Irvine CA Homes, Pricing and Fair Market Value

Irvine CA Homes, Pricing and Fair Market Value

Irvine CA home prices are – like other areas of Orange County – determined with focus on comparable sales and fair market value.

493 Irvine homes are listed for sale as of today.

Irvine homes for sale are staying on the market longer these days on average as compared with same time last year when the market was rocket fast.

Average home sold prices at the following Irvine communities so far this year 2014 should be a guide for more information on fair market value:

  • Airport Area Irvine – 27 homes sold – average sold price of $542,963
  • El Camino Real Irvine – 21 homes sold – average sold price of $615,905
  • Northpark Irvine – 27 homes sold – average sold price of $900,667
  • Northwood Irvine – 64 homes sold – average sold price of $675,308
  • Oak Creek Irvine – 10 homes sold – average sold price of $746,369
  • Portola Springs Irvine – 27 homes sold – average sold price of $802,392
  • Quail Hill Irvine – 21 homes sold – average sold price of $895,452
  • Shady Canyon Irvine – 7 homes sold – average sold price of $4,901,453
  • Turtle Ridge Irvine – 20 homes sold – average sold price of $1,311,999
  • Turtle Rock Irvine – 20 homes sold – average sold price of $1,118,050
  • University Park Irvine – 13 homes sold – average sold price of $727,377
  • Stonegate Irvine – 14 homes sold – average sold price of $675,077
  • Westpark Irvine – 36 homes sold – average sold price of $636,675
  • Woodbridge Irvine – 59 homes sold – average sold price of $661,227
  • Woodbury Irvine – 28 homes sold – average sold price of $728,475
  • Irvine – all areas – 460 homes sold – average sold price of $809,007

Irvine CA home sellers are facing increased competition from other sellers who are smart about fair market value and pricing.

“In arriving at price, a seller needs to diligently look at the comparable sales data and carefully determine the Fair Market Value for their home. The Fair Market Value is what buyers are willing to pay for a home.”  (as opined by Steven Thomas at his “Reports on Housing” for Orange County yesterday).

Even though Irvine continues to see good home buying activity, homeowners who are serious about selling will look at comparative sold information – and what fair market value buyers are willing to pay – and not on what sellers want. 

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By Harrison K. Long. This is information from CRMLS multiple listing service and is for homes resold by all agents and brokers.  We provide Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA. Connect with us with your questions about home prices and values at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.

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5 Things You Should Do Now For Selling Your House This Spring

5 Things You Should Do Now For Selling Your House This Spring

If you are considering to sell your house this spring, time is now to prepare and execute!
Spring home selling season is in now in full-swing, and you must act now to take advantage of positive time for sellers.  You will later be faced with stiff competition from other sellers – as we approach April and May when the housing market gets more  new listings.  You’ll want your property to stand apart from the competition, and that will take planning and effort. 
Here are five seller strategy tips for springtime home selling: 

1.  Clean the house – exterior and interior.

Have the exterior of your house cleaned and de-cluttered, including hardscape, gutters and windows.  Get rid of your “stuff” that’s not essential and prepare for buyers to see the real value of your house. 

Get the interior and exterior of the windows cleaned, and you will like what you see.   Remove dust and debris from ceiling fans, and clean out your fireplace.   Clean our your cabinets.   Clean or touch up with interior paint on marked walls.   Paint or clean your baseboards, clean the curtains, dust your blinds, and organize your closets.

2.  Find and work with a good and experienced professional real estate agent who is a Realtor.

Having an experienced Realtor agent represent you is critically important – especially with the shift to online marketing in the industry.  Marketing plans for sale of a home require a skilled, professional strategy.  Your Realtor agent will help you with professional photography and identify and focus on features of your home that will help you maximize the way those features are showcased.  Find someone you can trust to serve as your Realtor agent, and he or she should be familiar with your neighborhood. 

3.  Inspect Interior and Exterior Systems of the house.

Check the roof of your home for possible leaks, and get those fixed.  Check your home’s heating, ventilation, air conditioning (HVAC) system by a certified or licensed professional.  Change air filters and check your air conditioner, and have that serviced if needed.  Test your security system, smoke detectors, fire alarm, and carbon monoxide detector devices, to make sure each is working properly.  Inspect your water pipes and plumbing for possible leaks.  Make sure your windows don’t have cracks or broken seals.  Re-caulk the showers/sinks.  Check the garage and attic for possible signs of insects or rodents and get that remediated.   

4.  Home Improvement Projects.

It’s now time to complete any unfinished improvement projects.  Consult with your Realtor agent on interior paint colors.  If the house has not been painted during the past five years, find a neutral color and get that painting completed.  If your carpets are new, get those cleaned.  If they are old or warn, get those replaced.  If you have any other “fix up” projects as you prepare to sell your home, work quickly and get those finished.  You’ll find a buyer for your home faster, and the process will be smooth if projects are fully completed before you list.

5.  Do your homework when pricing the house for sale.

Some  home sellers start the process with a number in mind, and you might think about the bottom price to get to at least break even with the lenders or recover some equity.  However, smart sellers will focus on what the market will pay for your house – not necessarily on what you want buyers to pay.  It’s imperative that you and your Realtor agent do extensive market research to determine true market value of your home.  Truth is that  your home is worth what the buyers and market says it’s worth – not necessarily what you want the price to be.  If you disregard what the market says, you will probably have a difficult time selling.  Do your homework and talk with your Realtor agent to carefully arrive at the listing asking price.

 

By Harrison K. Long.  This is information and advice about things you should do not for planning to sell your home this spring 2014.  

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Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA. Connect with us at 949-854-7747 with your questions about home value and pricing at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.

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Orange County CA Home Selling Moderating Towards Value and Price

Orange County CA Home Selling Moderating Towards Value and Price

BY -  Professional Real Estate Sales Representative and Realtor with Coldwell Banker Residential Brokerage, Irvine and Orange County, CA.

Orange County Great ParkOrange County CA home selling reached its zenith last year during March 2013 – when the number of homes for sale listings was close to an all-time low – at the same time when mortgage rates on 30-year fixed loans were near an an all-time low.

Qualified buyers wanted to avoid missed opportunity during that time and were especially aggressive to get homes under contract.

So during March and April 2013, many Orange County home sellers listed their homes for sale, received multiple offers, and got them in escrow with highest imaginable price in less than thirty days.

Orange County home selling market conditions have changed significantly since 2013 – with buyer demand moderating and taking more time on the market to get buyers and finish sales.

Orange County still has motivated home buyers who are more careful about value and pricing than last year.

Here are examples of Orange County cities with number of homes for sale, those now in  “pending” and under purchase contract, number of solds and average selling prices this year.

Irvine – is the top home selling market area at Orange County

  • 438 homes now listed for sale
  • average list price over $1.3 million
  • Irvine has 292 homes now pending under purchase contract.
  • Sold 255 homes so far this year first two months of 2014.
  • Average sold price at Irvine so far this year is $805,786.

Huntington Beach

  • 301 homes now listed for sale
  • average list price of $976,549
  • Huntington beach has 223 homes now pending under purchase contract.
  • Sold 205 homes so far this year first two months of 2014.
  • Average sold price so far this year of $912,147.

Newport Beach

  • 273 homes now listed for sale
  • average list price more than $3 million
  • Newport Beach has 93 homes now pending under purchase contract.
  • Sold 94 homes so far during first two months of 2014
  • average sold price so far this year of $1,648,000.

Costa Mesa

  • 120 homes listed for sale
  • average list price of $744,000
  • Costa Mesa has 107 homes now pending under purchase contract.
  • Sold 86 homes so far this year during first two months of 2014
  • average sold price so far this year of $647,284.

Orange County home buyers are looking for good prices and value more during these times.

With such great difference between average listing price in some cities and areas of Orange County, home sellers need to use comparative market value sold information more now as top criteria for pricing when listing homes for sale.

_______________________________________________

By Harrison K. Long.  Source of some information is CRMLS and is for homes listed and sold by all brokers and agents.

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Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.  Connect with us at 949-854-7747 with your questions about home value and pricing at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.

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Newport Beach CA Home Selling Prices and Numbers for Start of 2014

Newport Beach CA Home Selling Prices and Numbers for Start of 2014

It’s not surprising that Newport Beach CA Home selling prices are up during start of 2014.   People love Newport Beach where homes are some of the most popular for buyers in this city famous for residential living and investment.

79 Newport Beach homes have sold during first 55 days of 2014 – time ending February 25, 2014.  Average sold price for those was $1,665,068 – and average time on market for those sold homes was 90 days.

83 Newport Beach homes sold during same time last year – first 55 days of 2013.  Average sold price was $1,284,704.  Average time on market for those sold homes was 121 days.

So Newport Beach average home selling prices are up 29 percent for start first 55 days of 2014 – while number of home sales is down 5 percent as compared with same time last year.

12 Newport Heights are homes have sold so far this year – with average sold price of $900,333.

11 Newport Heights homes sold during same time last year – with average sold price at $961,136.

24 Corona del Mar homes sold during first 55 days of this year – with average sold price of $2,615,979.

28 Corona del Mar homes sold during same first 55 days of 2013 – with average sold price of $1,818,889.

8 Eastbluff Newport Beach homes sold during first 55 days of this year – with average sold price of $743,625.

10 Eastbluff Newport Beach homes sold same first 55 days of 2013 – with average sold price at $962,200.

Balboa Island listings

Balboa Peninsula listings

Big Canyon listings

Corona del Mar listings

Eastbluff listings

Harbor View Homes listings

Lido Island listings

Newport Heights listings

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By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Newport Beach and Orange County, CA – CAL BRE 01410855.  Source of some information is CRMLS and is for homes listed and sold by all brokers and agents.

Connect with us about Newport Beach CA homes and properties and the listing and selling process.  -  Newport Beach CA Home Sales with Prices Up During Start of 2014.

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California Law on Smoke Detector Device Specifications Has Changed

California Law on Smoke Detector Device Specifications Has Changed

BY   -  Professional Real Estate Sales Representative, Real estate broker, Orange County, CA.

California law requires smoke detectors at homes and residential properties and that sellers are required to make smoke detector disclosures to buyers at time of sale.

Smoke detector device specifications at California law changed as of January 1, 2014.

Starting July 1, 2014, the State Fire Marshall will not approve a battery-operated smoke alarm unless it contains a non-replaceable, non-removable battery capable of powering the smoke alarm for at least 10 years. This rule was originally slated to take effect on January 1, 2014. Until July 1, 2015, an exception to this rule applies to smoke alarms ordered by, or in the inventory of, an owner, managing agent, contractor, wholesaler, or retailer on or before July 1, 2014. Furthermore, starting January 1, 2015, the State Fire Marshal will not approve a smoke alarm unless it does all of the following: (1) displays the date of manufacture on the device; (2) provides a place on the device to insert the date of installation; and (3) incorporate a hush feature.  A previous requirement for the smoke alarm to incorporate an end-of-life feature that provides notice that the device needs to be replaced has been eliminated. The requirements taking effect on January 1, 2015 was originally slated to take effect on January 1, 2014. The State Fire Marshal has the authority to create exceptions to these requirements.  Senate Bill 745 (codified as Cal. Health & Safety Code § 13114) (effective January 1, 2014).

By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Orange County, CA – CAL BRE 01410855.   Also an attorney member of the CA State Bar Association #69137.  Source of some information is the California Association of Realtorsand also the CA Bureau of Real Estate.

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California Law on Smoke Detector Device Specifications Has Changed, and this is for information only and is not the providing of professional legal or real estate services

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New CA Law Says Adjoining Landowners are Equally Responsible for Shared Fences and Boundaries.

New CA Law Says Adjoining Landowners are Equally Responsible for Shared Fences and Boundaries.wood fencing between landowners

Adjoining landowners, with properties contiguous or in contact with each another, must share equally the responsibility for maintaining boundaries and monuments between them.

Adjoining landowners are presumed to share an equal benefit from any fence dividing their properties, and unless otherwise agreed in writing, are presumed to be equally responsible for the reasonable costs of construction, maintenance, or necessary replacement of the fence.

A landowner must give each affected adjoining landowner a 30-day prior written notice of any intent to incur costs for a division fence.  The notice of intent must include the following: (1) a notice of the presumption of equal responsibility for the reasonable costs of construction, maintenance, or necessary replacement of the fence; (2) a description of the nature of the problem with the shared fence; (3) the proposed solution for the problem; (4) the estimated construction or maintenance costs to address the problem; (5) the proposed cost sharing approach; and (6) the proposed timeline for addressing the problem.

An adjoining landowner can overcome the presumption mentioned by demonstrating by a preponderance of the evidence that imposing equal responsibility would be unjust.

To determine whether equal responsibility for the reasonable costs would be unjust, a court will consider the following: (1) whether the financial burden on one landowner is substantially disproportionate to the benefit conferred upon that landowner by the fence; (2) whether the cost of the fence would exceed the difference in the value of the property before and after its installation; (3) whether the financial burden to one landlord would impose an undue financial hardship given that party’s financial circumstances as demonstrated by reasonable proof; (4) the reasonableness of a particular construction or maintenance project, including the extent to which the costs appear to be unnecessary, excessive, or the result of one landowner’s personal aesthetic, architectural, or other preferences; and (5) any other equitable factors appropriate under the circumstances.

This law does not apply to a city, county, political subdivision, public body, or public agency.

Existing law enacted in 1872 which requires a homeowner who fully encloses a property to refund a neighbor a just proportion of the value of a division fence has been repealed. Assembly Bill 1404 (codified as Cal. Civil Code § 841) (effective January 1, 2014).

(Source of information is the California Association of Realtors).  This is for information only and is not the providing of legal services.  If you are a CA landowner with question about your boundary fences and rights and responsibilities, you should consult with an experienced real estate attorney.

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By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Newport Beach and Orange County, CA – CAL BRE 01410855.

New CA Law Says Adjoining Landowners are Equally Responsible for Shared Fences and Boundaries.

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Eastbluff Newport Beach CA Home Sales and Prices 4th Quarter 2013

Eastbluff Newport Beach CA Home Sales and Prices 4th Quarter 2013

Back bay views from EastbluffEastbluff Newport Beach homes are some of the most popular for buyers in the city that is famous for residential living and investment.

This image views toward the Newport Beach Upper Back Bay from Eastbluff homes.

25 Eastbluff Newport Beach homes sold during 4th quarter 2013 – with average sold price of $1,154,260 – and average time on market for those was 69 days. Eastbluff park

 

39 Eastbluff Newport Beach homes sold same time last year 4th quarter 2012 – with average sold price at $872,599 – and average time on market for those was 77 days.

So Eastbluff home sales unit numbers were down during 4th quarter 2013 – while sold prices were up 32 percent.

Newport Beach city all areas sold 274 homes during 4th quarter 2013 – with average sold price of $1,754,482.  This Newport Beach home selling was solid through the end of 2013.

Balboa Island listings

Balboa Peninsula listings

Big Canyon listings

Corona del Mar listings

Eastbluff listings

Harbor View Homes listings

Lido Island listings

Newport Heights listings

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By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Newport Beach and Orange County, CA – CAL BRE 01410855.  Source of some information is CRMLS and is for homes listed and sold by all brokers and agents.  Connect with us about Newport Beach CA homes and properties and the listing and selling process.

Eastbluff Newport Beach CA Home Sales and Prices 4th Quarter 2013

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Newport Beach CA Home Prices and Selling Market Update

Newport Beach CA Home Prices and Selling Market Update

Newport Beach CA home prices and selling market update shows continued moderation of home sales and price increases.

Newport continues to be one of the most sought-after cities for home buying and Orange County CA residential living and investment.

66 Newport Beach homes sold last month during November 2013 this year – with average sold price of $1,863,110 – and average time on market was 109 days.

69 Newport Beach homes sold during October 2013 this year – with average sold price at $1,729,482 – and average time on market was 84 days.

89 Newport Beach homes sold last year during November 2012 – with average sold price of $1,399,273 – and average time on market was 103 days.

So Newport Beach home selling numbers were down this year for November 2013 – while sold prices were up.

Newport Beach home selling covers a wide range of property and price.  The most expensive Newport Beach home sold during November this year was a Peninsula Point home at 1509 E. Bay – with sold price of $9,900,000.  The most affordable Newport Beach home during November this year was a condo at 4 Nomad – with sold price of $232,500.

Newport Beach has 275 homes now listed for sale – with excellent opportunities and choices for buyers and continuing with high selling prices for the sellers.

 

Balboa Island listings

 

Balboa Peninsula listings

 

 

Big Canyon listings

 

Corona del Mar listings

 

Eastbluff listings

 

Harbor View Homes listings

 

Lido Island listings

 

Newport Heights listings

 

By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Newport Beach and Orange County, CA – CAL BRE 01410855.  Source of some information is CRMLS and is for homes listed and sold by all brokers and agents.

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East Costa Mesa CA Homes for Sale and Market Update

East Costa Mesa CA Homes for Sale and Market Update

East Costa Mesa CA homes for sale are always popular with buyers.

East Costa Mesa is about a 3-square-mile area at South Orange County and borders Newport Beach on one side, Irvine Avenue on the east, Mesa Drive on the north and Newport Blvd on the west.  East Costa Mesa is located about 2 miles from Newport Harbor and 3 miles from the Pacific Ocean – an easy bike ride distance.

Eastside homeowners like the space in their yards to expand their houses, and many people already have.

42 East Costa Mesa homes are now listed for sale, and average asking price is $961,662.  6 of those are condos and townhomes, and 36 are single family detached homes.

NP13113112

$1,699,000 – Beds: 4, Baths: 4, SqFt: 3100, Status: Active
Listing ID: NP13113112

 

 

 

NP13209596

1919 SANTA ANA Avenue Costa Mesa, CA 92627

$1,475,000 – Beds: 3, Baths: 5, SqFt: 3500, Status: Active
Listing ID: NP13209596

 

 

NP13201142

$1,200,000 – Beds: 3, Baths: 3, SqFt: 2039, Status: Active
Listing ID: NP13201142
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109 East Costa Mesa homes have sold during the past five months since July 1, 2013 – with average sold price of $805,695.

Average market time it will take to theoretically sell all homes now on the market is about 2.5 months – which is fast and favors the sellers.

Source of some information is CRMLS and IDX from www.ExploreOCHomes.com and is for homes listed and sold by all brokers and agents.

 Connect with us about East Costa Mesa CA homes for sale and selling process.

By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Orange County, CA – Real estate broker – CAL BRE 01410855.

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Orange County CA home prices and selling market update

Orange County CA home selling market update shows that buyer demand has decreased since March of this year.  Number of homes for sale are up, so buyers have better choices.

Orange County now has 5,882 homes listed for sale – as compared with March 15 this year during the hottest selling time when only 3,199 homes were listed.

Expected market time at Orange County is now about 2.3 months (theoretical average time it would take to sell all homes now on the market at current rate of sale).

Irvine CA is the largest market for home selling at Orange County.

Irvine home sales were lightening fast during March this year, and prices jumped.

While even Irvine home selling has slowed during November, this is probably because of normal market moderation during holiday seasons.

Irvine has 493 homes now listed for sale and average market time of about 3.2 months (theoretical average time it would take to sell all Irvine homes now on the market at current rate of sale)

Irvine has sold 173 homes so far during November 2013, and average sold price has been $784,736.

74 percent of the Orange County homes for sale listings are in range of under $1 million where it’s still a market favoring sellers – while only 11 percent of those for sale are above $2 million where sales market time is much slower.

Orange County homes for sale priced between $1 million and $2 million have expected market time of about five months, which is balanced and not favoring sellers or buyers.

Newport Beach has 299 homes now listed for sale – and average market time of 4.82 months, which is balanced.

63 Newport Beach homes have sold so far during November 2013, and average sold price has been $1,845,022.

Orange County home selling markets have softened, and buyer demand is down 20 percent this month November 2013 – as compared with March of this year 2013.  However, average market time is 2.56 months, which still favors the sellers.

Balboa Peninsula homes for sale – click here

Newport Heights homes for sale – click here

East Costa Mesa single level homes for sale – click here

Newport Coast homes for sale – click here

Turtle Rock Irvine homes for sale – click here

Source of some information is CRMLS and data image is www.ReportsOnHousing.com.

Connect with us about the Orange County CA home listing and selling process.

By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Orange County, CA – CAL BRE 01410855 – OCHomeValueGuide.com

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