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Existing Home Sales Skyrocket with No Need for the ‘R’ Word

When corporate leaders seek to communicate good news on their company’s performance, they frequently reach for the ‘R’ word: “robust.” Sales are robust; production is robust; future prospects are robust, etc. The ‘R’ word performs the near-miraculous feat of conveying strength, energy, and accomplishment —all without having to come up with specifics.

Especially in earnings guidance season, you see the ‘R’ word a lot.
So it was surprising that last week’s widely quoted tidings about existing home sales (which were very good tidings, indeed) included the ‘R’ word at all. The news—at least as cited by The World Property Journal—hardly needed the vocabulary assist. The details alone were astonishingly favorable. “U.S. Home Sales Spike in August, Highest Levels Since December 2006” was the 30-point headline—followed by the equally striking subhead: “Median home prices nationwide also hit record-setting $310,000.

The supporting statistics described existing home sales that, per the National Association of Realtors® Chief Economist Dr. Lawrence Yun, “continue to amaze.” The median $310,000 price amounted to an 11.4% increase from a year earlier—which also marked the 102nd straight month of year-over-year gains. The volume of sales as a whole wasn’t just up from the previous year—it constituted an increase of 10.5%!

The reason the ‘R’ word had been summoned at all was in the course of explaining the gang-busters performance: “Housing demand is robust,” said Dr. Yuan, “but supply is not.” It might have been the first time the ‘R’ word had ever been reported Missing in Action.

With prices said to be rising “in every region,” existing Costa Mesa homeowners can be forgiven if they suspect that their own property’s market value is likely to have been growing, as well. That could incent some into looking harder at the outlook should they decide to put their homes on the market sooner rather than later. If that makes sense for you, the simple first step is to see what the local comparables are achieving. Call us for a thorough up-to-the-minute report—we would be pleased to assemble one for you—of course, with no obligation!

We are built on a philosophy of Heritage & Hustle. The 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 is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The 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, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The 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 The 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 The L3 today at 714-444-4663 or email us at info@thel3.com

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