Irvine Real Estate News

 

April 8, 2019

Some things to think about when choosing your Irvine home to retire in.

As more and more baby boomers enter retirement age, the question of whether they should sell their homes and move has become a hot topic. In today’s Irvine housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.

According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.

1. Affordability

“It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”

Would moving to a complex with homeowner association fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

2. Equity

“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $9,700 in equity last year. In Irvine the number is much larger!

3. Maintenance

“As we age, our tolerance for cleaning gutters and raking leaves can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”

As I mentioned earlier, would a condo with an HOA fee be worth the added peace of mind of not having to do the outside maintenance work yourself? Of course you’d still need a gardener or have to take care of your own yard yourself.

4. Security

“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”

As scary as that thought may be, any additional security is helpful. An extra set of eyes looking out for you always adds to peace of mind.

5. Pets

“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

Consider all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or in a condo? Remember many Irvine landlords don't even allow pets. Is the backyard fenced in? How far are you from your favorite veterinarian?

6. Mobility

“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”

Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

7. Convenience

“Is the new home close to the golf course, or to shopping , movies and dining? Do you have amenities within easy walking distance? This can add to home value!”

How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

Bottom Line

When it comes to your forever single-level Irvine home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!

Posted in News
April 3, 2019

Looking to Upgrade Your Irvine Home? Now’s the Time to Move-Up!

The kitchen/family room in one of Debbie Sagorin's listings

In every area of the country, homes that are priced at the top 25% of the price range for that area are considered to be Premium Homes. In today’s real estate market there are deals to be had at the higher end! This is great news for homeowners who want to upgrade from their current house and move-up to a premium home.

Much of the demand for housing over the past couple years has come from first-time buyers looking for their starter home, which means that many of the more expensive homes that have been listed for sale have not seen as much interest.

This mismatch in demand and inventory has created a Buyer’s Market in the luxury and premium home markets according to the ILHM’s latest Luxury Report. For the purpose of the report, a luxury home is defined as one that costs $1 million or more.

“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”

The authors of the report were quick to point out that the current conditions at the higher end of the market are no cause for concern. 

“While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices, represent a normalization of the market, not a downturn.”

The spa at 233 Downs Road - listed by Debbie Sagorin

Luxury can mean different things to different people. It could mean a secluded home with a ton of property for privacy to one person, or a penthouse in the center of it all for someone else. Knowing what characteristics you are looking for in a premium home and what luxury means to you will help your agent find your dream home.

Bottom Line

If you are debating upgrading your current house in Irvine to a premium or luxury home, now is the time!

Posted in News
March 4, 2019

March 1st Woodbridge Irvine Market Report

There are 37 Woodbridge homes currently listed for sale, up from 34 at the beginning of last month. Prices range from $440,000 all the way up to $1,988,000. Included in these numbers is my 79 Limewood listing, (in Landing II).

See all Woodbridge homes for sale.

There are 660 properties for sale elsewhere in Irvine.  

18 Woodbridge homes are in escrow, (Pending or Backup Offers status), at an average list price of $859,610.

14 Woodbridge homes sold in February 2019, at prices from $479,000 for a 2-bedroom, 1 bath attached condo at 25 Smokestone in the Park Vista neighborhood, to $1,150,000 for 17 Springwood, a 3-bedroom, 2 bath attached townhouse in the Grove neighborhood.

 

Posted in News
Jan. 14, 2019

You Shouldn't Fall For This Catch

With the speedy growth of online tools, companies are speedily building products to serve the real estate community. After all, home buying and selling will always be a thing. It's a it’s a lucrative industry, even if it does slow down from time to time.

Sagorin & Associates is here to make YOU the most money

Companies around the world are diving in to make as much money off consumers as possible. 

What are they selling? The ease. The ease of buying or selling a home online. The catch? Buyers & sellers actually don’t benefit from these online quick-sale services. In fact, they could find themselves out of tens-of-thousands in cost difference.  

If you’re in the market to buy or sell a home in Irvine, and are considering foregoing a real estate agent for an online service, be sure you read the fine print. You’ll often times find that you aren’t benefiting at all. Will they buy your home upfront to resell it, so you don’t have to worry about the headache? Sure, but you may have been able to get $100,000 more for your house using a Realtor like Debbie Sagorin. Can you see and purchase your dream home through said services and “save” on agent commissions? Sure, but you’ll probably be overpaying for the home anyway.

The real estate industry is heavily regulated for licensed professionals to ensure the consumer is always getting the best representation for the best savings. Many of these online services don’t require regulation and licensing, therefore, they can get away with fine print “scams.” 

Although I am a Zillow Premier Agent, I must say that online services like Zillow and Trulia disrupt the real estate business. In my opinion, one thing remains certain - home buyers and sellers will always trust a human over a machine, especially if that person is chock-full of local knowledge and genuinely eager to help. 

Be sure you do your research. A Realtor is there to make YOU the most money. Quick online services are focused on making their business the most money - not focused on how much you can sell your home for or how much you can save when you buy. Licensed professionals exist for a reason, be sure you don’t lose more than you can afford to by using a gimmicky online service that dubs buying and selling an “easy” process.

Any good agent will make the process easy, minus general lending issues that may arise.   

Posted in News
Feb. 5, 2018

What's Been Happening in Woodbridge Irvine?

In just two weeks, Orange County housing demand has increased 22% while supply has only increased 2%.

When the supply of homes is low and the demand to buy homes is high, the expected market time falls. That is exactly what is occurring right now. This week escrow closed on my 119 Greenmoor listing which sold with multiple offers, after only 6 days on the market. And it sold for 10% higher than the list price!

 

A week after it went into escrow, I listed another Greenmoor home, (in the Laurels neighborhood), and it too sold after just a few days, with multiple offers, and is currently in escrow.

 

I expect the high demand to continue, mainly because historically more buyers come out after the SuperBowl.

 

There are 15 Woodbridge homes currently listed for sale, up from 14 at the beginning of January. One of them is 10 Woodflower, my gorgeous 4-bedroom Landing II listing with a magnificent salt-water pool. It is listed at $1,600,000. See some photos and more info at this link.

 

There are 309 properties for sale elsewhere in Irvine. See all Woodbridge homes for sale.

 

For info on any of these, shoot me an email, or call me at 949-232-5634.

 

21 Woodbridge homes sold in January 2017, at prices from $492,000 for a 2-bedroom, 1.5 bath attached condo at 18 Rosemary in the Villager neighborhood, to $1,230,000 for 2 Lakeknoll, a 3-bedroom, 2.5 bath detached condo with a great lake view, in the Crossing neighborhood.

 

21 Woodbridge homes are in escrow, (Pending or Backup Offers status), at an average list price of $804,209.

Posted in News
Dec. 29, 2017

My Happy New Year Video :)

Wishing all my real estate clients, family and friends, a very happy and prosperous New Year, and all the best for 2018. Enjoy!

 Right now, 276 properties are listed for sale in Irvine, with prices ranging from $265,000 all the way up to $20,900,000.

 Every Irvine real estate listing can be seen here.

Posted in News
Nov. 2, 2017

The Buyers are Out Now. THAT'S Why Sell NOW Instead of Later.

Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. 

Let’s see how this applies to the current Woodbridge residential real estate market.

23 Woodbridge homes sold in October 2017, at prices from $445,000 for a 2-bedroom, 1.25 bath attached condo at 85 Greenfield in the Alders neighborhood, to $1,150,000 for 21 Fairdawn, a 4-bedroom, 2.5 bath detached SFR in the Landing I neighborhood.

SUPPLY

It is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply nation-wide. It's much less in Woodbridge.

There are 23 Woodbridge homes currently listed for sale, down from 27 at the beginning of October. There are 375 properties for sale elsewhere in Irvine.  See all Woodbridge homes for sale.

Supply is currently very low!!

DEMAND

A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market.

25 Woodbridge homes are in escrow, (Pending or Backup Offers status), at an average list price of $713,740.

Demand is currently very high!! 

In a nutshell, while waiting until the spring to list your house for sale made sense in the past, NOW IS DIFFERENT. The best deal is probably available right now.

Posted in News
July 10, 2017

Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate

Interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018.

Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking to purchase and homeowners looking to refinance.

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home.

Let’s take a look at a historical view of interest rates over the last 45 years.

Contact me to discuss your options. Most of my buyer clients take advantage of the free buyer consultation that I offer, together with one of my preferred lenders

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

Posted in News
June 19, 2017

How does the Home Buying Process work?

Thinking of buying a home?

I often get asked about what exactly happens between finding your dream home and actually getting the keys. What does a Realtor® do? What does it mean to be pre-approved? What is Escrow? What is Title? 

Here is a useful video about the individuals and institutions involved in the process.

So, how does the Home Buying Process work?

 

I am passionate about making the home buying process as stress-free as possible. I look forward to chatting with you about your real estate needs. Enjoy the video!

Posted in News
March 23, 2017

The Past, Present & Future of Home Prices

CoreLogic released their most current Home Price Index. In the report, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month and projected over the next twelve months.
Here are state maps for each category:


The Past - home appreciation over the last 12 months



The Present - home appreciation over the last month



The Future - home appreciation projected over the next 12 months



Bottom Line
Homes across the country are appreciating at different rates. If you plan on relocating to another state and are waiting for your home to appreciate more, you need to know that the home you will buy in another state may be appreciating even faster. Call me if you have any questions. I'd love to chat!

Posted in News