Last week Costa Mesa homeowners’ peace of mind would have been strengthened by some words that received wide circulation throughout the financial press. Their author was a gentleman whose opinions are as close to bankable as anyone currently on the scene. If there were such a thing as a Nobel Prize in real estate, this guy would own one—come to think of it, he DOES have a Nobel prize (for economics), but his work largely centers on the U.S. real estate market.
We’re talking about Robert Shiller, the Yale professor who co-invented the Case-Shiller Index. It’s the most economically respected measure of U.S home prices. Costa Mesa homeowners who measure their own financial wherewithal usually consider the market price of their Costa Mesa home as a major contributor to their net worth—the personal financial ultimate bottom line. As Wall Street’s MarketWatch put it, “what’s more natural than wanting to know the value of our biggest assets?”
That’s why the trajectory of home values in the months and years ahead are of more than passing interest—and why the views of Professor Shiller make headlines. Among other prescient pronouncements, he foresaw the past decade’s housing crash and subsequent financial meltdown—and penned an article predicting it a full year in advance.
The latest S&P CoreLogic Case-Shiller Home Price Index did report some slowing—but that was a slowing in the rate of price increases, rather than a true slowdown. Still, after years of constantly upbeat statistical news, it’s not surprising that Shiller’s views on what’s next got wide coverage when CNBC interviewed him last week.
What the straight-talking economist had to say was welcome news for Costa Mesa homeowners. When the interviewer brought up possible fears of a major downturn in home equity like the previous decade’s housing bubble, Shiller replied, “it’s not the same.” On the contrary, addressing home values in the immediate future, he was definite: “I don’t expect a sharp turn in the housing market.”
Much of the U.S. slowdown in home sales has to do with a lack of inventory: homeowners willing to sell. If you are one of Costa Mesa’s homeowners, you can take that as a green light for listing your own property in today’s market. If that’s you, I hope you’ll give us a call!
We are built on a philosophy of Heritage & Hustle L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, L3 has grown to a full staff of 20 serving over 300 clients a year. L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact L3 today at 714-444-4663 or email us at firstname.lastname@example.org