June 24, 2015

Real Estate Market Update Statistics and Trends

Summer is here and the selling season is ready, more inventory,  more for sale signs, announcements for open houses and Buyers trying to find the perfect home.

In addition, the new changes in real estate closing forms will start on October 1st. There will be two new closing forms: 
* Loan Estimate and a Closing Disclosure. These will replace the three forms that are currently used: the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form.

The reason of the new forms created by the Consumer Financial Protection Bureau (CFPB) with input from consumer industry groups, including the National Association of Realtors® (NAR), is to integrate the information and make it easy for buyers to compare their final costs vs. the original lender estimates.

All these changes make it essential to work with a professional Pro- Active Real Estate Agent like myself, who will create a custom made marketing plan for your property. This is especially important considering it is going to take a greater number of days to sell a property based on the increase of inventory, FHA appraisals, and the increase of the mortgage rate interests.

Please check out the graphic above illustrating real estate sales activity,  including properties for sale (single family homes), closed sales, and pending sales through May 31, 2015 in Coral Gables, Pinecrest, Coconut Grove, Cutler Bay and Homestead. 

If you are planning on selling, renting or buying a home, please contact Maria Medina Your Realtor at 305-905-3370 for the excellent service and expertise I can offer you.

For a Market update in Pinecrest, please click the following link 
Pinecrest Real Estate Market Update Report-2012-2013-2014 Maria Medina Your Realtor

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