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HOME AFFORDABILITY IMPACT: Home values have continued to rise, surpassing 2022 levels. In recent weeks, mortgage rates have surged to 8%, the highest seen in 23 years. As a result, home affordability has reached record lows, making it increasingly difficult for potential buyers to make a purchase. As the year progresses, we can expect a gradual decrease in demand, with a potentially steeper decline during the holiday season.
BUYERS: ACT NOW! Active inventory has recently dropped 1% over the past couple of weeks. This challenging market situation highlights the urgency for prospective buyers to act promptly. The optimal time to secure your dream home is right now, as inventory is expected to gradually dwindle until mid-November, coinciding with the beginning of the Holiday Market. Afterwards, there's a substantial expected decline as we move closer to New Year's Day.
SELLERS: STABILITY AMID MARKET DYNAMICS! Don't anticipate a housing market crash anytime soon! The fact that mortgage rates have risen to around 8% doesn't necessarily indicate a decline in property values. The ongoing scarcity of inventory and the resilient housing market will likely prevent a significant downturn. The current housing market still favors sellers as inventory continues to shrink during the Holiday Market season. If you've thought about selling, now is the time!
Included below is your Irvine Real Estate Market snapshot. I am your local resource for all your real estate needs. Referrals are always appreciated.
- Ellie Yung, Your Orange County Real Estate Specialist
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July 2023 - October 2023 (4-Month Look Back)
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September 2022 - September 2023 (12-Month Look Back)
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Market Action Index (MAI)
Comparison rate of sales versus inventory
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In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
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Woodbridge, Irvine - Offered At $2,300,000
5 Bedroom | 3 Bath | 2,794 SqFt Living | 5,000 SqFt Lot
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Gorgeous home nestled in the highly sought-after Landing II community in Woodbridge. This home features 5 bedrooms, 3 baths including a main floor bedroom and full bath. As you enter the formal foyer, you'll be greeted by an open floorplan featuring vaulted ceilings, a striking staircase, and an abundance of natural light. The chef-inspired kitchen boasts maple wood cabinetry, ample counter space, and a breakfast nook with lush views of the oversized backyard. Prime Location! Walking distance to South Lake and the Woodbridge South Lake Tennis Club. Contact me today for a private showing!
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Windflower, Aliso Viejo - Offered At $749,000
2 Bedroom | 2 Bath | 1,047 SqFt Living
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Discover the epitome of elegance in this stunning townhome situated in the highly sought-after community of Windflower in Aliso Viejo. Boasting a desirable layout, this residence offers a convenient downstairs bedroom and full bath, providing flexibility and comfort. Upstairs, you'll find another spacious bedroom and bath, ensuring ample space for relaxation and privacy.
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ENTER TO WIN Our Halloween Giveaway for a chance to Win One of These Grand Prizes Compliments of Ellie Yung Real Estate & Coldwell Banker Realty!
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GOOD LUCK! | |
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To obtain a complimentary instant home valuation and quick peek at the market activity near your home, please click the button below.
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There will be a new video each week so be sure to subscribe!
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Unlocking Success in Real Estate: Why Your Agent Matters
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In today's hot seller’s market, finding a home pre-market is very rare. And when it comes to winning the home of your dreams, the relationships you build with real estate agents can be the ultimate game changer. Join us as we dive deep into the power of a trusted agent connection. We'll share an exciting story of how we scored a hot pre-market deal and why Agent relationships can be a game-changer.
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The FSBO Dilemma: Why You Need a Real Estate Agent on Your Side
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Many homeowners think they're saving money by avoiding real estate agent commissions, but the truth is, they're often leaving a small fortune on the table. In this must-see video, we'll show you exactly why trying to save on commission could be one of the costliest mistakes you make in your home-selling journey and how a skilled real estate agent can actually help you make MORE money.
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Halloween is just around the corner, and we're getting ready for the fun! Wishing everyone a joyous and spooktacular end to October as we celebrate Halloween!
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