The Mission Viejo housing market is on a slow upward path of recovery since the recession of 2008. The population and demand for homes has been so high, that owners of homes in Mission Viejo are watching their home value increase as of late.
The California Association of Realtors estimated that home prices might increase up to 4.2 percent in 2018, rising to to average of $561,020. If this estimation is accurate, the existing single-family home prices will exceed a record high of $560,270 set in 2007. Prices will remain well below pre-recession records after inflation is taken into account.
The housing market may be slow-paced but stable in the Mission Viejo. Its prices and sales aren’t going up given the fact that jobs and incomes have been rising. Lack of income would mean less inventory and affordability. Less inventory and affordability would mean crashing of the real estate market.
According to experts, the upward trend will continue for the next 3-5 years.
Below is a detailed discussion of the Mission Viejo real estate marketing trends.
The midway point of all the houses or units sold at a market price is the median sales price over a set period.
In the figures below, you can see that the median sales price of the houses in Mission Viejo is set up to $679,000. Each property starts from $372 per sqft. The median rent per month in Mission Viejo starts from $3,200.
Figure 1. Median Sales Prices in Mission Viejo
Figure 2. Median Sales Price Graph
In the figure stated above, it’s clearly seen that there’s an increase in the median sales price for the real estate in Mission Viejo based on 470 home sales. Real estate trends in Mission Viejo show an estimated 6% year-over-year.
Figure 3. Market Trends in Mission Viejo CA.
The figure above shows what kind of properties are sold in Mission Viejo. As of the moment, most of the properties are sold. This doesn’t come as a shock because the real estate market is cold. It means that the seller is even more willing to negotiate the pricing of the property and meet halfway with the prospect. Plus, other factors make Mission Viejo an ideal place to settle in.
This figure also shows that most of the properties sold are Single Family homes. The reason for the said number may be because they’re bigger and cheaper in comparison to condo units and townhouses.
Some factors affect the people to invest their property in Mission Viejo. Yes, it might be an upscale community. We also can’t deny that there are factors that may be a reason why Mission Viejo is a great place to settle in with your family.
As mentioned in this article earlier, home prices are its best time for purchasing in Mission Viejo. The cost per sq.ft. is cheap, and the real estate market is cold. Just a little bit more of negotiation and you can have the home that you need.
Mission Viejo’s total crime rate is lower than average for the US. It has a crime rate of 64%. The city’s rate is much lower than of California and the US. This makes parents confident that their children are safe. Another factor is that most of the residents in the area are families with children. This will give you and your kids a chance to create close-knit ties with your neighbors.
According to some studies, Mission Viejo is more livable than of California and the US itself. It garners a score of 77 out of a 100. One of the factors that may have affected it is its accessibility to amenities. Residents have access to schools, groceries, fitness areas, shopping and other leisure products. Plus, you can literally have a short drive to the beach if you want to. Or maybe you’re not a fan of the ocean. There are plenty of parks in Mission Viejo you can visit.
Mission Viejo has one of the fairest weathers in California. Average summer weather in Mission Viejo is 77°F. The average temperature in Mission Viejo is 55°F and humidity is at 78%. It can be the perfect weather for anyone who doesn’t like too much heat and moisture.
In Mission Viejo, the cost of living is higher than the state of California and the US itself. Residents enjoy a value of a living index of 164. The index is 20% higher than of the California average and 64% higher than the national average.
Here are the categories which were used to determine the cost of living index for any given city: utilities (10%), groceries (13%), transportation (9%), healthcare (5%), housing (30%), and goods/services (33%).
The cost of living index includes the computation of housing, goods, and services. These categories can be estimated by looking at the daily expenses goods in the area.
For those living in Mission Viejo, CA, the average cost of goods and services is 2% lower than in California, and it’s 7% higher than the national average.
So that was a thorough discussion of the Mission Viejo real estate marketing trends. Before investing, you may need to check the area and the house. You’re not just investing in something, but you’re investing for your future. Invest wisely.
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