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.

Cost & Price. Do You Know The Difference?

Time = Money

As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not about price but instead about the ‘long term cost’ of the home.

The Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac all projected that mortgage interest rates will increase by about three-quarters of a percentage point over the next twelve months.

According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next 12 months.

What Does This Mean as a Buyer?

Here is a simple demonstration of what impact an interest rate increase would have on the mortgage payment of a home selling for approximately $250,000 today if home prices appreciate by the 5.2% predicted by CoreLogic over the next twelve months:

Waiting = Cost

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

Is now a good time to Rent? Definitely NOT!

No-Rent

People often ask us whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau just released their second quarter median rent numbers.

Here is a graph showing rent increases from 1988 until today:

Increase-in-rents

At the same time, a report by Axiometrics revealed:

“The national apartment market’s annual effective rent growth rate of 5.1% in June 2015 represented a 47-month high, and continued a streak of 5.0%-plus rent growth that is now the longest in at least six years, according to apartment market research. The effective rent growth in June 2014 was 3.7%, putting June 2015’s exceptional performance into perspective. 

This is the highest rate since the 5.3% of July 2011. The metric has reached at least 5.0% for five straight months, the longest such streak since Axiometrics started monthly reporting of annual apartment data in April 2009.”

Where will rents be headed in the future?

Stephanie McCleskey, Axiometrics vice president of research, commented on the above report in an article by Real Estate Economy Watch:

“Rent growth is just shy of the post-recession peak, and the June metrics reflect the continued strength of the apartment market. The demand for apartments is still strong, despite the record number of new units being delivered this year. Tight occupancy is why landlords can push rents higher.”

Bottom Line

Tired of paying rent? Are you ready, willing and able to start a new life? if you answered YES, now may make sense, it might not be a good time to rent however is a good time to buy,  We (the ASSAL team) are not for rent nor for sale but YES to help you reach 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.

Onyx on the Bay – For Rent

Onyx on the Bay is the name given to the tallest building in the Onyx on the Bay is a luxury building/complex in Miami, Florida, United States. Located in northern Midtown Miami, the tower was completed in 2007.

Onyx on the Bay - Exterior
Onyx on the Bay – Exterior

It is 27 floors and 308 feet (94 m) tall with 118 units, there are six different floor plans raging in size from 886 to 3,386 SQF, there are also five penthouses. The building is located on Northeast 25th Street between Biscayne Avenue and the oceanfront, also known as the Art District; it is a development of BAP/GGM development.

Water view from balcony
Water view from balcony

The unit that I’m presenting you today, is a sensational 2 bedrooms and 2.5 bathrooms, completely renovated with, marble floors throughout including the balconies, custom made closets, Italian kitchen and granite counter tops.

Living and Kitchen Area
Living and Kitchen Area

Living in Onyx on the Bay is like living in a heaven with his beautiful exterior and interior design and their VIP service with 24hrs concierge. Onyx on the Bay is minutes away from Downtown Miami, Brickell, South Beach, Midtown, Shops and Restaurant.

Master Bedroom
Master Bedroom

Interested in Selling, Buying, Renting in Brickell, Downtown, Coconut Grove, Coral Gables 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

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