6 Required Pieces of Information


What 6 Pieces of Information Make A TRID Loan Application? Submitting these 6 pieces of information – Name Income Social Security Number Property Address Estimated Value of Property and Mortgage Loan Amount sought – constitutes a valid loan application under the TRID rule. You may apply and submit these in writing OR in oral form; a live conversation, or a phone call, backed by a written record of the conversation is a legitimate application. Once these 6 pieces of information are submitted a creditor MUST supply a Loan Estimate for approved loans within 3 business days.


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

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


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

For Sellers – Two Graphs That Scream List Your House Today


The spring and summer months have always been known as a very popular time for homebuyers to start the search for their dream home. This year is no different!

We all learned in school that when selling anything, you will get the most money if the demand for that item is high and the inventory of that item is low. It is the well-known Theory of Supply & Demand.

If you are thinking of selling your home, here are two graphs that strongly suggest that the time is now. Here is why…


According to NAR, “Foot Traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.”

According to research at the National Association of Realtors (NAR), buyer activity this year has far outpaced the same months in 2014. Purchasers who are ready, willing and able to buy are in the market at great numbers.


The most recent Existing Home Sales Report from NAR revealed that the current supply of housing inventory is at a 5.1 month supply, which remains below the 6-months necessary for a normal market.

Buyer demand is far outpacing the supply of homes available for sale.
Buyer demand is far outpacing the supply of homes available for sale.

Bottom Line

Listing your house for sale when demand is high and supply is low will guarantee the offers made will truly reflect the true value of your property. Interested in selling your home or looking to buy one, give us a call today at 786.554.8063 or send us an email at george@georgeassal.com. We will look forward to hearing from you!

Information about street closures in the Brickell area.

The following are the road closures in the Brickell area for the period of Monday April 8th to Sunday April 21st 2013, based on the Maintenance of Traffic coordination meeting held on Friday April 5th 2013.

Please note that due to the temporary full closure of S Miami Avenue, starting on April 19 and effective until December, we expect traffic to be shifted towards SW 2nd Avenue. During this time traffic would be more congested than usual and lane closures should be kept to a minimum or avoided if possible. A flyer (see attached) depicting alternate routes to and from downtown and Brickell areas has been developed and distributed to the residents and business of the area.

Also note that the CORPORATE RUN event is scheduled for April 25th

Brickell City Centre
· April 8th to April 12th 2013 – SW 7 St & S Miami Ave (SW Corner, 1 Lane Closure) from 7:00p.m. to 5:00a.m..
· April 8th to April 18th 2013 – SW 8th Street (two north lanes closed) between SW 1st Ave to S. Miami Ave from 9:00p.m. to 6:00a.m.
· April 8th to April 18th 2013 – S. Miami Avenue east sidewalk and travel lane between S 8th Street to S 7th Street.
· April 19th to December – S. Miami Avenue between SW 8th Street to S 7th Street will be fully closed.

My Brickell
· April 22nd to April 26st 2013 – SE 5th Street (Full closure) between S. Miami Avenue and SE 1st Avenue from 9:30a.m. to 4:00p.m.
· April 24th – Full closure SE 6th Street between Brickell Ave and SE 1st Avenue 9:30a.m. to 4:00p.m.

Joe Moretti
· April 8th to April 21st 2013 – SW 2nd Avenue (one west lane) between SW 9th Street and SW 10th Street from 8:00p.m. to 6:00a.m.

Vista Grande
· April 15th 2013 – SW 9th Street (north parking lane and sidewalk) between SW 2nd Ave and SW 3rd Ave from 7:00a.m. to 3:00p.m.

801 Brickell (Pending Permit)
· May 20th to August 20th 2013 – SE 8th Street (Eastbound Lane) between Brickell Ave and Brickell Bay Drive

West Brickell View
· April 8th to April 18th 2013 – SW 8th Street (south parking lane and sidewalk) between SW 2nd Ave and SW 1st Ct Street hrs. 24/7

West Brickell Tower
·April 15th to May 15th 2013 – SW 2nd Avenue (one west SB lane) between SW 10th Street and SW 11th Street from 7:00 a.m. to 4:00 p.m. or 8:00 p.m. to 5:00 a.m.

Shul of Downtown
· April 10th 2013 & April 17th 2013 – SE 9th Street (Full Road Closure) between SE 1st Ave and S Miami Ave from 7:30 a.m. to 4:00 p.m.

Sims Crane (Pending Permit)
· April 19th 2013 & April 21st 2013 – Brickell Bay Dr (Full Road Closure 6 hr, then 1 lane SB, 1 lane NB) between SE 11 St and SE 12 St from 8 a.m. to 7:00 p.m.

· April 8th 2013 & April 21th 2013 – Between SE 5 Street and SE 8 Street: The contractor will continue with signalization work and begin installing drainage on the northeast corner of Brickell Avenue and SE 5 Street.
– Between SE 8 Street and SE 15 Road: The contractor will be finalizing lighting and signalization work, as well as completing work at the pump station.

Special Events:
· Mercedes Corporate Run 2013

Please feel free to share this information with other interested parties