According to an educator in NYU’s finance department, if your Costa Mesa house has experienced the kind of growth that’s been typical over the past couple of years, your Facebook friends will be more likely to buy a home themselves. Improbable as it sounds, Dr. Johannes Stroebel says that his research shows this as a measurable probability because “friends’ experiences…influence personal behavior” when it comes to their housing decisions.
The results of Dr. Stroebel’s study emerged from a panel discussion held this month. The conversation took place in Washington, DC, as part of the annual Realtors® Legislative Meetings & Trade Expo. Most of the headlines from that gathering centered around the midyear forecast by NAR Chief Economist L. Yun. He sounded the kind of optimistic note that will be music to local homeowners—particularly if they are planning to sell their own Costa Mesa house anytime soon. After several years of wage growth that exceeds home price growth, the two are now aligning more rapidly than heretofore. The bottom line is that “home sales should be much stronger.” The continuation of low mortgage interest rates adds to that probability.
NAR optimism aside, the announced Facebook effect prompted further discussion. It was shown that renters whose Facebook friends experienced a 5% growth in their house prices over the past two years have a 3% greater chance of buying their own home within the next two years. The effect is more pronounced in “socially-connected counties,” where positive experiences “were even shown to increase the size of a home” that was purchased.
Whether or not you believe yourself to be sufficiently “socially connected,” it’s hard to quibble with Dr. Stroebel’s finding that “individuals do discuss property value with their friends, and this changes behavior.” For an up-to-the-minute update on Costa Mesa home sales in today’s market, you don’t need to consult your Facebook friends—just 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