Where are all the houses for Sale?
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.
Here locally, the Portola Hills real estate market had a strong May. The number of sales were down slight from 2022 but values are up. Below is a look at the overall market. Does it surprise you the average price of a home in Portola Hills is over $1.3 million. It does me.. but my equity loves it!!
Are you considering a move but not sure if right now is right for you? Do you need to downsize? Considering relocating out of California? Need more space? Let's chat, we will go over what is happening in the local market, your needs and simply see if now is the right time for you.
Our goal is not to simply sell your home. Our goal is to be your real estate advisor for all things real estate both short and long term goals. Over 80% of our business is referral business. This can only happen when our customers trust us and they do!
Did you know June is National Homeownership Month? In honor of the American Dream, let's have a contest and support a local business while we are at it. Open to Portola Hills residents only! Enter to win a $100.00 Gift card to BRU in Lake Forest.
Are you interested in Investment Opportunities? If you are please let us know. We have access to several fix and flip or fix and rent properties throughout Southern California. These aren't pretty houses, but the offer you a lot of opportunity! I send out a bi-monthly listing of available properties. Contact me direct to be included.