Last Friday morning, Costa Mesa residents who had braced themselves for the dismal details of an unprecedented surge in national unemployment heard some astounding news instead. The greatest surge in hiring for a single month left the commentators scrambling to explain how it was possible that all of them could be so far off (some by as much as 10 million jobs). For homeowners who had been watching from the sidelines, delaying the decision about whether the months-long cloud over U.S. businesses would hamper their own Costa Mesa real estate prospects, the news provided a totally unexpected burst of sunlight.
The ramifications for Costa Mesa’s real estate prospects weren’t hard to guess. Realtor.com immediately posted a news article headlining the likelihood of “Higher Home Prices” and “More Bidding Wars.” They’d already observed signs that the economic reversal “is already having a positive effect on the housing market.” They reported that more buyers had been showing up than in the previous year.
Housingwire.com agreed, headlining, “Here Come the Homebuyers.” They explained that this spring’s pandemic restrictions had made many house-bound renters “antsy”—and “looking to buy a home this summer.” They quoted LendingTree research that found 53% of respondents more likely to buy a home in the coming year.
Realtytimes.com reported that brokers nationwide had already been reporting brisk business, “with most homes drawing multiple offers.” That meant “selling for more than their asking price.”
Friday’s news shock may have lifted any dark clouds that had been darkening Costa Mesa real estate prospects, but CNBC managed to find more lurking over the horizon in the form of mortgage interest rates. Immediately, they quoted Mortgage News Daily’s COO, “It’s going to be ugly.” He reportedly foresaw rate increases of as much as 0.375% for borrowers with weak scores. That was the instant reaction, yet, by noon, MND’s outlook had apparently changed: “It was and still is perfectly valid to believe rates have an equal chance of pecking away at all-time lows.” All in all, it’s hard to see why Friday’s news is anything other than positive for Costa Mesa home sellers—especially as people feel more comfortable about getting out and about.
Meantime, the ticking clock of mortgage rates might further incent Costa Mesa home buyers—at least for those heeding msn.com’s “Money”: “If you’ve been hoping to score a record-low rate to buy a home, you might want to get moving.”
We would put it more concretely: give us a call!
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 firstname.lastname@example.org