LEANNE BOMAN
1400 Newport Center Drive Newport Beach, CA 92660
REALTOR® DRE# 01456237
REAL ESTATE MARKET REPORT • MARCH 2023
Irvine Terrace
949.887.9871
LeanneBoman@gmail.com www.HomesInIrvineTerrace.com
WWW.HOMESINIRVINETERRACE.COM
Published by REAL Marketing (RM) | www.REALMarketing4You.com | 858.952.4280 | © 2023
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.
Presented by Leanne Boman Your Irvine Terrace Real Estate Specialist and Neighbor
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.
PREPARED ESPECIALLY FOR
Leonardo and Angelica Washington