PORTOLA HILLS LIVING by Kelly Turbeville

Hard to be believe we are finishing up the 1st month of the new year!   The year is starting off strong for Real Estate; Home Buyers are out and about and we are seeing slight increase in new listings overall.  However here in Portola the listings are still pretty light which brings opportunity for homeowners considering a move. Overall from 2012 to 2013, Portola was consistent with the rest of the market we saw about a 20% increase in pricing. Yay, Equity is building back up!!  With that said it is important to look at each segment of the market so you can determine what the best move for your home is. In Portola Hills there are 3 Property Segments.  The first is the Condo segment  which are attached properties that range from 900 sq.ft to 1300 sq.   26 homes condo's sold in 2013 with the average sold price of $312k for just over 1000 sq. ft.  The highest price point in 2013 was $408k for 1305 sq. ft.  Below is snapshot of the condo market. Portola Hills Condo Sales

Has the last few years been a struggle financially but you see light at the end of the table and would love to start fixing up your Portola Hills, Foothill Ranch or Lake Forest Home..... Did you know the City of Lake Forest offers Deferred Interest Loans to Qualifying Homeowners.....  There are two programs a zero percent and 3% percent program. To qualify you must first meet the required income limits.   The zero interest program offers no monthly payment but full pay back is due when you sell the home.  The city also offers a 3% program for those who incomes are bit higher but does require monthly payments.  Below is a snapshot of the income levels for both programs. Remember keeping your home up is helping your equity grow!!  If you have any questions you can reach out to Lake Forest Rehabilitation Specialist at: 949-461-3471, click here for more information .. In addition, If you are thinking about some new landscaping make sure to check in with the Irvine Ranch Wat

Yay, we made it,  2013 is over and it turned out to be quite the year for real estate in Portola Hills!  The year started off pretty slowly but then if you remember, it all became about inventory, inventory, inventory or should we say the lack there of.   With the low inventory many homes came on the market and were sold with multiple offers over asking price throughout South Orange County.   Below is a quick snapshot of how the year ending for Portola Hills. In Portola, I was surprised to not see more homes sold over asking price.   Homes priced between $200-$300k & $400-$500k saw a slight increase from list price to sold price.  However, the other price ranges did not see this same increase.  That means one of two things, these homes were over priced when originally listed or they were negotiated down in price from the buyer.  We are happy to report on average we our homes have consistently sold at 104% over asking price and the same was true in 2013. Listed Price vs. So

It's getting cooler outside, there is a slight chill in the air, is it the same for Potola Hills Real Estate?  The summer rush certainly has slowed, with homes staying on the market a bit longer then they did in the summer months, but I don't believe that is a real reflection of a cooling market. Did the government slow down effect sales, possibly, certainly took longer to get details processed but I didn't see it affecting buyer motivation.  Traditionally sales tend to slow in October, kids are back in school, people want to be settled for the holidays seems to be more of the case. However in my experience this is the perfect reason to list now as inventory typically drops off. For us in Orange County, the inventory is still incredibly low, homes priced right will bring out the serious buyers who want to be in their new home before the holidays, allowing move up buyers to do the same!! Below is snapshot of what sales closed in Portola Hills for October! When I a

Can you believe it is the 1st of October already!!  The air is cooling, well maybe the night air, the kids are back in school and homes are getting set for the holidays.  Traditionally September is a quiet month for real estate as most people want to get settled before the school year begins.  This year was no exception which is a little of a surprise as the inventory in south orange country remains very low.   Below is snapshot of the last 24 hours. 1185 homes came on the market between new listings and homes that fell out of escrow.  Yet 2508 homes went off the market. Demand for homes is far out reaching supply. Below is a snapshot of the real estate transactions for Orange County It's quiet here in Portola, only 5 homes sold in September.  Below is a breakdown of what closed escrow.   The sellers market is still very strong!  Though more inventory has come on the market the buyer demand is much stronger.   If you are considering a move, let's grab a cup

Wondering what  is selling in Portola Hills.   Below is a listing of all homes that sold in June along with two that has closed escrow in this first week of July. Three homes sold over asking pricing at an average of about 5% over asking. The average sales price in June 2012 was $347k with 7 homes sold. Average sale price in June 2013 is $542k with 10 homes sold.  Of course the important factor here is mix of homes that sold, but it does give you an idea of the increase in home values we are seeing due to the low inventory.   Though inventory has increased it is still far below buyer demand.  If you  are considering a move, now is the time especially with the anticipation  of higher interest rates in the last half of 2013. If you are looking for a detailed report on your home value, don't hesitate to contact Kelly direct.

Buying a home is a hot topic once again and a happy one at that.  Which is great to hear after a few depressing years.   Though there are hurdles to over come, the one thing that has not changed for Home Buyers is the fact that is is a very important aspect of life that brings a number of benefits to your life.   Are you sitting on the fence of homeowner ship, here are few little reminders of what owning a home brings to you! 1.   Tax Breaks :    Currently the U.S. Tax Code allows you to deduct the interest you pay on your mortgage, your property taxes and some of the cost involved in buying your home.  2.   Appreciation :  Yes we can say that word again....  Real Estate has long-term, stable growth in value. Even with the last few years decline, National Association of Realtors (R) estimates home sale prices increased 88.5% over the last 10 years. Over the next decade it is expected to rise 15% due to the high demand for housing. 3.   Equity:   Money paid for rent is