Portola Hills 2020 Real Estate Review

We bet you're happy 2020 is behind us!  What a crazy year, is all we can say!  We hope that you and your families were not impacted to harshly by it.  We took a look at how 2020 impacted the Portola Hills Market and all we can say is, who would have thunk (yes thunk) the real estate market would have been so strong!  I guess all that time at home, sparked buyers ideas that it is now time to move!  Did you make a move, or think you would like to?

Below is a snapshot of how the Portola Hills Real Estate market performed for the the entire year!  

What is the value of my Portola Hills Home?

Overall the Portola Hills real estate market was very strong with 18% in sales volume from 2019, with 172 homes sold in 2020.   The most expensive home sold in the community was for $1.8 million in The Oaks and the least expensive was $335,000 in the Canyon View community.  

Home values were up in both single-family and attached homes, but we have to look at this with an objective eye, as many of the homes that sold were New Builds.  If we were to look at resales, the overall value increase was about 4% for the area. Keep in mind, we are looking at the numbers for the entire year.  Watch for December report to see how the end of the year appreciated.  Low inventory, Low Interest rates and High buyer demand, along with adding the new communities to the area, Portola Hills was a very sought after community in 2020. Take a peek at Kelly Turbeville's video recap of the Portola Hills 2020 real estate market below.

What to expect in 2021... The year is starting out at an extremely low inventory stand point, with less then 3000 homes available for all of the OC.  The average interest rate today was 2.65%. .  Buyer demand remains extremely strong.  In fact, I have a list of buyers looking for a variety of homes in Portola Hills.  If homeowners are thinking of a move, now is the market they have been waiting for.  Why, this market provides the opportunity to sell high and buy your move up property, or maybe you are thinking of downsizing, at a cheaper cost. 

However, it is not as simple as putting your home on the market, a sign in the yard and it will be sold. Today in a Pandemic Market, there are new laws and regulations that have to be followed. Did you know Open Houses are not allowed currently? We also have new disclosure requirements with the recent fires. But most importantly, in order to get top dollar, a pricing strategy is required based on numerous factors. Unfortunately, often times sellers in this type of market think they can overprice their home.  Did you know in Portola Hills, some homes never sold as they were overpriced last year! Remember, Buyer's have access to data as do you when you buy your next home.  Portola Hills also has one other aspect sellers need to consider and that is the New Home Communities.  Though this is great to bring buyers up the hill, those same buyers have a hard time looking at those pretty houses and then buying a used home, unless it is just as pretty! So condition and presentation is extremely important for a successful sale. 

If you are thinking of a move, please do not hesitate to give us a call to review the market in your neighborhood. We do things a bit differently then most agents and our success comes from just that!  You can schedule a virtual consultation to get started right here! 

In closing we want to thank all our clients in 2020.  We loved seeing everyone at the end of 2020 enjoy the holidays in their new home!