THE MARKET IS
RETURNING TO NORMAL
Through the last few years, the real estate market has been highly unpredictable. 2020 saw the market flatline briefly before a slow build-up. 2021 was the first year of explosive growth, which led into a volatile start to 2022. By the middle of the year, interest rates catapulted, and the market slowed greatly. However, experts are predicting good signs for the market ahead!
THE FUTURE LOOKS PROMISING FOR MORTGAGE RATES
January recorded a four-month low, with the average 30-year fixed rate dropping to 6.15%. Rates are almost a full percentage point lower than the peak last October.
RATES ARE PREDICTED TO FALL IN THE FIRST QUARTER
Experts are predicting further mortgage rate decreases, with another potential 0.5% drop by the end of March. This is great news for both sellers and buyers!
HOUSE FLIPPING IS DWINDLING
As the cost-to-benefit ratio dries up, house flipping is becoming less common. With the loss in profitability, more buyers have a better chance at their dream home.
SUPPLY IS STILL HISTORICALLY LOW
Demand is still outpacing supply, which indicates a healthy market. Buyers are still buying homes, albeit a slightly slower pace.
LEONARDO AND ANGELICA,
There’s plenty of opportunity to make a great profit in selling your home. If you’ve thought about selling this year, give me a call at 949.887.9871, and let me provide you with a thorough comparative analysis to get the best response from the market.
Published by REAL Marketing (RM) www.REALMarketing4You.com 858.952.4280 © 2023 LEANNE BOMAN REALTOR® DRE# 01456237
www.HomesInIrvineTerrace.com 1400 Newport Center Drive Newport Beach, CA 92660 Presented by Leanne Boman Your Irvine Terrace Real Estate Specialist and Neighbor PREPARED ESPECIALLY FOR Irvine Terrace WWW.HOMESINIRVINETERRACE.COM REAL ESTATE MARKET REPORT • MARCH 2023 Leonardo and Angelica Washington
949.887.9871 LeanneBoman@gmail.com
Leonardo and Angelica,
If you would like your home featured in this publication and mailed to the Irvine Terrace neighborhood, please call me today at 949.887.9871.
S. Capital And Real Estate 2. Jason C Bradshaw/Coldwell Banker Realty 3. Evan Corkett/Villa Real Estate 4. Rob Smith/Compass 5. Mohsen Aghazadeh/Coldwell Banker Realty 6. Jon Dishon/Arbor Real Estate 7. Leanne Boman/Berkshire Hathaway Homeservice 8. Gabe Cole/Exp Realty Of California Inc 9. Andrew Karigan/Douglas Elliman Of California 10. Jon Dishon/Arbor Real Estate 11. Alex Miller/Surterre Properties Inc. 12.
Irvine Terrace
MARKET ACTIVITY EST. SQ. FT.* LOT SIZE SQ. FT. LIST PRICE** 2,700 9,760 $7,200,000 3,200 7,245 $7,350,000 3,200 11,900 $12,500,000 6,100 19,625 $17,900,000 IRVINE TERRACE HOMES CURRENTLY ACTIVE Leanne Boman, Leanne Boman Real Estate Group, and Berkshire Hathaway HomeServices California Properties are not in any way affiliated with Irvine Terrace Homeowners Association, nor is this in any way an official advertisement or publication of Irvine Terrace. This representation is based on sales and data reported by multiple brokers/agents to the CRMLS as of February 27th, 2023. Display of MLS data is deemed fornia Properties. ©2023 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered services marks of HomeServices of America, Inc.® Equal Housing Opportunity. E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship. *Rounded to the nearest 100. **Rounded to the nearest 1,000. 1. Bradley Mcmorrow/P.
EST. SQ. FT.* LOT SIZE SQ. FT. LIST PRICE** 4,400 10,536 $5,990,000
TERRACE HOMES
CURRENT
IRVINE
CURRENTLY PENDING
SOLD LOT SIZE SQ. FT. PRICE PER SQ. FT. SELLING PRICE** 7,802 $2,286 $3,495,000 7,920 $1,754 $3,600,000 11,021 $1,603 $3,925,000 7,245 $1,641 $4,000,000 7,384 $1,780 $5,850,000 6,900 $1,591 $7,000,000 11,200 $2,889 $7,000,000 9,691 $1,769 $9,020,000 A visual representation of the data on the right. Sold Active Pending © GOOGLE 2023
IRVINE TERRACE HOMES RECENTLY