I get asked often, "so how is the market really performing?" The question, leads to many broad answers, but I think we can all agree, the key to pricing your home correctly is about the local details. The same is true when home buyers are looking at purchasing a home.
It is imperative when reviewing the value of your home that you take into account your local neighborhood, but don't forget about the surrounding area. When I work with home buyers, preparing an offer to purchase we look at three specific comparable's (psss't my listing clients do the same)
- Model Match Comparables - This is your immediate competition. It is all about the details here!
- Neighborhood Comparables- Pretty self explanatory, gives a broad view of what is selling or has sold within the neighborhood or track.
- Surrounding Area Comparables - This is a broader search based on the specifications of your home but further out.
For example, I have a buyer looking to purchase a home within the Montecido complex in Portola Hills. So I am going to 1st look for any model matches within the complex. Second I am going to look at similar comparables within the community of Portola Hills. Finally, I will take the specifications of what my buyers are looking for and do a broader search to include those neighboring communities in the cities of Lake Forest, Mission Viejo, Rancho Santa Margarita and possibly Trabuco Canyon, depending on of properties that pop up. Why so many area, you may ask. Well if you take the example of Trabuco Canyon, it is included because Portola Hills zip code is the same as Trabuco Canyon, but the community is actually an area within the city of Lake Forest. Often times, properties are left out to the comparables as agents who are not familiar with would know this information.
This provides clients with a complete analysis of the market in order for them to make an educated decision on what direction to go with either pricing their home so it will sell or even challenging a seller if their home is priced above the market when working with buyers.
Quick snapshots of the market are importnat to keep you informed of trends, but remember when you are getting ready to buy or sell the details are critical.
Below is a quick look at the market conditions in the area.
Rancho Santa Margarita Market Update
Laguna Hills Market Update
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