Portola Hills Sellers Receive over $365,000 in Profit in March

We are sure you have heard, the OC real estate market is hot, hot, hot!  In this months monthly market report we went a bit further to understand exactly how hot and we thought this was important for our clients to know.  In March, sellers who sold their Portola Hills homes, received an additional $365,000 in profit.  What does this mean? This is the profit sellers received above their listing price! 

Example:

A Live Oak Canyon Home Pool Home

  • Listed for $1,099,000
  • Sold for: $1,150,000
  • Extra Profit: $51,000

It is accumulative, but looking at what $$ sellers received they averaged about $30,000 over list price.  It's also important to note; not all sellers received this, some homes sold at list price or sold just slightly over list price. This is one of the reasons we say be careful who you list with.  In order to achieve higher profit results, we highly recommend working with an experienced agent who has navigated this type of market before. 

Below is a look at the overall Portola Hills market in March!

Portola Hills March Real Estate Home Values by Realtor Kelly Turbeville
We have been getting a lot of questions regarding timing the market, are at the top of the market?  What we can tell you is what is happening right now.  We know a couple of things are coming up, higher rates and spring generally is when we see more listings.  These two aspects, should stabilize the market a bit, but we haven't seen any hint at any major change.

 
If you are trying to decide if now is the right time to sell, you will want to consider how rates impacts your purchasing power. If you are waiting for prices to come down, you actually may end up paying more with the rate increases and more important afford less.   Take a look at graph below.  
Home Buyers Purchasing Power by Realtor Kelly Turbeville

This is why our sellers have decided now is the best time to move up or downsize to their next home. It's the market they have been waiting for, Selling high and buying their next home with cheap money. Even better if they qualify for Prop 19, which allows them to take their tax basis with them on the new property.


Don't hesitate to give us a call to review the market in your neighborhood. Pricing a home in the market is not an easy task with Appraisals, and Contingencies, but we have solutions to ensure your home closes and the highest dollar in the quickest with the least amount of hassle. 


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