Portola Hills Jan 2017 Real Estate Market Review - What pricing went down?

Happy February 1st..  Yes we are officially in the 2nd month of 2017.  The month of love... will love shine on the Portola Hills Real Estate Market in February? We will have to wait and see but currently with the low inventory overall and the high buyer traffic at our open houses I don't see why it wouldn't.  

Let's take a look at how the market performed in the first month of 2017:

portola hillls jan 2017 real estate sales report by realtor kelly turbeville
Jan 2017 Portola Hills Real Estate Sales Report

Looking at the numbers, do you see that negative 5%.. yes me too and I probably had the same reaction you are having here.  Wait how can the value go down when all I am hearing is pricing is up?  OK maybe it is the mix of homes.. nope that doesn't work in this scenario as the mix of homes was almost identical, 4 condo's and 1 single family attached home closed.  In 2016 exactly the same but the 8 homes sold.   

In 2016 the median price of home was $457k and as you can see above, this last month it was $435k.  So why.. it's hard to say as we are just looking at numbers and we don't know the sellers motivation, and if these homes were impacted by the seasonal quietness of the holidays and election or where they just priced too low? 

Again hard to quantify; the good news here is a couple of buyers got great deals on their new home. With the continued low inventory, I would anticipate seeing a value jump this next month. Pricing isn't everything, timing and the sellers motivation is most important. This is one reason why we suggest if you are thinking of selling your home that you meet with more than one agent for a detailed market review. Ask questions about what is happening in your neighborhood but what is also happening in the surrounding neighborhood.  How does their marketing program, target your buyers and have them share examples with you of the last marketing program they ran, as well how they calculated a suggested price.

What's your Portola Hills Home Value - Find Out in Minutes

Of course if we can help we are always available to meet with you and review our marketing strategy.. We are a little geeky when it comes to numbers, we like them but we are also pretty creative when it comes to marketing..  Funny, maybe we should change our tag line to the Geeky, Creative Realtor near you!


Happy February


Like what you read here, you might also like these post:
Location: Portola Hills, CA 92679, USA

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