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Amy - Out and About

Woodbridge Real Estate Spring Update

Hey there…...

It's relatively quiet in Woodbridge and not because there aren't Buyers anxious to buy but...

#1 They are picky and #2 there is so little exciting to buy. There have been several high sales and a few more properties have just come on the market. So things could be picking up! But relatively few Woodbridgers are moving. Sellers will still receive top dollar if they sell this year, especially if their home is updated, shows well and is in a good location. I personally have a fabulous high-end listing coming up soon that will be priced over $2.2 million. The home is large and gorgeous, over 4200 sq. ft. with 5 bedrooms. I'll let you all know for sure when it comes on the market in late April. It should generate a tremendous amount of interest and hopefully will sell quickly. The higher the price of the home the smaller the “Buyer Pie”. I have always believed that in Woodbridge everyone would love to live on the lake if they could but for most the price is out of reach. Young families are the exception because the lake can become a hazard.

Well, I have learned recently that one reason why few of our neighbors are moving is that the City of Irvine has earned another accolade as being the ”2nd Happiest City in America" by Only Plano Texas north of Dallas beat us out. The study states that where you live might determine how happy you are. The 31 indicators of happiness considered were depression rate, income growth and leisure time spent per day and more.Check it out www.wallethub/happiestcities. It is an interesting study. Unfortunately, Detroit landed in the bottom place. Poor Detroit. I have heard that it is coming back however and so affordable. We beat out Madison, Wisconsin and our neighbor, Huntington Beach. Guess where we ranked very high? Community and Environment. So, thank you City of Irvine for your parks, trails, swimming pools, soccer and baseball fields and in Woodbridge our beloved lagoons. I adore walking around Woodbridge as I do so often with my flyers and notepads. Friends really chill with a morning or afternoon stroll around the lake with or without a Scoobie-Doo. Some know every goose and gosling by name!

So, I now understand why my phone is not ringing off the hook this year!!! I so often am asked the question - "But Amy, where would I move?" It got me thinking.... where did my last Sellers move to?Well one family is moving to North Carolina and everyone knows that it is a beautiful and more affordable place to live. Others scaled down a bit, One retiree actually purchased a manufactured home in the Irvine Grove for $200,000 and loves it. One family moved to Turtle Rock to live closer to family. Quaint Tubac, Arizona lured a family away seeking quiet and a little South West, small-town charm. Friends are moving to Portland, Oregon - that seems to attract many Southern Californians. Job relocation took one family to Las Vegas, another to Paris! But generally, there simply is not a rush to move from Irvine. I believe that many of us are comfortable with our mortgages and aren't needing to cash out yet. Most of us are like our neighbors, enjoy our 1.01% property tax rate (even though we do not receive that deduction when computing our Fed Income Tax). In neighborhoods built before 1986, there are No Mello Roos Taxes and that is a big incentive for current homeowners NOT to buy new construction. I do hear a few complaints about traffic as I travel around Irvine. Newport Beach isn’t much better as you know if you've headed down the 55 fwy in the afternoon. It does seem faster navigating most of Newport avenues compared to Irvine's thoroughfares. But generally, it seems like the Irvine Company's 50,000 acres of open space and Woodbridge's fabulous lakes, beach clubs, pools, parks, tennis courts and trails have created for most a very happy and safe place to call home! But… if you're thinking of making a move, it is still a “Seller's Market!” There are so many fabulous places to consider too! I'm Here To Get You...Anywhere You Want To Go!

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!!!

Woodbridge - An amazing place to call home!


Why list now with Amy?


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