Foothills Sentry March 2023

Foothills Sentry Page 16 March 2023 The Year of the Rab- bit, a symbol of longevity, peace and prosperity, was celebrated in Villa Park, Feb. 11, as part of the Villa Park Community Services Foundation commitment to diversity and community. The dragon dance, com- monly performed during the NewYear to bring good luck and drive away evil spirits, was performed by the Villa Park High School Vietnamese Students As- sociation. Students from the North Orange County Chinese School also per- formed. OUSD Board Members Ana Page and Andrea Yamasaki celebrate the Lunar New Year in Villa Park. Here we go -- again? By David Silva In recent months, we have seen record leaps in the interest rates for home purchases, and equity from record gains take a dip. As we head into what should be buying season, our rates have been flexing around the 6 and 7 percents for the last few months, and even dipped back into the 5s. What does this mean for buyers and sellers? What might the fu- ture hold? Before we dive into that, we need to take a look at inventory. You might remember homes sit- ting on the market a little longer as we ended 2022 and even at the beginning of 2023, when invento- ry was slowly starting to build up. A healthier inventory gives buyers more choices, even with higher interest rates. A buyer may be willing to pay a higher interest rate now and look into refinanc- ing when the interest rate drops. Remember the “professional” phrase: “Marry the house, date the rate.” In January, the number of hous- es on the market appeared to be increasing. As of press time, the number of salable properties is back at a low number, close to historical lows, with even fewer homes available: Orange has 58; Tustin, 43; and Villa Park has 12 for sale. March is a key month, and will be looked at very closely. Homes usually begin to come on the mar- ket then so that families can move during the summer, when school is not in session. But will potential sellers risk putting their home on the market, when it may be difficult to then buy another property? Will they want to give up their low 2.25- 2.5% interest rates? Can they qualify for a different rate and price? Now that it is after the holi- days, prices have dropped on many properties and buyers are starting to come out. In some in- stances, there are multiple offers in certain areas and price ranges. Will interest rates ramp up, push down -- or stay relatively the same? Will we have more buyers versus sellers? Many indicators point to a steady market with less inventory and increased demand – a seller’s market. As daylight savings time is scheduled for March 12, the sun will shine a little longer, and both buyers and sellers can get in that extra hour of showings. Buyers may push prices up steadily as we roll into the second quarter. When buying or selling real estate, be sure to have a profes- sional realtor working hard for you. Now, more than ever, you'll be glad you did. Happy Lunar New Year! From left, Villa Park Councilmembers Jordan Wu and Nicol Jones, Mayor Robbie Pitts, North Orange County Chinese School Principal Jeffrey Wu; VPHS Vietnamese Students Association Co-presidents Ari- anna Phan and Emily Vu; California State Assemblyman Phillip Chen’s representative Jenna Poffenberger; U.S. House Representative Young Kim’s Veteran Liaison Brandon Moeller; Tamsen Reinheime and Ed Cart- er, Villa Park Community Services Foundation. Students don bunny ears to celebrate the year of the rabbit. Philanthropic Programs CHINESE NEWYEAR happy CHINESE NEWYEAR happy Photos courtesy Jordan Wu