Real estate news, top homes for sale, listings and all things in the Irvine CA real estate world.
CoreLogic recently came out with their February 2016 update and it shows that nationally home prices have increased 6.8% nationwide as compared to February 2015. The forecast projects that over the next year home prices will increase 5.2%.
In the Irvine California real estate market the median sales price is currently $730,000. That equals out to about $431 per square foot. The median sales price for a typical two-bedroom home has gone up nearly 8% over the last year topping out at $539,500. A three bedroom comes in at over 6% higher at $745,000. In general prices have increased about 1% over last year at this time.
Due to the higher cost of real estate rents have also increased. The median rent is currently $3200 per month for all properties including condominiums and single-family homes. There are approximately 380 single-family properties for sale with the highest priced home listed at $18,000,000 at 23 Needlegrass Rd., which is a 14,000 ft.² estate. Following that the closest highest prices $8,950,000. This is for a five bedroom luxury home with over 10,000 ft.² located on Boulder Vw. The lowest-priced home is listed at $359,000 for 734 square-foot one bedroom condominium. There is a total of just over 600 properties including condominiums, foreclosures, short sales, and single-family homes for sale.
If you’re considering selling your home the current median days on the market is between 50 and 65 days. This is not to say that your house will sell and this time that this is the average this time of year. Pricing it correctly, staging it appropriately and being reasonable with sellers and offers will get the home sold in a timely manner.
Related: Dangerous Pitfalls of Overpricing Your Home – External
Pricing your home is a different beast altogether. Not only do real estate agents to the proper research but because we know buyers as well we can help stage and present to your home in a way that it is attractive to the majority of homebuyers. Not knowing what is available out there, what price people are willing to pay or how to attract that buyer puts many “for sale by owners” in a difficult position.
Related: How Agents Price Your Home – External
If you’re considering buying a home understand that there are many homes that are accepting multiple offers due to their price. Because home prices are increasing rapidly escalation clauses in multiple offer competition is tight here in Orange County. This is why it also pays to have a skilled, seasoned and knowledgeable real estate agent to help you navigate competing with cash offers in multiple offer situations.
Read more: Are all the homes listed on Zillow accurate?
Whether you are buying or selling it helps to have a dedicated, licensed real estate agent on your side offering advice, tips and negotiating strategies. When you’re ready to get started feel free to browse the website for all listings in Irvine and Orange County contact my office today for a free, no obligation listing consultation and find out what your home is worth.
For more info on Irvine news and real estate tips stay tuned to our blog or contact my office today.