Portola Hills Has Record Breaking Month in April - Home Sales Report

Wondering how the Portola Hills real estate market has done so far in 2022.  Well, April was a record breaking month!  But are we at the height of the market?  We are certainly in a shifting market.  What is shifting?  Interest rates have increased to about 5% and projected to be be higher by years end.  Plus we have seen an increase of new listings, but we are still below "normal" levels.  As we enter the summer months (which is typically the slowest months in real estate) opportunities will improve for the home seller who is looking to move up or downsize. 

As demand (buyers) are away and listings increase through May, this offers you the home seller the opportunity to sell at top of the market and buy with less competition.  We are starting to see more Seller concessions.

Below is a look it how the Portola Hills real estate market performed in April.

Portola Hills April Market Report


Search Available Portola Hills Homes

As you can see from the above numbers, the community of Portola Hills had some record breaking sales in the month of April. The highest price home sold in the Oaks at $3,000,000.  But honestly just as impressive the lowest priced home that sold was a condo in Canyon View West for $485,000, this was for a 1 bedroom 1 bath and just 766 sqft.  That price point of under $500,000 is mostly like gone. 

What is the value of my Portola Hills Home

If you are thinking of a move, now really is great time.  Pricing your home correctly is super important.  We can see in the above report that number of homes that sold in April sold at the list price.  Does that mean we are done with the thousands of dollars over asking?  We are starting to see price reductions for homes that have been on the market for a bit.  So pricing your home so your buyer comes in early of the listing is super important.

 We like to understand both your short and long term goals so we can help you achieve them.  You may not be ready to move today, but should we be talking about your move in a couple of years, probably!  If you are thinking of a move, let's chat about your goals. 





Location: Portola Hills, Lake Forest, 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