy a house, while reaching your goal faster, easier and with a smile on your face! Call us today at 786.554.8063 or send us an email at george@georgeassal.com– you can count on our help every step of the way.

Where Are Mortgage Rates Headed? This Fall? Next Year?

The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be.

Mortgage Rates

That is why it is important to look at where rates are headed when deciding to buy now or wait until next year.

Below is a chart created using Freddie Mac’s July 2015 U.S. Economic & Housing Marketing Outlook. As you can see interest rates are projected to increase steadily over the course of the next 12 months.

Mortgage Rate

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

Dr. Frank Nothaft, the SVP & Chief Economist for CoreLogic, had this to say in their latest Market Pulse:

“If you are thinking of buying a home and have the financial means to do so, this could be a good time to take a look at the neighborhoods you are interested in. We expect home prices in our national index to be up about 4.3% in the next 12 months, and mortgage rates are also likely to increase over the next year.”

If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.

Bottom Line

Even a small increase in interest rate can impact your family’s wealth. Meet with us to evaluate your ability to purchase your dream home. Remember We at the ASSAL team want to make sure you get the lowest mortgage rate possible, while reaching your goal faster, easier and with a smile on your face! Give us a call today at 786.554.8063 or send us an email at george@georgeassal.com– you can count on our help every step of the way.

ARIA ON THE BAY – It’s all about the atmosphere

Aria on the Bay located in the heart of the Arts and Entertainment District, more specific 1770 North BayShore Drive Miami FL 33137. With 53 Stories into the sky, this project offers in all units, 9-foot glass from floor to ceiling, being the smallest 813 sqft and the biggest over 2,365 sqft plus balcony for the amazing water and city views.

 

ARIA
ARIA Entrance

From this enviable location, residents can enjoy immediate access to the neighboring Adrienne Arsht Center for the Performing Arts, Arts & Science Museums and Miami World Resort for shopping and entertainment along with a myriad of dining options and boutiques. In just 10 minutes one can be enjoying the pristine beaches of Miami, Brickell’s financial district. Design District, Wynwood and Midtown. Miami International Airport, Coconut Grove, Coral Gables.

Aria Lifestyle
Aria Lifestyle

Building Features:

.-2-Curved Sunrise and Sunset pools, .-Jacuzzi overlooking Biscayne Bay Expansive sun deck and lounge area, -.Expansive Indoor/ Outdoor social room with bar 24-Hour concierge and on-site monitoring,.-Controlled-entry garage with assigned parkingValet parkingStreet-level retail and office spaceHigh-speed wireless internet in social spaces, .-State of the art Gym and Yoga StudioOutdoor fire pit with custom seating, .-BBQ area with summer kitchen featuresGreat room with social areas including pool tables and flat screen TV’s, .-Private spa and massage treatment areasBlow-dry, .-manicure and pedicure stationsChildren’s PoolGame room and libraryScreening room/ theatreTeen lounge and Kid’s Playroom, .-Business center with conference room and offices.

Location / View
Location / View

 

Residence Features

1 to 3 bedroom+Den grand residences, .-Spacious, open-plan living, dinning and kitchen areas, .-Modern custom-designed cabinetry and European-style kitchens!Private elevator access on select units.

Aria From The Water
Aria From The Water

 

Floor Plans

ARIA Floor Plans

 

ARIA Units description

 

Contact George Assal  for more info

Contact me for more info
Contact me for more info

Park Grove in Coconut Grove.

Park Grove in Coconut Grove.

Most ambitious architecture/project to date


The New Park Grove Condo Project is selling quickly; this luxury condo project is located in Coconut Grove more specific in the middle of a newly developed waterfront park. The condo project has 3 towers with great investment values.

PARK GROVE FLOOR PLAN

Designed by OMA and rem KOOLHAAS, the striking towers of PARK GROVE set a new architectural standard in the quiet seaside enclave of Coconut Grove.

stunning-towers

Park Grove Residences will blow everyone expectations with their high-end waterfront project. With amenities that will take you to the next level and to better your experience, The Park grove Condo offers pools, fitness, yoga, a private chef, yes a private chef and much more.

daytime

As the first Luxury Condo in Coconut Grove to be built after Grove at Grand Bay, makes this project most ambitious architecture/project to date

airy-open-kitchens

sun-filled-living-rooms


Contact me For more info about Park Grove and any other projects / new constructions in Miami or South Florida Business card

Coral Gables Home Sales in the past 30 days

Coral Gables most deriable residential area keeps increasing month over month and yes, even while inventory is tighter and tighter, 23 homes were sold last month Image

If you are considering listing your Brickell, Coconut Grove, Coral Gables, Pinecrest, Palmetto Bay, Doral, Miami Shores, Miami-Dade property for sale or rent please don’t hesitate to contact me.  The market is changing and I would be happy to discuss the current value of your home with you.  I can be reached on my cell at 786.554.8063

Shopping for a Real Estate Agent? Thinking of Selling/Buying?

Contact me

George R. Assal| RealtorAssociate® | BBF Member | Property Manager |
REO & Short Sale Specialist
English- Español EWM Realtors® | A Home Services of America Company |
An Affiliate of Berkshire Hathaway
C: 786.554.8063|O: 305.329.7635|F: 888.240.5507| george@georgeassal.com |www.georgeassal.com