Who loves Fall? My favorite season here in Portola Hills, well maybe except for those lovely Santa Ana winds. Fall to me feels like home. The day's are shorter, which actually makes me stop and relax, vs the summer and spring when it is go, go, go. How about you!
The real estate market also tends to slow down this time year, though this year buyers are out in force due to the lower interest rates and low inventory.
So how has Portola Hills fall market began this year, take a peek below.
Looking at the numbers below we see a slight decrease in pricing from the same time last year, but I am not really concerned as the mix of homes sold in 2018 vs. this past month was much different. The average size of home sold last year was 3100 square feet with 6 new homes selling vs. this year the average square footage was just over 2600 square feet and there were only 2 new homes sold. The new homes in The Oaks and Ironridge are certainly impacting the area, but resales are still very strong.
Portola Hills remains one of the top locations for new buyers as it is one of the few communities with new homes. Both the Oaks and Ironridge bring buyers up the hill. But they also put pressure on how to price your home. When buyers are looking at new homes, they aren't looking that those homes may have $150,000 or more in upgrades. What they are looking at is how nice the homes is! So when they venture up the hill a little more, they are still expecting those pretty amenities to continue.
Buyers are smart, they understand resales homes offer more value, but it is very hard for them to get those pretty shinny new homes out of their head. If they do, it all relates back to pricing. Carefully and methodically pricing a home is vital to resale homeowners if you are looking at cashing in on the strong OC real estate market we have today!
If you are thinking of a move but holding off till this spring, let's chat why the current state of the OC real estate market right now is key to getting you top dollar. Low Inventory, Low Interest Rates and High Buyer Demand all strengthen the strong sellers market we have at our finger tips. Don't hesitate to give me a call to review how the values in your Portola Hills neighborhood.