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Amy - Out and About

Happy New Year Woodbridge...So What's the Woodbridge Market going to look like in 2019

Let's start with what Steven Thomas of The Orange County Housing Report stated in his January Newsletter:

" This year’s market is completely different than the past seven years. From 2012 through 2018, housing moved to a Seller’s Market by the end of January. In most cases, it quickly moved to a HOT Seller’s Market with Expected Market Times below 60-days. That will not be the case for 2019. Instead, the market is moving towards a Balanced Market, one that does not favor buyers or sellers. The best time to sell a home, with the lowest Expected Market Time readings for the year, occurs from the Super Bowl through mid-May. This year will be no exception; it just will not be as robust as the past seven years. Many homeowners and sellers are holding their collective breath with high expectations for the Spring Market. Remember, right now it is still a slight Buyer’s Market. It will drop down to a Balanced Market, NOT a Seller’s Market. It will remain balanced until midMay. That is when demand will remain relatively the same while more homes come on the market. As a result, the Expected Market Time will rise from mid-May through the Summer Market. Why will Orange County housing not be hotter in the spring? The answer is a simple Econ 101 principle, supply and demand. The supply of homes, the active listing inventory, is up 62% over last year. Demand, the last 30-days of pending sales, is down 19% from last year. With more sellers competing against each other, coupled with muted demand, the market feels a bit more sluggish than what everybody has been accustom to. The bottom line: expect housing to be different this year, plan and adjust accordingly."

Amy's Take on the Woodbridge Market:

I have noticed so far in January that Interest rates are still low enough that no one seems concerned. It might encourage Buyers to get off the bench and go house shopping as rates will rise this year. The conforming 30 year fixed rate (usually the lowest rate offered for a max loan amount of $726,525 ) is expected to increase from the current rate of 4.125% to 5.3% over the next year. The 10-1 ARM is very popular at only 3.375%. Call Ryan Purpero at US Bank T: 714.418.7897 or Cary Grandfield at Premier Equity Lending T: 949.285.0702. They will go over all current programs with you. They both provide incredible customer service and are extremely qualified to find the best program for you.

Now what's Happening in Woodbridge?

I just sold 17 Bridgewood in The Woodbridge Crossing for $1,150,000. It has a fabulous lakefront location and although a bit of a fixer it has "great bones". Buyers still want the "cream of the crop" listings and are willing to pay for them. This was one of them. Right now there are 38 Homes For Sale in Woodbridge, 12 In Escrow and 13 homes Closed Escrow over the last 30 days during the historically slowest season of the year, Christmas, right?

List Prices in Woodbridge Prices range from approximately $470,000 to $2,499,888 but the average SOLD price/sq. ft. = $510. The price per square foot goes way up on our lakefront properties and highly upgraded residences to between $688 and $1200/sq.ft.. This depends largely on the location, floorplan and the upgrades. Things never change. Upgrades still raise the price of the home but they need to be current and to the particular Buyer's taste. For instance, if a Buyer is looking for the latest contemporary style, Tuscan charm just won't work and vise versa. Over the past 32 years I have learned that " There's a Buyer for Every Home."

Personally, I believe it is going to be a very strong year for Woodbridge and Sellers will net, in most cases, what the 2018 Seller did for " like " properties. Call me anytime and I'll happily estimate the value of your home. And, I'll give you a game plan to get your home in the best shape possible to sell for top dollar!!!

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