The Yorba Linda home market is making great strides in the final quarter of this year as buyers realize that both local home values and mortgage rates are only expected to rise going into next year.
Yorba Linda, CA (PRWEB) November 14, 2013
The Edie Israel Team reports that a confluence of factors has kept the Yorba Linda home market extremely hot through early November, and that local home sellers are seeing the potential to net gains that are unparalleled in terms of the area’s real estate history. This news also comes in the wake of the Yorba Linda home market seeing a $50,000 month-over-month gain from September to October, signaling an ongoing trend that has made the buzz over Yorba Linda real estate reach fever pitch this fall.
To begin with, a November 7th Associated Press report saw national average rates on a 30-year fixed-rate mortgage at 4.16 percent after hitting a four-month low of 4.1 percent the week previous. This rate was down these weeks due to the Federal Reserve announcing that it would continue to spend $85 billion a month on bonds to help aid what has been a remarkable 2013 real estate boom and its corollary economic effects. Freddie Mac also reported the October 4.19 percent average on a 30-year fixed-rate mortgage as the lowest monthly average since 4.07 percent was posted in June.
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But it’s not just low mortgage rates that are making Yorba Linda homes such a desirable commodity this time of year. The amount of local inventory has essentially plateaued after hitting a four-month low in October, with the current level of just 203 homes on the market—according to November 11th data from real estate analytics company Altos Research—keeping Yorba Linda demand extremely high. This specific metric of demand can be measured in Altos’ market action index (MAI), which uses a variety of supply and demand data to measure whether an area caters to buyers or sellers, with the figure of 30 acting as a neutral point between the two markets. With a MAI of 42.7, not only is Yorba Linda in a strong seller’s market, but this figure is within fractions of the highest demand the area has seen for all three years that Altos has data on the area, and is strongly above where the MAI stood at around 37 at the end of June when many U.S. markets were peaking.
Says Edie Israel: “The Yorba Linda home market is making great strides in the final quarter of this year as buyers realize that both local home values and mortgage rates are only expected to rise going into next year.”
And speaking of those home values, Altos saw the median list price on a Yorba Linda home at $940,000 in its November 11th report. This was right around all-time highs in terms of Altos’ three years of data on the area, and was a massive improvement from where the year started at under $800,000. Israel adds: “The leaves may be changing, but the Yorba Linda home market is in full bloom.”
ABOUT EDIE ISRAEL:
An award-winning Yorba Linda real estate agent, Edie Israel has more than 20 years of experience in home transactions. Her Yorba Linda real estate team is well-reputed for providing Orange County buyers with the most current and advantageous opportunities on the market. For more on Yorba Linda or Orange County homes, call 714-623-3543 to speak with a member of The Edie Israel Team.