Placentia Market Update – March 2017

By Chris Johnstone Mortgage

Home prices have dropped slightly since the end of last year, but are sure to rise again as we head into spring, so if you are in the market to purchase a home in the area, now is the time! As you begin the process of searching for your dream home, it is important to speak with a Placentia and Fullerton loan officer, like Matthew Campbell.

As mortgage professionals, Matthew Campbell and his team at the AFN Placentia Branch have years of experience working in the mortgage industry and helping clients finance their American Dream.

Matthew offers more than comprehensive mortgage services and competitive interest rates on the variety of financing products available. He also offers insight into relevant market news and statistics to assist his clients in making informed financing decisions that they not only understand but feel comfortable with.

As mentioned above, the California Association of Realtors has recorded the median price of Placentia homes for January 2017 at a lower price point than of December 2016. In January, the median sold price was $740,000. This is a decent increase from the median price of $699,900 recorded in January the previous year but is a lower than the median price of $740,000 at the end of last year.  If this trend can be used as an indication, prices are typically lower at the beginning and end of the year, so they will most likely begin to rise again as we head into the warmer seasons.

The volume of homes being sold also decreased month to month from December 2016 to January 2017 by close to 27%. While this figure may seem large, it is important to take other factors into consideration when looking at the volume of homes being sold at different times of the year. A better comparison is to compare the same month, year to year, and for January, there was only a 1.1% difference between 2016 and 2017.

This is a great indicator of market stability because while prices may have shown an increase and sales volume appears to have dropped, the same trends are being seen year after year.

There is currently about 4 months’ worth of inventory and homes are remaining on the market for an average of fewer than two months before being sold. At this point last year, homes were taking longer to sell, staying on the market about 21.6% longer than they are now.

Being a Placentia and Fullerton loan officer, Matthew Campbell wants to see everyone living the American Dream of homeownership. This includes those who are considering refinancing their current mortgage.

Maybe you need some extra money to send your children to school so they can live out their American Dream. Or maybe you would like to purchase an investment property. Based on the current market, now is a great time to refinance and make these dreams a reality.

If you would like more information about how Matthew and his team can help you finance your American Dream, give them a call today at (714) 352-0422.