Irvine Market Update - August 🏡

SLIGHTLY SLOWER SEASON AHEAD As Autumn settles in with cooler temperatures and pumpkin spice lattes, the housing market is transitioning from the bustling Spring and Summer seasons to a slower Autumn Market. Typically, this time of year sees a slight decrease in both inventory and demand, with a gradual slowdown in market activity as we approach the holiday season.   ATTENTION BUYERS! Don't wait for prices to drop before making your purchase. Buyers who try to time the market often end up regretting their hesitation and missing out. As rates are expected to continue falling through the end of the year, increased buyer demand is on the way, leading to heightened competition and rising home values. Act now to secure your investment before the market heats back up!   ATTENTION SELLERS! In today’s market, a careful and strategic approach to pricing is essential. Overpricing can lead to wasted time on the market and an unsuccessful sale. Homes that are in excellent condition, attractively upgraded, and ready for immediate move-in will generate the most interest and sell quickly. With increasing competition among sellers, it’s crucial to be diligent with pricing and make thoughtful adjustments to stay competitive. 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 June 2024 - September 2024 (4-Month Look Back) August 2023 - August 2024 (12-Month Look Back) Market Action Index (MAI) Comparison rate of sales versus inventory 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. 11 Burlingame - Offered At $1,399,000 3 Bedroom | 2.5 Bath | 1,653 SqFt Living On Market - October 3rd Buyer Agent Commission: 2%* Charming turnkey condo in the highly sought-after, 24-hour guard-gated community of Brisbane in Northpark! This premium lot boasts no homes in front and is walking distance to Hicks Canyon Elementary. Inside, enjoy soaring ceilings, luxury vinyl flooring, plantation shutters, and a bright, spacious great room with a cozy fireplace. The upgraded chef’s kitchen features Quartz countertops, stainless steel appliances, and a large island perfect for entertaining. Sliding doors open to a California room and backyard for indoor/outdoor living. Upstairs, the master suite offers dual vanities, a soaking tub, and a walk-in closet. Two additional bedrooms share a bath, and the laundry is conveniently located upstairs. Zoned for award-winning schools and close to Orchard Hills and Northpark Shopping Centers. Enjoy resort-style HOA amenities like pools, tennis courts, and playgrounds. Low Mello Roos. Don’t miss this hidden gem! VIEW MORE * Buyer’s Brokerage Compensation is not binding unless confirmed by a separate agreement among the applicable parties. Enter now for a chance to WIN our "Barnes & Noble Giveaway"! Don't miss out on the chance to win one of these amazing Prizes, courtesy of Ellie Yung Real Estate & Coldwell Banker Realty⁠.⁠ ⁠ Grand Prize:⁠ $500 BARNES & NOBLE GIFT CARD | 5 Winners⁠ ⁠ Additional Prizes:⁠ $250 BARNES & NOBLE GIFT CARD | 6 Winners⁠ ⁠$100 BARNES & NOBLE GIFT CARD | 30 Winners⁠ Entry Dates will be from September 11-30!⁠ The winner will be chosen on or around October 1st!⁠ ⁠ GOOD LUCK!  ENTER GIVEAWAY To obtain a complimentary instant home valuation and quick peek at the market activity near your home, please click the button below. Check My Home Value There will be a new video each week so be sure to subscribe! Click to Subscribe New Rules: Buyer Broker Agreement Explained Big News for Home Buyers! "New Rules: Buyer Broker Agreement Explained" is here to keep you informed about a major change that took effect in the real estate world on August 13th. Buyers now need to sign an agreement with their agent before touring any homes. But what are the key things you need to know about these new rules and the Buyer Broker Agreement? New Rules for Seller Commissions - Effective Now! Attention Home Sellers!  New Rules for Seller Commissions are effective now! Starting August 13th, the National Association of Realtors will no longer list buyer agent commissions on the MLS. While some might think they can skip offering a commission, there’s more to consider. Offering a competitive commission could attract more buyers, potentially leading to multiple offers and driving up your sale price! Make sure you're up to date with these new seller commission rules to maximize your home's value. September has been a whirlwind! I officially have a teenager in the house—my son just turned 13, and we celebrated with a full day of go-kart racing. We also marked our 14th wedding anniversary, while the kids kept busy with fencing competitions. What a month! Follow our Facebook Business Page to stay informed on future events! Forward to a Friend Copyright © 2019 Ellie Yung Real Estate, All rights reserved. Want to change how you receive these emails? You can update your preferences or unsubscribe from this list. View this email in your browser