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A MODEST DECELERATION: As rates have edged higher this year, the housing market has been slowing down from its insane pace. In January, economic experts predicted mortgage rates would drop below 6% by the end of 2023. Instead, they have been on the rise. Nevertheless, the market still heavily favors sellers due to a lack of inventory.
BUYERS: INVENTORY HAS PEAKED! Active listing inventory decreased by 2% in the past two weeks. Inventory peaked in August and is expected to slowly fall as we close out the year. Inventory will plunge during the holidays, from mid-November through New Yearās Day. If you've been contemplating making a move, now is the time to take that leap!
SELLERS: MARKET IS STILL HOT! While there's been a slight slow down in the market's pace, it's still a seller's market due to the lack of inventory. Currently, there are only 182 homes listed for sale in all price ranges within Irvine. Careful pricing is still key. Pricing a home too high will result in no offers or low-ball offers. If you are thinking about selling, now is the time before we enter the Holiday Market when demand will drop!
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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June 2023 - September 2023 (4-Month Look Back)
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August 2022 - August 2023 (12-Month Look Back)
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Market Action Index (MAI)
Comparison rate of sales versus inventory
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The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we're in the Seller's zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.
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601 S 5th Ave Unit B, Arcadia - Offered At $1,099,000
4 Bedroom | 3 Bath | 2,022 SqFt Living
Open House Sat 9/23 and Sun 9/24 from 1-4PM
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Gorgeous DETACHED condo located in the beautiful community of Arcadia. This home has been newly upgraded for today's modern taste. Enter through the formal foyer and you will be greeted by a LARGE and BRIGHT GREAT ROOM with high ceilings, new luxury vinyl flooring, cozy fireplace and large windows overlooking your backyard. The Gourmet Kitchen features upgraded cabinetry, Quartz countertops, newer stainless steel appliances, and lots of storage. The kitchen overlooks the Dining and Great Room with sliding doors to the spacious yard for INDOOR/OUTDOOR ENTERTAINING.
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24131 Pandora St, Lafe Forest - Offered At $980,000
3 Bedroom | 2 Bath | 1,540 SqFt Living
On Market - October 5, 2023
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Stunning remodeled POOL home in the highly sought-after community of Lake Forest! PRIME LOCATION - this 3 bedroom, 2.5 bath home is located in a cul-de-sac with one of the largest yards in the tract! Enter through the formal foyer and you will be greeted by a LARGE and BRIGHT GREAT ROOM with new paint, luxury vinyl flooring throughout, and large windows overlooking your backyard. The oversized Chef's kitchen features stainless steel appliances, newer cabinets, recessed lights, and lots of storage space. Convenient downstairs bedroom and full bath for guests! Separate family room can be converted into a 4th bedroom or den. Escape upstairs to find 2 SPACIOUS bedrooms and 2 baths. This gem won't last long!
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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 Home Improvement Giveaway for a chance to Win One of These Grand Prizes Compliments of Ellie Yung Real Estate & Coldwell Banker Realty!ā
$500 THE HOME DEPOT GIFT CARD | 5 Winnersā
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GOOD LUCK! ļøā
Entry Dates: Sept 12-30 | Drawing Date: On or around October 2nd
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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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How I Earn $17,000 Annually For Doing Nothing
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Are you curious about how to boost your annual income and see incredible appreciation in just one year? Join me in this eye-opening video as I reveal the secrets of how I earn $17,000 annually for doing nothing. From investment strategies to financial wisdom, I'm sharing it all. Don't miss out on this financial journey that could change your life!
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Uncover the Insider Secret: Don't Settle in This Market!
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Discover the game-changing insights you need in today's dynamic real estate landscape with our latest video, "Insider Secret: Don't Settle in This Market." Uncover the untapped potential of the market and learn how to avoid settling for anything less than you deserve. Ellie Yung is here to empower you with her strategic know-how, enabling you to navigate negotiations with confidence and secure deals that consistently exceed the asking price. Don't just participate ā dominate the real estate game with our insider tips and professional guidance. Subscribe now to stay ahead in the market!
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September has been a busy month! The kids are back in their school routine, we celebrated my son's birthday, and my husband and I celebrated our 13th wedding anniversary! The year's going by so fast and Halloween is right around the corner!
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