market

Selling Your Home? Price It Right From the Start!

~ The ASSAL Team ~ Leave a comment

In today’s market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their customers happy. However, we realized that telling the homeowner the truth is more important than getting the seller(s) to like us.

Price It Right

There is no “later.”

Sellers sometimes think, “If the home doesn’t sell for this price, I can always lower it later.” However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes.

John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered the their price. In his article, Listing Price, Time on Market and Ultimate Selling Price published in Real Estate Economics revealed:

“Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price.”

Additionally, the “I’ll lower the price later” approach can paint a negative image in buyers’ minds. Each time a price reduction occurs, buyers can naturally think, “Something must be wrong with that house.” Then when a buyer does make an offer, they low-ball the price because they see the seller as “highly motivated.” Pricing it right from the start eliminates these challenges.

Don’t build “negotiation room” into the price.

Many sellers say that they want to price their home high in order to have “negotiation room.” But, what this actually does is lower the number of potential buyers that see the house. And we know that limiting demand like this will negatively impact the sales price of the house.

Not sure about this? Think of it this way: when a buyer is looking for a home online (as they are doing more and more often), they put in their desired price range. If seller is looking to sell their house for $400,000, but lists it at $425,000 to build in “negotiation room,” any potential buyers that search in the $350k-$400k range won’t even know your listing is available, let alone come see it!

One great way to see this is with the chart below. The higher you price your home over its market value, the less potential buyers will actually see your home when searching.

Price Visibility

A better strategy would be to price it properly from the beginning and bring in multiple offers. This forces these buyers to compete against each other for the “right” to purchase your house.

Look at it this way: if you only receive one offer, you are set up in an adversarial position against the prospective buyer. If, however, you have multiple offers, you have two or more buyers fighting to please you. Which will result in a better selling situation?

The Price is Right

Great pricing comes down to truly understanding the real estate dynamics in your neighborhood.  Our team will take the time to simply and effectively explain what is happening in the housing market and how it applies to your home.

Our team  will tell you what you need to know rather than what you want to hear. This will put you in the best possible position.

Thinking of selling your home and not sure how to price it right?  Call us, We at the ASSAL team want to make sure you price your home right 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.

Things to Consider When Buying a Home (Summer Guide 2015)

~ The ASSAL Team ~ Leave a comment

Check List Guide

Thank you to those that  have e-mailed us with questions and concerns about things to consider when buying a home, since we care about you, the ASSAL team has put together a guide called “Buying a Home – Buyer Guide”.

Click here to view our “Buying a Home Summer Guide 2015″ – This powerful “Buyer Guide” will help you simply and effectively understand the current market opportunities.

As we said it before, Why would you make one of your most important financial decisions of your life without hiring a Real Estate Professional?. The ASSAL team is here to help you, call us, We want to make sure you have all answers to those questions and/or concerns and most important to help you overcome your fears and reach your goal faster, (the goal is for you to buy your dream home) 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.

Are Home Values REALLY at Record Levels?

~ The ASSAL Team ~ Leave a comment

Record-High-

On July 12th, we posted an article called “What is a Housing Bubble? Is One Forming?”, last week, the National Association of Realtors (NAR) released their Existing Home Sales Report. The report announced that the median existing-home price in June was $236,400. That value surpasses the peak median sales price set in July 2006 ($230,400). This revelation created many headlines exclaiming that home prices had hit a “new record”:

Wall Street Journal: Existing-Home Prices Hit Record

USA Today: Existing home sales surge, prices hit record

Though the headlines are accurate, we want to take a closer look at the story. We do not want people to believe that this information is evidence that a new “price bubble” is forming in housing.

NAR reports the median home price. That means that 50% of the homes sold above that number and 50% sold below that number. With fewer distressed properties (lower valued) now selling, the median price will rise. The median value does not reflect that each individual property is increasing in value.

Below are the comments from Bill McBride, the author of the esteemed economic blog Calculated Risk. McBride talks about the challenges with using the median price and also explains that in “real” prices (taking into consideration inflation) we are nowhere close to a record.

“In general I’d ignore the median sales price because it is impacted by the mix of homes sold (more useful are the repeat sales indexes like Case-Shiller or CoreLogic). NAR reported the median sales price was $236,400 in June, above the median peak of $230,400 in July 2006. That is 9 years ago, so in real terms, median prices are close to 20% below the previous peak. Not close.”

Earlier this week, the Wall Street Journal covered this issue in detail. In this story, Nick Timiraos explained that this rise in median prices is nothing to be concerned about:

“Does this mean we have another problem on our hands? Not really…There may be other reasons to worry about housing affordability by comparing prices with incomes or prices with rents for a given market. But crude comparisons of nominal home prices with their 2006 and 2007 levels shouldn’t be used to make cavalier claims about a new bubble.”

Bottom Line

Home values are appreciating. However, they are not increasing at a rate that we should have fears of a new housing bubble around the corner. Fear of loosing the opportunity of buying or selling your home? Call us, We at the ASSAL team want to make sure you overcome your fears and reach 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.

5 Reasons to Hire a Real Estate Professional Today!

~ The ASSAL Team ~ Leave a comment
We Help each other to reach the goal
We Help each other to reach the goal

Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers and/or buyers think that they can sell and/or buy through a for sale by Owner also known as FSBO.

The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to recover.

1. What do you do with all this paperwork?

Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true Real Estate Professional is an expert in their market and can guide you through the stacks of paperwork necessary to make your dream a reality.

2. Ok, so you found your dream house, now what?

According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, who knows what these actions are to make sure that you acquire your dream.

3. Are you a good negotiator?

So maybe you’re not convinced that you need an agent to sell your home. However, after looking at the list of parties that you need to be prepared to negotiate with, you’ll realize the value in selecting a Real Estate Professional. From the buyer (who wants the best deal possible), to the home inspection companies, to the appraiser, there are at least 11 different people that you will have to be knowledgeable with and answer to, during the process.

4. What is the home you’re buying/selling really worth?

It is important for your home to be priced correctly from the start to attract the right buyers and shorten the time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to the National Association of REALTORS, “the typical FSBO home sold for $208,700 compared to $235,000 among agent-assisted home sales.”

Get the most out of your transaction by hiring a professional.

5. Do you know what’s really going on in the market?

There is so much information out there on the news and the internet about home sales, prices, mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively price your home correctly at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a low-ball offer?

Dave Ramsey, the financial guru advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has their finger on the pulse of the market will make your buying/selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line:

You wouldn’t replace the engine in your car without a trusted mechanic. Why would you make one of your most important financial decisions of your life without hiring a Real Estate Professional?. We at the ASSAL team want to make sure you reach 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.

Silver Bluff: One of Miami’s best-kept secrets

~ The ASSAL Team ~ Leave a comment

Most of the time, when I recommend looking at places in Silver Bluff to my customers, I’m met with a blank stare. A little known area right outside Coral Gables off Coral Way (zip code 33133 & 33145), Silver Bluff is one of the best and most affordable residential neighborhoods in the city. Often grouped in with the Gables, Brickell Hammocks or The Roads, there are few “secrets” in the Miami real estate market, and this is most certainly one of them.

As I mentioned in my last post, I would never sell a house I wouldn’t live in, and just as importantly, I would never sell a house in a neighborhood I wouldn’t live in either. So that would be why Silver Bluff comes so highly recommended by me—I live there! Therefore you have a relator’s stamp of approval of the area, and let me tell you a few reasons why…

  1. Proximity: Silver Bluff is close to everything in Miami. Only 5-7 minutes to Coconut Grove, 10-15 minutes to Brickell and Coral Gables and 15-20 minutes to South Beach.
  2. Safety: The area has a low crime rating.
  3. Neighborhood: Silver Bluff is known as being a calm, residential area with lots of trees, ample parking and families. Relationships with neighbors are important here, and there is a real sense of community.
  4. Investment: Buying a house here is a good investment with growing property values, and a much lower selling price than other areas in Miami. This is a great place for a first investment or first home because you get a lot of bang for your buck. Being so close to so many desirable areas in the city, there is only room to grow.
  5. Schools: There are three schools in the area, and the Silver Bluff Elementary School is graded “A”—perfect for all the families in the area.
    Source: http://www.city-data.com/
    Source: http://www.city-data.com/

    If the above still hasn’t convinced you and you would like to check out the neighborhood yourself, I’ll let you in on a few local Silver Bluff “secrets”:

    For wine lovers, Xixón Cafe , hip & modern Spanish eatery with multiple levels including dining room, wine cellar & bakery/deli, located on 21st and Coral Way, El Carajo is a must. Hidden away inside the BP gas station on 17th Ave and US1, they serve Spanish tapas and have an amazing bakery. At the Mighty Gastropub on Coral Way and 22nd Ave, they serve craft beer, sausages with an ambiance you can’t beat. Daily Bread Marketplace, boasts some of Miami’s best Mediterranean Food, and is located on 24 Ave and 27th St. And if you’re looking a twist on a Latin classic, Casabe 305 offers an incredible fare of Caribbean-Venezuelan Fusion and is located on Coral Way and 17th Ave.

    All Restaurants

    So whether as a place to grab a great bite, an investment, a first home to raise your family or just as someone seeking refuge from the city and its high rent, Silver Bluff is a fantastic option. In fact, if you are interested in taking a look, I would be more than happy to meet you at any of our local spots and discuss your options and the places currently available.

    My goal is to help you, even if we aren’t in direct contact, and I’d love to hear from you with any questions.

    Interested in Selling, Buying, Renting, Investing in Brickell, Downtown, Coconut Grove, Coral Gables, Silver Bluff, Doral and surrounding areas? Call me 786.554.8063 or email me George@GeorgeAssal.com, I can help, because working with someone who knows the numbers and area is crucial.George Assal PA

DORAL – Market Insight

~ The ASSAL Team ~ Leave a comment

Doral THE ASSAL TEAM

Doral is a city located in north-central Miami-Dade County, Florida, United States. An industrial and suburban mixed neighborhood of Miami, it lies North-West of Miami International Airport. It takes its name from the Doral Golf Resort & Spa located within its municipal boundaries. Originally built by Doris and Alfred Kaskel, who coined “Doral” by combining their first names, who dredged the swamp to build, in 1962, the Doral Hotel and Country Club, (now Donald Trump’s Trump National Doral) a wildly popular wealthy golfer retreat and sibling hotel to the Doral Beach Resort in Miami Beach. The city of Doral is also known as Doralzuela due to the city’s large and affluent Venezuelan community. Doral has a large number of shops, financial institutions and businesses, especially importers and exporters, primarily because of its proximity to the Miami International Airport. In 2008, Fortune Small Business and CNN Money ranked Doral as 51 on a list of 100 cities with the best mix of business advantages and lifestyle appeal.

Doral SOLD in the past 30 days
Doral SOLD in the past 30 days

By the early 1980s, Doral started to experience the first spurts of growth when Alfred’s and Doris’ grandson Bill developed Doral Estates that was followed by a joint venture with Lennar Homes to build Doral Park. Both communities were named after the Hotel, a trend that was to be repeated many more times. Younger families started flooding the area but had to travel to purchase even the most basic essentials, because there were no stores, schools, or parks. Although the majority of the original homes were investment properties or second homes, the early fulltime residents believed that the quality of life and the low housing costs far exceeded the lack of amenities and started coming together as a community.

Doral SOLD by the ASSAL team
Doral SOLD by the ASSAL team

In 2002, the Governor appointed Cancio to fill the remainder of Commissioner Miriam Alonso’s term of office. Doral residents hoped that his appointment would be the impetus to bring the community closer to incorporation, and Cancio did not let his community down. In the meantime, Cancio named Juan Carlos Bermudez, the City of Doral’s first elected Mayor, as his replacement to the Community Council. Bermudez declined the offer and ran for the seat and was elected. At the time, Bermudez was president of One Doral, a civic organization formed to counteract the perceived influence of the West Dade Federation on the Council. One Doral and the West Dade Federation were instrumental in the incorporation process.

Services offered by the ASSAL team
Services offered by the ASSAL team

In January 2003, following a seven-year battle, 85% of the voters in Doral voted in favor of incorporation. At long last, they had their own new city with a local government and more service for their tax dollars. In June of the same year, 92% voted to accept the City Charter and elected their first Mayor and City Council.

The City of Doral has come a very long way in a very short time and is attracting positive attention from Fortune 100 corporations, mom-and-pop businesses, young families and retirees.

Interested in Selling, Buying, Renting a home/townhouse in Doral? Call me 786.554.8063; I can help, because working with someone who knows the numbers and area is crucial.

Contact me for more info
Contact me for more info

The Roads one of Miami’s most prestigious neighborhoods.

~ The ASSAL Team ~ Leave a comment

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

 

Coral Gables a City Where Homes for Sales Keep Increasing

~ The ASSAL Team ~ Leave a comment

As the Real Estate market continues to build up in South Florida, Coral Gables luxury homes and condominiums properties are getting listed for sale at more than $1M, the highest number of 2014 sales was in June, representing a 21.4% increase over May and an incredible 278% increase when compared to January. When it comes to luxury real estate sales in South Florida, summer is anything but slow season, maybe not especially when prices increased alongside the number of properties sold.

The average price per square foot for a property sold in June was $476, up $13 from May and a full $85 per square foot from January. In fact, 55 properties were sold or under contract for sale in June, representing over 25% of the entire available inventory.

 

CG trend 07-2014
34 properties sold in June 33 of these were single-family homes.

 

Two projects are currently in pre-sale in Coral Gables:

-Merrick Manor, a 10-story, 180-unit development located adjacent to the famous Village of Merrick Park.

-Antilla Coral Gables, a 5-story, 45-unit project located in the northeastern corner of Coral Gables.

(If you need more info regarding either of this projects please contact me directly as I have direct communication with the developers)

For those that don’t know, Coral Gables is one of the nation’s earliest planned communities with a centralized business district, and is home to the iconic Biltmore hotel, one of only three national landmarks in Miami-Dade County. Coral Gables also has world-class shopping along Miracle Mile and the Village of Merrick Park, a diverse spectrum of art galleries, theaters and lots of fine dining establishments.

As a result, Coral Gables will continue to have in-demand properties that sell for a premium and should remain a sound investment.

Coral Gables City Hall at night
Coral Gables City Hall at night

 

Contact me for more info

Contact me for more info
Contact me for more info

 

Real Estate Market Report | January – June 2014

~ The ASSAL Team ~ Leave a comment

Investing in South Florida Real Estate? Here is all the information you need as Comparative Review of the Real Estate Market in South Florida. If you are undecided but interested in Investing South Florida real Estate and might already know that is time to buy, contact me immediately I will guide you to the right direction

Click here to view the Real Estate Market Report | January – June 2014

 

 

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