What is the value of my Portola Hills Home? July 2016 Home Value Report

We are in the last month of summer and the count down in on as to when school starts.  Here in Portola Hills school begins the last week of August.   Doesn't that seem early to you?  Man summer flew...

With that rush for school prep, we tend to see a shift in the real estate market.. it gets a little quieter with the summer distractions.  So was that the case in July for the Portola Hills community...  To a certain degree yes.  The average days on the market are increasing, as buyers have slowed and inventory jumped a bit in July. Currently there are 15 homes available in Portola Hills.

Below is a quick look at how the Portola Hills real estate market performed in July 2016.

Home Value report from Realtor Kelly Turbeville

The average price per square foot in July 2015 was $306. The average price per square foot in July 2016 was $380.  That equals a 20% increase in home values for the area.   Of course, it is important to look at the overall market and what the mix of homes that sold are but the numbers always give us a clue.

Understanding the market as a whole within the community, as well, in the surrounding area is key to determining the fair market value of your home.   I have to admit, I sometimes look at homes and wonder why is that priced sooo low...  Timing, Condition and Marketing are also a key in determining  a price that will bring you a successful buyer.

The inventory over all is still pretty low for the area but we have seen a slight increase.  Homes priced below the median of $700,000 are still selling very quickly and with multiple offers. The average days on the market in Portola Hills in July was 46. If your home falls within that range you may want to take advantage of the tight market.   On the higher end range homes are selling however the days on the market have increased, with the average days on the market about 79.

If you are wondering if now is good time to list your home, please do not hesitate to give us a call so we can review how we perceive the market.  

Request a Free Home Value Report




Comments

Post a Comment

Popular posts from this blog

Portola Hills Annual Food Drive - Hosted by Realtor Kelly Turbeville

Image
It's that time again.  Each year we host an Annual Food Drive in the Community of Portola Hills to support the local community and the efforts of South County Outreach! It is super simple to participate.  See the list below of needed food items, simply text us with for pick up. We are picking up food the week of May 6th.  Last year we collected over 930 lbs of food!  We hope to beat that this year!  Reach out direct to Realtor Kelly Turbeville with any questions. FOOD DRIVE UPDATE:  THANK YOU PORTOLA HILLS, WE COLLECTED OVER 1000LBS OF FOOD TO SUPPORT SOUTH COUNTY OUTREACH!!   We couldn't have done it without your support! 
Read more

Where are all the houses for Sale?

Image
If you are thinking about a move, downsizing, relocating and have been searching for a home, you are probably thinking "where are all the homes for sale" isn't this time of year that we would see them? The answer to the later is yes!  May is typically the busiest month in real estate.  However with over 80% of homeowners refinancing to the low rates over the last couple of years, homeowners are in no hurry to make a move into a higher rate.  Is this you?   But life happens and buyer demand is pretty strong in most price points.  One reason... is the equity position homeowners have.  Just released over 67% of homeowners homes are either paid off or they have less than 50% remaining on their mortgage.  That means there is a ton of equity in the market!  In addition, buyers have come to terms with interest rates.  They understand they can refinance later. As we do anticipate home prices to sky rocket due to this inventory issue not being resolved and rates will come down. He
Read more

Is your Portola Hills home going to be your first Rental Property?

Image
Did you know there are over 200 original owners here in Portola Hills.  The community was started in the late 80's so that is nearly 40+ years of equity growth for those homeowners.  Especially with the median price of the area nearing $1 million dollars.   Most of those homeowners have very low mortgages or the homes are paid off, which provides them with a wonderful opportunity to leverage their equity into other rental properties.  Perhaps the original home could become or has become their first investment property. With rising rents, right now is an excellent time to perhaps take the jump to become a landlord.   Check out these 3 Mistakes we see first time investors make in the real estate market. 1.  Not doing a cash flow analysis. 🤑 It is easy to say, oh my mortgage is this, I can rent it for that and do the math.  But it goes much deeper than that, understanding your overall cost is critical step in planning. 2.  Not working with a real estate agent. 💁‍♀️ Truth, having a R
Read more